It is another very green day for investors in Playboy (NASDAQ:PLBY) and PLBY stock. Today’s gain of more than 17% at the time of writing comes on the heels of an impressive run in this stock.
Playboy came public via a blank-check company in February, and has seen some very impressive momentum. It’s been a 4-bagger for investors who have gotten in at the IPO price. That’s not bad at all.
It appears investors are buying into more than just the Playboy brand today. The company recently announced it would be moving into the non-fungible token (NFT) space. This move appears logical, given the incredible 68-year history of Playboy. This is a company with a ton of content it hopes to capitalize on moving forward.
Here’s more on what investors may want to know about the NFT news driving this stock higher today.
NFT Surge Drives Interest in PLBY Stock
- Playboy first went public in 1971, and traded publicly until 2011.
- In 2011, founder Hugh Hefner took the company private.
- A decade later, Playboy stock once again traded publicly via a reverse SPAC merger with Mountain Crest Acquisition.
- Since the merger, shares have climbed steadily from the initial offer price of $10 to more than $40 today.
- This momentum has come as a result of a number of strategic shifts the company recently made.
- First, Playboy announced in early February the acquisition of TLA Acquisition, parent company of the Lovers family of stores. This company is a sexual wellness omni-channel retail leader.
- More recently, Playboy announced a move into the NFT space through Nifty.
- This move will focus on “original works by digital collage artist Slimesunday that will be developed in cooperation with Playboy’s editorial and archival curators.”
- The company hopes to further expand its NFT offering to cover its extensive pornographic library of content.
- Reportedly, original works will be monetized in an 80%-to-20% split between Playboy and Nifty.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.