By Christiana Sciaudone
Investing.com -- Playboy could be the next big NFT on the market.
Owner Plby Group Inc (NASDAQ:PLBY) jumped 10% after Benzinga reported the CEO had noted the NFT potential for its 68-year-old archive. Chief Executive Officer Ben Kohn spoke at the 33rd Annual Roth Conference on March 16, saying, "That’s a perfect example of a new revenue stream that has emerged, really leveraging this phenomenal IP we have." Kohn was referring to Playboy's highly-valuable intellectual property.
The iconic brand went public via a special purpose acquisition company in a $415 million deal and is reinventing itself as a pleasure and lifestyle consumer platform for all, focused on everything from sexual wellness. Shares are up about 50% since it started trading last month.
NFT, or non-fungible tokens, (in case you've been sleeping) are the latest rage among those with a lot of disposable income. NFTs are one of a kind digital assets that have no tangible form (kind of like the emperor's clothes).
Last month, a meme of an animated flying cat with a Pop-Tart body trailing a rainbow sold for $580,000. It's still a meme that anyone can use, but only the mysterious buyer can claim their copy is the authentic one, The New York Times reported.
Kohn said Playboy was approached in October on licensing its brand out for NFTs, but will likely do so in-house.