Playboy Lawsuit: How Blockchain Developer Failed The Vice Industry Token

As the Los Angeles Times reported on Aug. 14, Playboy - one of the pioneers in global erotica - is suing the Canadian firm Global Blockchain Technologies, claiming that it failed to integrate blockchain technology into Playboy's online media channels.

The blockchains system that BLOC has failed to implement in Playboy's sites is the Vice Industry Token - a promising token reward concept with a mission to create the network of affiliates, of whom PlayboyTV is with a little doubt the most renowned one.

Now, the Vice Industry Token blames Playboy for taking ''the equivalent of millions of dollars'' and giving absolutely nothing.

Get paid for watching porn or for interacting with it? The Vice Industry Token is basically a utility token designed to be used in the universe of adult industry websites.

A partnership went wrong Global Blockchain Technologies, a Vancouver-based company that specializes in collaboration with existing businesses to build blockchain applications and cryptocurrencies base, announced its partnership with the Playboy Enterprise on May 31.

"As one of the earliest adopters of blockchain technology, this is a thrilling project to be part of. Most cryptocurrencies fail because they are unable to match up with a real-world use case, which resigns them to a fate of being nothing more than an experiment of speculation and baseless hype-building. In this situation, Playboy specifically benefits from having a cryptocurrency like VIT on its side. For VIT, being part of Playboy is a huge step in real-world cryptocurrency use that will translate to success."

The blockchain developer would pay Playboy $4 million by July 16 for using the famous brand in its marketing activities.

The third side of the conflict On Aug. 15, adult news outlet AVN reported that the Vice Industry Token, as a company, plans to seek restitution of its own after "Purportedly losing millions of crypto tokens in a crumbling deal between Playboy Enterprises and Canadian-based Global Blockchain Technologies." The blockchain company is strategizing with lawyers to take action within the coming week for remuneration of its losses.

"I've read the complaint that Playboy has with Global Blockchain, and I'm really disappointed in Playboy. because we gave them millions and millions and millions of tokens, [and] they've never reached out to us once to try and get anything tokenized with their website It makes me think that maybe we've got a case for a lawsuit against them, because they've taken the equivalent of millions of dollars from us, and we've received absolutely nothing and no benefit from it whatsoever."

The reason why VIT's - a blockchain company itself - site should have been rebranded by a blockchain contractor of Playboy remains a serious question.