Adult entertainment giant Playboy Enterprises is suing Global Blockchain Technologies (GBT) over a failed integration of blockchain technology into its businesses.
It has filed a lawsuit in Los Angeles County Superior Court, accusing GBT of fraud and breaching a contract announced in March. This revolved around a digital wallet that would support a number of cryptocurrencies across its online media, digital and casual gaming businesses. GBT would help Playboy integrate the Vice Industry Token (VIT) onto its platforms, with go live set pencilled in for the end of the year.
“As the popularity of alternative payment methods continues to grow around the world, along with the reach Playboy’s digital platforms, we felt it was important to give our 100 million monthly consumers increased payment flexibility,” said Reena Patel, Chief Operations Officer, Licensing and Media for Playboy Enterprises.
“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.”
The company is now seeking “unspecified compensatory and punitive damages,” as it claims GBT hasn’t made good on the deal which included it providing technical support “at no cost” and paying $4 million to licence the Playboy brand in its promotional materials.
GBT has fired back, saying it has a “strong defence to the action” and that it will be vigourously defending itself in court.
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The adult entertainment industry is increasingly buying into digital currencies. Earlier this year, Pornhub partnered with cryptocurrency Verge (XVG) to accept the coin as a payment option for purchases.
Pornhub Vice President Corey Price said: “History has proven that the adult entertainment industry plays a critical role in adoption for innovative technology. We saw that with VHS, Beta Max, credit card payment icons and, most recently, VR goggles. We expect to see widespread adoption of crypto and blockchain in short order.”
Brazzers is also onboard with crypto payments, whilst porn star Stormy Daniels, best known for her, ahem, special relationship with US President Donald Trump, accepts Vice tokens on her personal website.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.