Trending Topic: Playboy Loses $4.9 Million On Ethereum NFT Payments

The parent company of Playboy, PLBY Group, has reported an impairment loss of $4.9 million on the Ethereum ($ETH) it held last year, which was received after it accepted the cryptocurrency as a payment method for a non-fungible token (NFT) collection.

According to its annual report, the company has incurred a $4.9 million impairment loss. 

Playboy said it may not enjoy significant growth if it fails to engage with digital assets and crypto

PLBY Group, the parent company of Playboy, has disclosed significant losses on the Ether holdings it earned from an NFT collection it launched in late 2021.

Negative swings in the market price of Ethereum may have had a material impact on the company's earnings and carrying value.

PLBY Group (NASDAQ: PLBY), the parent company of Hugh Hefner's Playboy, reported an impairment loss of $4.9 million on its Ethereum (CRYPTO: ETH) holdings. What Happened: The company accepted Ethereum as payment for the “Rabbitars” non-fungible tokens, or NFTs, that were launched in 2021.

Playboy, founded by the late Hugh Hefner, announced a staggering impairment loss of $5 million on its Ethereum holdings from last year. The company attributed the loss to the prolonged crypto winter that had a significant impact on the broader market, causing a decline in cryptocurrency prices.

PLBY Group (PLBY), the parent company of Hugh Hefner's Playboy, said it took an impairment loss of $4.9 million on the Ethereum it held last year, as crypto winter saw a significant decline in the broader market prices.