Playboy Teams With Nifty Gateway For NFTs: What Investors Should Know

One of the best performing former SPACs of 2021 is the PLBY Group PLBY, the company behind the well-known Playboy brand. The company confirmed plans to launch NFTs on Tuesday, sending shares higher.

What Happened: Playboy is teaming up with Nifty Gateway, a platform for non-fungible tokens owned by Gemini.

“What’s equally exciting about our partnership with the Nifty team is our shared commitment to fostering and commissioning new work and supporting up-and-coming artists. We can’t wait to release more details soon,” the company said.

Playboy said the long-term relationship with Nifty Gateway will center on three key areas: The companies will partner to help with artist collaborations, the ongoing effort to incubate and commission new artist NFT works and curation and sales of Playboy’s iconic art collection in NFT form.

Related Link: Is Funko The Next Big NFT Winner?

Why It’s Important: The first partnership centers on the release of Playboy x Slimesunday NFTs. Slimesunday is a digital collage artist who pushes the limits of what is acceptable in mainstream media in terms of censorship and erotic topics. Slimesunday is the sixth-highest earning artist in the NFT space, according to the release.

Slimesunday has worked with vocalists such as J. Cole, Lana Del Rey, Katy Perry, J Balvin and Beck.

A NFT launch in June will feature works between Playboy and digital artist Blake Kathryn.

Playboy has a long history featuring works by artists including Pablo Picasso, Salvador Dali and Andy Warhol.

Playboy CEO Ben Kohn said previously the company turned down licensing deals on NFTs and wanted to explore options on its own. The company believes it has a large library of content that can be monetized going forward and Tuesday’s announcement of the partnership with Nifty Gateway could show investors how serious they are.

PLBY Price Action: Shares are up 8.31% to $30.23 Tuesday afternoon.

(Photo: Les Anderson via Unsplash)