Playboy’s “Rabbitars” NFTs Result In .9M Losses

Playboy’s “Rabbitars” NFTs End result In $4.9M Losses

March 19, 2023 Off By lordanime37

Playboy has reported a staggering $4.9 million loss on its non-fungible token (NFT) funds, in response to a current submitting with the US Securities and Alternate Fee (SEC). The losses stem from the corporate’s acceptance of Ether (ETH) as cost for its “Rabbitars” Playboy NFT assortment, which have been launched in 2021 throughout a crypto market increase.

Playboy’s “Rabbitars” NFTs Result In .9M Losses
Playboy NFT Rabbitars assortment. Credit score: Playboy

Playboy NFT $4.9M Crypto Plunge: NFT Losses Sting

The worth of Playboy’s ETH holdings has decreased considerably, resulting in a $4.9 million impairment loss, in response to a SEC filing. As of December final yr, the worth of the ETH acquired from the NFT gross sales was a mere $327,000. The Playboy NFTs are categorized as “indefinitely-lived intangible belongings,” which grow to be topic to impairment losses when their honest worth falls considerably beneath their carrying worth throughout a selected interval.

ETH’s worth has dropped by over half because the firm bought its Playboy NFTs, with the market value of 1 ether starting from $964 to $3,813 throughout the yr ending December 31, 2022. Consequently, damaging market value fluctuations may vastly affect Playboy’s earnings and carrying worth, whereas constructive value adjustments will solely profit earnings if the corporate sells its Ethereum holdings at a acquire.

Playboy’s Legacy Leaped into NFTs with Rabbitars Assortment

The Playboy NFT Rabbitars Collection launched in October 2021. It featured 11,953 distinctive 3D rabbit characters, or Rabbitars, impressed by the model’s iconic emblem. These characters have been generated utilizing over 175 traits, together with fur, ears, facial expressions, attire, equipment, and occupation-related traits. A few of the rarest Rabbitar traits pay homage to culturally vital facets of Playboy’s artwork and editorial historical past.

Playboy Is No Stranger to Web3

In December 2022, Playboy celebrated its 69th birthday within the Sandbox metaverse with a momentous occasion. The enduring model additionally launched an NFT assortment representing its wealthy historical past. The Playboy 69th Birthday expertise within the Sandbox revolved round a 6.9-day occasion starting on December twelfth.

Playboy The Sandbox MetaMansion promo video still
Voxelized Playboy Bunnies welcome viewers to the Sandbox MetaMansion in an intro video. Credit score: Playboy

This celebration featured operational, playable Playboy Sandbox characters. These included Playboy Rabbitars and Playboy Get together Folks, in addition to iconic figures from Playboy’s previous and current. DJ BLOND:SH ignited the dance ground, whereas gamers had the chance to play-to-earn particular rewards.

The submit Playboy’s “Rabbitars” NFTs Result In $4.9M Losses appeared first on NFT Evening.