Popular classic men’s magazine Playboy will become the latest to join the growing list of companies releasing non-fungible tokens (NFTs) through a partnership with Nifty Gateway.
The company used to mint collectible Playboy keys to allow fans to access the mansion. However, it has now decided to provide collectibles in crypto form.
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Playboy was launched by Hugh Hefner decades ago, targeting men and the open sexuality niche. The magazine has been in print for many years until it began producing content online.
The tokenized photo archive has been built for over 67 years since the first printing was made.
A huge business opportunity
The brand did not disclose specific details about NFT Drops on Nifty, but did state plans to offer supporting artists believed to be underrepresented and who wish to enter the NFT art community.
The first NFT release will be in collaboration with Mike Parisella, a former contributor to Playboy magazine. The second release is scheduled for June, with a partnership with 3D artist Blake Kathryn for the creation of pride-based NFT series.
Playboy Brand Director Rachel Webber spoke about the development, saying the company “sees the digital asset revolution as a huge business opportunity.”
He added that the company is seeing massive growth potential by incorporating tokens into its outerwear business. The proceeds from the sale of the NFT token will go to a good cause, according to the brand.
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The NFT industry continues to grow
The NFT community is expanding at an alarming rate, with several major artists registering their intention to have lunch an NFT token. The sports industry has also joined the bandwagon. Luka Garza has become the first college basketball player to launch an NFT token after recently launching a unique NFT for auction on OpenSea. The auction will close on April 9. At press time, four people have already bid, with the highest bid being 0.67 ETH so far.