Shares of PLBY Group (NASDAQ: PLBY) , which calls itself a pleasure and leisure company, but is probably best known as the owner of Playboy magazine, rose a dramatic 19% in the first hour or so of trading on Tuesday. There was little question as to why, as the company just announced that it plans to jump into the non-fungible token (NFT) space.
Put simply, PLBY Group is looking to mine the archives of its Playboy content to create digital art that will be sold on Nifty Gateway, an NFT trading platform. Although the art will be based on Playboy images, it will be created by artists such as Slimesunday and Blake Kathryn. The company intends to cultivate more artist relationships in the future. While each artist will create a unique series, the overall project will fall under the label of "Playboy x Nifty." The NFT space is fairly hot right now, so it makes sense that PLBY Group shares rose on the news.
Image source: Getty Images.
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Why PLBY Group Rallied 19% at the Open Today