The famous brand Playboy says it will sell its digital artwork collections as non-fungible tokens (NFTs) on the Nifty Gateway marketplace. The lifestyle group will explore its gallery of classic journals and begin new partnerships with contemporary artists. Playboy stopped publishing printed publications last year. It is now digging into its 67-year library of classic photos and artwork while also partnering with popular artists to create new crypto collections. Besides, Playboy is planning to assist up-and-coming artists who are striving to join the NFT world. This revelation was contained in a statement released by the brand.
The NFT will feature various artists
An NFT can represent any digital article such as still artwork, animated pictures, and video clips. The tokenized digital works collections remain provably scarce and are confirmed through immutable blockchain technology. Buyers have the right to resell the said NFT items on secondary markets while the original seller will receive a percentage on subsequent sales.
According to the Playboy announcement, the NFT release will feature the work of Mike “Slimesunday” Parisella, a former Playboy print partner and an artist famous for his romantic collage-based writings. Slimesunday is imbued in the booming NFT industry. It has sold artwork on the SuperRare NFT market and will host an NFT-based podcast. Also, Playboy, in collaboration with Bake Kathryn, a 3D artist and acclaimed NFT creator, will release an NFT artwork in June.
In the statement, Playboy mentioned galleries of classic magazine done by artists including Pablo Picasso, Keith Haring, and Salvador Dali. However, it didn’t precisely state that it would make their artworks as NFTs. But one can infer from the statement that the brand’s partnership with Nifty Gateway is aimed at exploring its artwork gallery, photos, cartoons, etc.
The NFT industry is booming
Since last year, the NFT industry has attracted attention more than ever, as the largest 3 NFT marketplaces recorded the sum of $342 million in only February. This sum is larger than the overall sales made by all NFT marketplaces in 2020. Last month, Beeple, a famous digital artist, made $69 million from the sales of his art collections.
The growing popularity of NFT has attracted brands such as Taco Bell and Charmin creating their own NFT artworks. In the same vein, TIME Magazine earned $500K from the sales of its four limited edition magazine covers, while The New York Times also earned $560K from the sales of its NFT image. Recently, classic music magazine SPIN revealed that it would soon release environmentally friendly NFTs of its gallery.
February recorded the biggest sales in NFT as it recorded $340 million in trading volume, as reported by Dapp Radar. NBA TopShot earned $225 million as the top marketplace in February. The prices of NFTs have been soaring as artists have sold thousands and millions of dollars. Elon Musk’s girlfriend Grimes also earned $6 million from the sales of her art collectibles, while musician 3LAU sold his 33 NFTs for 11 million.