Playboy to Enter the Metaverse by Launching MetaMansion
This blog post will cover:
- Playboy and VIT
- What is the MetaMansion all about
- Playboy’s NFTs
- Top companies creating metaverses in 2023
Playboy has long ago grown beyond being tagged as an ordinary magazine. As a lifestyle brand built on equality, freedom of expression, and the belief that satisfaction is a basic human right, its slogan has changed from “Entertainment for Men” to “Pleasure For All.”
As part of its move towards entering virtual space, Playboy is finally moving its Playboy Mansion into the metaverse with the launch of its MetaMansion, happening this 2023 year.
This virtual world shows great hospitality to the new era of holders and “bunnies” of its non-fungible token (NFT), Rabbitars, allowing them to enjoy all the luxury Playboy offers. Although the final launch date remains unknown, you can already get some information about Playboy’s metaverse, such as its MetaMansion and NFTs.
Playboy and VIT
Blockchains fundamentally drive cryptocurrencies and other related innovations like NFTs and the metaverse. Among its critical functions is maintaining secured and decentralized transaction records, fostering trust without needing third parties.
Leveraging these functionalities, Playboy decided to develop an online wallet supporting various cryptocurrencies, creating and facilitating a flexible payment mode for its users. Playboy’s TV first tried to implement this digital wallet to accept Vice Industry Token (VIT) and other cryptos so that users can access premium services.
The VIT is a social media currency and a decentralized network used mainly in the adult industry to enable users to earn rewards (VIT tokens) for participating and engaging with content. It was founded in 2017 by Stuart Duncan.
The VIT network has three main purposes:
- to record all transactions done with the VIT token;
- to measure users' engagement with videos;
- to reward users for their interaction or engagement with content.
However, Playboy failed to create the wallet. It’s a pity because it could be an interesting experience for such a big company which was never related to cryptocurrencies.
What is the MetaMansion all about
The MetaMansion is an online version of Playboy’s mansion in Los Angeles. Due to the continuously evolving world and the tremendous increase in users, Playboy decided to build a virtual world where customers can easily access everything they need while enjoying its services.
Last year, Playboy entered into a partnership with The Sandbox (SAND). This decentralized online gaming platform enables users to build and own NFTs while making profits from their gaming experiences. The collaboration extended Playboy’s tentacles in the Web3 space.
This partnership promises to bring exciting features like live events, games, and digital collectibles. The release of these digital collectibles utilizes Playboy’s extensive stores of content while integrating influencer and talent networks, different styles of fashion, and never-to-miss live experiences.
Also, this partnership enables users to access LANDS on The Sandbox, connect, build neighborhoods with true friends, and even interact with celebrities like Snoop Dogg and Paris Hilton.
Having seen that a huge part of Playboy’s MetaMansion is its NFTs, it is safe to say that Playboy is heavily invested in creating NFTs. Let’s look at the NFTs that Playboy released since moving into the metaverse.
One major attraction of Playboy’s metaverse move is its NFTs, created from its vast content catalog. So far, Playboy has released two NFT collections, and crypto users have massively bought into each.
The first NFT collection was Liquid Summer, launched in 2021 in partnership with Slimesunday. The idea for this creation stemmed from Playboy’s ten million content library.
Combining Playboy’s barrier-breaking legacy, Slimesunday’s powerful innovations, and launching on Nifty Gateway resulted in NFTs whose fluidity concept was commendable. The uniqueness of these NFTs led to immediate sell-out within three minutes of release.
Following the success of its first NFTs drop, in October of the same year, Playboy launched its first avatar-based NFTs called Rabbitars. This NFTs project reimagined Playboy’s founding year, 1953, and comprised 11,953 unique 3D rabbit images or characters. One special thing about Playboy’s MetaMansion is the integration of these Rabbitars. This creation signified the start of a genuine blockchain-based membership for the Playboy community, propelling NFTs holders into the world of luxury it offers. Holders of Rabbitars will be treated as VIPs and given exclusive access to the MetaMansion.
Also, the inspiration behind the creation was Playboy’s heritage, culture, and iconography. Interestingly, all the Rabbitars possess rare traits. This NFT collection is the key to a new Playboy Club, granting holders exclusive privileges like members-only events, artworks, and artist partnerships. It remains Playboy’s focal point for its new metaverse.
However, the second NFT collection of Playboy faced huge losses on ETH. It is explained by the Crypto Winter, which created a big decline in the broader market prices. Playboy accepted ETH as a payment for its Rabbitars. This follows from the 2022 report for SEC.
Since October 2021, the second most capitalized cryptocurrency has fallen by ~60%. As of December 2022, the carrying value of Playboy’s digital assets was $327,000. According to the third quarter results, this indicator was estimated at $1.75 million.
The PLBY Group treats their digital assets as indefinite-lived intangible assets, which are subject to impairment losses if the fair value of our digital assets decreases below their carrying value at any time. Impairment losses cannot be recovered for any subsequent increase in fair value.
Anyway, no matter how the company solves its financial problems, Playboy managed to take up some space in the metaverse through its NFT collections and MetaMansion. Now, other giant brands are also trooping in with their various metaverse projects. Let’s briefly look at top firms breaking into this sphere this year.
Top companies creating metaverses in 2023
The rapid increase in the metaverse trend has rippled into 2023, resulting in a surge in the number of companies creating their metaverses. The global market value for the metaverse is predicted to reach $800 billion by 2024.
Having seen the growth possibilities the metaverse offers businesses, 2023 will be a year of massive investments in the metaverse. More companies are already investing in it to reach their audience, and some top companies are set to create metaverses or are already in the process.
Google is investing extensively into creating its metaverse, focusing solely on the VR and AR worlds. Its first significant move into the metaverse was in January 2022.
Its major projects in AR are Google’s Project Iris and Project Starline. Project Iris creates a distinctive approach to using AR, focusing on building thin AR glasses for unmatched visuals. On the other hand, Project Starline centers on providing a borderless connection through real-life video calls that make one feel immersed.
In 2020 this group launched one of the well-known metaverse games called Decentraland. Decentraland is a VR real estate platform where users can build and own virtual properties.
Users can also create and monetize their digital assets and contents, converting them into NFTs that can be bought using the Decentraland token, MANA. These features have easily made Decentraland one of the top virtual places for earning digital assets.
Roblox has grown beyond just an in-gaming platform, and with its move into the metaverse, it has witnessed exponential growth.
Roblox metaverse aims to create a fascinating virtual world for the gaming industry with the desire to provide the best experience for users by utilizing modern and tested technologies.
Of course, Playboy, with which we’ve begun our article, always sets the pace with the zeal to adapt and grow in the ever-evolving world. The company is set to take up the metaverse by creating its MetaMansion, which will launch within the year.
Playboy is ready to achieve another feat with the MetaMansion launch. The company has always found ways to evolve and continuously grow, making it stand strong for over seven decades.
The Rabbitars NFTs, which are central to MetaMansion, will be the key to enjoying the privileges that Playboy has prepared. Finally, Playboy’s partnership with The Sandbox will ensure that over 100 million monthly users are thoroughly satisfied with all its packages, fulfilling its slogan, “Pleasure For All.”