"Playboy lost a lot, how do you think you can recover it?"
At first it was exciting to implement the purchase of non-fungible tokens (NFT) through Ethereum (ETH), but Playboy Group unfortunately suffered a loss of $4.9 million after allowing this form of payment.
The parent company of Hugh Hefner's Playboy company said that the financial losses they suffered were huge after the crypto market last year suffered a significant haemorrhage resulting in a drop in the price of the digital asset.
It is understood that Playboy, the famous lifestyle company stated that they have accepted ETH as payment for the NFT “Rabbitars”, where the digital collection is launched in 2021.
In conjunction with the year the company was founded, the collection of Rabbitars consisted of 11,953 units with each one priced at 0.1953 ETH and its sale earned $10 million as at that time the value of ETH was around $4,324.
As stated in its annual filing last week, the company's digital assets for NFT in December last year were worth $327,000 while ETH in September 2022 was worth $1.75 million.
Even so, the company's income can be affected if ETH sees a significant decline while the price increase can have a positive impact on the growth of their services.
Overall, ETH in the past two years plunged 60% after Playboy dropped its NFT Rabbitars but it lost millions when the company received ETH back as payment for the digital collection.
