NFT
PLBY Group (PLBY), the dad or mum firm of Hugh Hefner’s Playboy, mentioned it took an impairment lack of $4.9 million on the Ethereum it held final yr, as crypto winter noticed a big decline within the broader market costs.
The approach to life and media firm mentioned that it accepted Ethereum as funds for its “Rabbitars” non-fungible tokens (NFTs) launched in 2021, which it holds in its steadiness sheet as digital property, in accordance with an annual submitting on Thursday. The worth of the digital property sits at $327,000 as of final yr, the submitting mentioned.
A earlier submitting exhibits that the corporate’s digital property have been price $1.75 million as of Sept. 30 of final yr.
The corporate defined that the corporate accounts for its digital property as “indefinite-lived intangible property,” that are topic to impairment losses if the honest worth of the property fall beneath their carrying worth, at any time. The impairment losses that the corporate takes on the digital property can’t be recovered, even when the honest worth of the property rise after taking the impairment losses.
“The market worth of 1 Ethereum in our principal market ranged from $964 – $3,813 throughout the yr ended December 31, 2022, however the carrying worth of every Ethereum we held on the finish of the reporting interval displays the bottom worth of 1 Ethereum quoted on the energetic alternate at any time since its receipt,” in accordance with the submitting. “Due to this fact, detrimental swings out there worth of Ethereum may have a cloth influence on the corporate’s earnings and carrying worth, whereas solely time an increase in costs will influence the corporate’s earnings positively, is when the Ethereum held within the steadiness sheet, are offered at a achieve,” the submitting mentioned.
The corporate launched its “Rabbitar” NFT venture in October 2021, throughout the peak of the crypto market. Ether, the native token of Ethereum, misplaced about 60% in worth since October of 2021, in accordance with TradingView knowledge.
Earlier in 2021, Playboy entered into NFT and blockchain expertise business with its NFT drop referred to as “Liquid Summer season,” which is a set of digital artworks created in collaboration with the artist Slimesunday. The gathering which minted in Could, 2021 options archival images of Playboy mannequin Lenna Sjööblom – the so-called “First Girl of the Web.”
Nevertheless, these NFT drops weren’t the primary foray for the corporate into the world of digital property. In 2018, Playboy TV started accepting bitcoin funds. In June, bitcoin funds expanded to Playboy.com.
