Playboy’s new cryptocurrency wallet will let you buy porn with Bitcoin and more
As further proof that the cryptocurrency bandwagon has well and truly run its course, adult video company Playboy has announced support for digital currencies which users will be able to use to pay for content.
The alt-currency, called Vice Industry Tokens (or VIT for short), can be earned by users by engaging with content, or can be purchased directly. An initial coin offering (ICO) is running until March 20, during which time users can make initial purchases of the currency.
A dedicated Playboy cryptocurrency wallet is set to launch later in the year, with users also able to pay via popular cryptocurrencies like Bitcoin and Ethereum.
VIT has a similar benefit to Playboy as a traditional loyalty card would to a regular store. It not only encourages repeat purchases, but will also gather data about consumers which is enormously valuable to large media companies.
As well as Playboy products, the currency will also be accepted by a number of partner companies including Penthouse, Extras, Playmen, RedHot TV and SkineMaxHD.
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Playboy Cryptocurrency Wallet: ‘Flexibility’ to pay with Bitcoin, Ethereum and VIT
Playboy’s chief commercial officer, Reena Patel, claims that the new currency which – lest we forget, can only be used to purchase adult entertainment products – will offer customers ‘increased payment flexibility’.
We could get behind the idea of cryptocurrencies when their pitch was providing a single method of payment that could be used worldwide. Now that they appear to have split up into hundreds of different variants, however, it feels like we might be just as well served by using one of the hundreds of government-backed national currencies that already exist.
Playboy isn’t the first established company to experiment with cryptocurrencies.
Kodak launched a similar token earlier this year called KodakCoin which allowed photographers to track the usage of their images.
If you’re interested in learning more about VIT then you can read its white paper, but personally we’re going to have a lie down and wait for this whole cryptocurrency craze to blow over.
Would you ever invest in a company-specific cryptocurrency? Let us know @TrustedReviews.
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Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.