Playboy NFT Loss IDR 75.3 Billion As Ethereum Price Drops

Playboy suffered a loss from the NFT Rabbitars collection due to the drop in ETH prices. (Photo; Doc. Cryptonews)

JAKARTA - Playboy's leading magazine reportedly suffered a loss of 4.9 million dollars (equivalent to Rp75.3 billion) due to payment of non-fungible tokens (NFTs) using Ether (ETH) in Playboy's NFT "Rabbitars" collection.

The report has been submitted to the US Securities and Exchange Commission (SEC). The loss was caused by a decrease in the Ether (ETH) value received by Playboy after the NFT was launched in 2021.

According to a SEC report, the investment value of Playboy ETH fell drastically, resulting in a loss of Rp75.3 billion. In December last year, the value of ETH received from NFT sales was only US$327,000 (Rp5 billion). The Playboy NFT collection is classified as an "infinite asset that cannot be assessed," which suffered losses if the fair value of the NFT decreased significantly from the value of the book over a certain period.

According to an NFT Evening report, the ETH value has fallen more than half since Playboy sold the NFT Rabbitars collection, where Ether's market price ranged from USD 964 (equivalent to IDR 14 million) to USD 3,813 (IDR 58.6 million) over the year ending December 31, 2022.

Oleh karena itu, fluktuasi harga pasar yang negatif dapat sangat mempengaruhi pendapatan dan nilai buku Playboy, sementara perubahan harga yang positif hanya akan menguntung pendapatan jika perusahaan menjual Ethereum yang mereka memegangi dengan keuntungan.

The Playboy Rabbitars NFT collection was launched in October 2021, with 11,953 unique 3D rabbit characters. The character is inspired by the iconic Playboy logo. Some of Rabbitar's rare characters are also a tribute to important aspects in Playboy's art and editorial history. The collection was sold at a time when the crypto market was booming, but with a drop in Ethereum value, Playboy suffered a huge loss in its investment.

Playboy has celebrated her 69th birthday in the metaverse The Sandbox with a big event in December 2022. In addition, this iconic brand also released a collection of NFTs representing its rich history. Playboy experience at The Sandbox for 6.9 days starts on December 12, 2022.

The show featured Playboy Sandbox characters that can be operated and played, including Playboy Rabbitar and Playboy Party People, as well as iconic characters from the past and now. DJ BLOND:SH brought the dance scene to life, while players had the opportunity to get a special gift.

Playboy losses in NFT Rabbitars investment show how volatile the crypto market is. Although crypto investment can be very profitable, the risks are also very high. As an investor, it is very important to consider the risks and benefits of any investment made, especially if it involves volatile crypto assets.