Playboy is another one in a long list of companies (and celebrities) who have decided to enter the NFT market. As announced two days ago by the company spokesperson, Playboy is entering a partnership with NFT platform Nifty Gateway.
The plan of the two companies is to use blockchain technology to turn its erotic art into digital collectibles.
It’s still unclear what kind of products will they be selling in the future, but Playboy did announce it’s going to put visual artist Slimesunday on the job, who is currently the sixth highest-earner in the world of NFT art.
Playboy Is Just One of Countless Brands to Get Involved with NFT
The rise of blockchain-based cryptocurrencies has led to the emergence of all kinds of related technologies. One of those is the NFT a.k.a. non-fungible token, which is getting a lot of mainstream attention as of late.
Playboy’s NFT project is just one in the series of similar projects launched by big-name brands and mainstream celebrities over the last couple of months.
Previously, we saw the following things happen:
- Beeple selling his work “Everydays – The First 5000 Days” for $69.3 million, breaking the record for the most expensive NFT ever
- Grimes sells original music and War Nymph art as an NFT for $5.8 million
- Twitter founder Jack Dorsey selling his first tweet as an NFT for $2.9 million
- Canadian singer The Weeknd selling his limited-edition NFT collection for over $2 million
- Kings of Leon releasing the album “When You See Yourself” in the form of an NFT
- NFL legend Tom Brady launching an NFT platform called Autograph
Given the fact that all of these things happened relatively recently, it’s possible that we’re currently witnessing the birth of a new era in digital universe.
What the Heck is NFT?
Although it’s been around since 2017, the NFT technology hasn’t been getting too much attention until recently. By rule, all the blockchain-related news headlines were reserved for cryptocurrencies. However, since the start of 2021, the interest in NFTs has grown exponentially.
So, what’s the reason behind all the buzz? Well, the clue is in the name – NFT stands for non-fungible token. Being “non-fungible”, the token is completely unique, without any chance it could be replaced with something different.
In layman’s terms, the NFT technology allows you to buy and own original digital work, without any worries that it might get stolen, destroyed, changed, or pirated. All of this is possible thanks to the fact that these tokens are based on the Ethereum blockchain.
Should You Starting Investing in NFT?
If you’re still having trouble grasping the point of NFT, let us give you an example. You may own a print of Mona Lisa, but the original is in Louvre.
The same goes with non-fungible tokens. You might be able to find some bits of Beeple’s digital artwork on Google, but the original is owned by the person who paid $69.3 million for it.
The man in question is Vignesh Sundaresan, a Singapore-based programmer, who was the highest bidder at Christie’s auction. Thanks to the NFT technology, Sundaresan is now the only owner of the digital artwork. He’s also the one who has the right to display it, which is what he does on his website Metaverse.
As you can see from this example, NFTs have the potential to put an end to piracy in the digital world. Therefore, artwork created in the form of an NFT will probably have a much higher value than the rest.
Considering that the NFT craze has just started, no one can say for certain whether there’s big money to be made from it. Still, it seems almost certain that NFTs are here to stay.