Iconic men’s entertainment and lifestyle publisher, Playboy Magazine, is back. The magazine is aiming to increase interest and investment through its own non-fungible tokens.
The publisher is reinventing itself in the digital space with NFTs of its extensive digital archive. In addition, it plans to collaborate with emerging artists on original artwork.
Playboy’s struggles with digitization
Like many outlets in the traditional publishing world, Playboy felt the effects of the decline in print publications. In 2011 the publishing company went private, as a result of a loss of advertising revenue. However, in February 2021, it re-entered the public market with a new plan for the company’s future.
Earlier this month, Playboy announced a partnership with Nifty Gateway. A popular NFT marketplace that has hosted some record-breaking sales.
“Our entry to the NFT art builds on Playboy’s long history of providing a platform for artists and creative self-expression,” said Playboy said on Twitter.
Playboy pin-up NFTs
In collaboration with Nifty Gateway, the brand intends to capitalize on its extensive archive of photographs, interviews, covers, and art. It will work in partnership with emerging artists to create NFTs.
One of the first NFT collaborations Playboy intends to bring to the table is with digital artist Blake Kathryn. Kathryn will create original Pride-themed art in time for Pride month which takes place every year in June.
The Chief Brand Officer for Playboy, Rachel Webber, made positive comments regarding crypto when the partnership was announced:
“We wholeheartedly believe in the future of a blockchain- and crypto-powered art world that ensures artist and collector protection, ongoing artist compensation, and the democratization of distribution and collecting.”
Stock price surges
In addition to joining the craze for digital collectibles, Playboy is refocusing on becoming a lifestyle brand. It recently purchased the TLA Acquisition Corp, which caters to the sexual wellness community.
As a result of these big, modernizing moves, the company’s stock (PLBY Group) price has surged by 83% in the last month. Overall it’s up 173% since it reemerged in the public market.