Playboy Takes Blockchain Company to Court Over Contract Breach

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Playboy is taking a Canadian blockchain firm to court over allegations that it didn’t supply the company with a digital currency wallet to facilitate transactions as promised. In addition to this, Global Blockchain Technologies (GBT) was also meant to integrate the Vice Industries Token (VIT) into Playboy’s various online media sites, however allegedly this has not been completed. VIT lets viewers of “free” content get paid to watch it and it has primarily been implemented in the porn industry. Users simply verify they are in fact human and they get paid in VIT for the amount of time spent on the site. Users interact with any VIT content on the site and they are rewarded as a result.

Making Inroads into the Crypto World

Back in March, Playboy announced that it was working on creating a digital currency wallet that would hold a wide variety of cryptocurrencies, enabling wallet users to pay for Playboy’s content quickly and efficiently. A few weeks after it made the announcement, GBT echoed the news announcing that it was working with Playboy to create this new crypto wallet. Unfortunately, it appears as if GBT has failed to deliver in the timescale it gave Playboy and now Playboy has resorted to legal action. GBT is brushing the lawsuit off as a simple disagreement between companies and is confident the issue will be resolved without going to court.

Crypto Blends with Adult Entertainment

Back in April, Pornhub announced it was going to start accepting Verge as payment for its premium memberships. It then expanded its list of accepted cryptos in June by adding Tron and ZenCash to its platform. This shows there is a clear demand for cryptos in the adult entertainment industry, and as the demand for enhanced privacy increases so too will the number of adult sites accepting cryptos – after all, do you really want “Pornhub” on your bank statement?

Other Industries Move Towards Crypto Acceptance

It isn’t just the adult entertainment industry that is beginning to accept cryptos. You can now buy almost anything with cryptocurrencies thanks to sites like Bitcoin Superstore, while some real estate agents are even selling property in Bitcoin. This highlights the growing demand from the public for retail outlets to start accepting cryptos. While outlets such as Amazon don’t directly allow you to shop in cryptos, sites like Coinbase are now selling Amazon vouchers in cryptocurrencies, which can then be redeemed for cash on the Amazon store.
Whether Playboy will recover any funds it has sunk into its crypto project is yet to be seen, but we can be certain that this won’t deter it from entering the crypto realm. The adult entertainment industry is known for being an innovative industry and it often adopts new technologies much faster than other markets. It is only a matter of time before Playboy launch their own range of crypto products, and maybe even its own blockchain and ICO at some point in the future.