Playboy announced today that they were creating a digital wallet in order to accept cryptocurrencies as payment for accessing content on their online adult entertainment platform Playboy.TV.
The wallet will start off accepting a new cryptocurrency called a Vice Industry Token (VIT). Users will not only be able to use their wallet to pay to watch content on Playboy TV, but they can also earn tokens by taking actions on the site, like commenting on posts, voting for new content or even watching videos.
"This innovation gives the millions of people who enjoy our content, as well as those in the future who participate in our casual gaming, AR and VR platforms, more choices with regard to payment and in the case of VIT, an opportunity to be rewarded for engaging with Playboy offerings," said Reena Patel, Chief Commercial Officer and Head of Operations for Playboy Enterprises, Inc.
According to a white paper published on its website, Vice Industry Tokens aims to enhance the efficiency of digital advertising on adult sites by paying users to consume content and tracking their engagement. "VIT has an advantage over general-use cryptocurrencies such as Bitcoin because it serves as both as a medium of exchange, and as a means of capturing viewer engagement data in a single token."
The white paper goes on to explain that the adult industry has been decimated by free "Tube" sites, which are paid for by low-quality advertising and pop-ups that are often ignored. VIT's slogan, "Get Paid To Watch Porn" captures the incentive-based ways the company can encourage users to interact and consume more content.
This technology could not only disrupt the adult entertainment industry, but it could also change the way consumers interact with all forms of content online. By offering rewards and payments for consuming and engaging with content, users can theoretically get paid to read articles, binge watch their favorite TV show or like and comment on a variety of posts.
Advertisers would get better data regarding consumer's online activities and be able to serve more relevant advertisements that would be more appealing to potential customers and perhaps, less likely to be ignored.
The digital wallet should be available by the end of the year. No detail was provided as to which other cryptocurrencies Playboy's digital wallet would accept.
By accepting cryptocurrencies for payment instead of credit cards, Playboy can also offer its users relative anonymity and help them avoid that awkward conversation when *PLAYBOY.TV is discovered on the monthly credit card statement.
