Non-fungible tokens (NFTs) remain one of the most discussed blockchain products. NFTs allow individuals and companies to tokenise various items and sell them as unique collectables.
Following the NFTs boom from early 2021, several big names have joined the space. The latest in this long list is the popular adult magazine publisher, Playboy.
The magazine is partnering with various NFT marketplaces like Nifty Gateway to offer a wide range of items to consumers. Being in operation for over 69 years, the magazine has a large collection of material it can unleash on the market. It has over 5,000 pieces of art ranging from covers and photography that can be tokenised. It is looking to create original artwork that focuses on the curation and sales of Playboy’s art in NFT form.
The lifestyle brand is exploring broader goals on revenue generation and reaching a massive audience in the digital space. This was clear when it partnered with the NFT marketplace, SuperRare, to showcase some of its NFT collections at the Miami Beach Art Collection.
Playboy is planning to release more NFTs in a series format, where every series comes with a theme. The first of the series is to showcase the brand’s editorial values of free speech, gender and sexuality, equality and pleasure.
Various artists are allowed to submit their work relating to the series. Playboy will then work with Sevens Foundation, a non-profit for digital artists, to choose the winning submissions from every series, then promote them on social media.
With the various artists coming in, Playboy can reach a wide audience as it becomes a major blockchain player. With time it could reach the level of some of the most expensive NFTs ever sold.
What does Playboy releasing NFTs mean for the blockchain world?
The creation of NFTs by super-brands like Playboy is the approval the blockchain world needs. As a decentralised platform, blockchain items like NFTs increase in value depending on demand and supply. With Playboy and other celebrities like Floyd Mayweather, launching their NFTs, it means it is a viable option hence attracting more users.
Playboy in itself is the best assessor of a variable platform given its business practices. Having gone private in 2011, due to declining sales, the magazine has since been looking for the best way to regain its market share. This strategy is based on modernisation and changing market focus. It has moved from publishing to embrace more lifestyle and sexual wellness areas. This saw it spend $25 million to buy TLA Acquisition Corp, a company that sells sex toys.
By partnering with Nifty Gateway for its NFT line, it shows the approval of NFTs as the future of art. Even though some skeptics might have felt NFTs were in a bubble, it now seems like NFTs are here to stay. It also underlines NFTs’ capability for economic expansion.