Playboy, a well-known name in the adult entertainment industry, has reported a substantial loss of $4.9 million on its Ether (ETH) holdings that were earned through the launch of a non-fungible token (NFT) collection in late 2021. The NFT collection, named Rabbitars, was launched in October 2021, just before the crypto market peaked.
Playboy’s Rabbitars collection was highly anticipated by NFT collectors and Playboy enthusiasts as the brand is one of the most recognizable names globally. The collection was created to be a unique and exciting way for fans to interact with Playboy’s iconic brand and its rich history.
Despite the loss, Playboy remains dedicated to the NFT market and is likely to continue to explore opportunities in this space. Playboy is not the only company to suffer significant losses as a result of the market decline; many others, including major corporations, have lost money due to the volatility of the crypto market.