One of the hottest sectors investors are looking at right now is NFTs and investors are eager to find the next company in the non-fungible token space that could take off.
What Happened: Plby Group Inc (NASDAQ:PLBY), which went public via a SPAC merger, has become one of the latest companies to be mentioned as a possible NFT play.
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Traders are sharing details of the company’s presentation from the Roth Conference, held March 15-17, where CEO Ben Kohn discussed the company’s growth now that the merger has been completed.
Related Link: Is Funko The Next Big NFT Winner
NFTs Coming: Playboy was attracted to the NFT space given its huge collection of content and the economics of being able to monetize on the initial and each subsequent sale. Kohn told viewers that Playboy has a 68-year-old archive of content that could be valuable in the NFT space.
“That’s a perfect example of a new revenue stream that has emerged and really leveraged this phenomenal IP we have,” Kohn said.
Kohn said Playboy has the foundation set to tackle its growth in four segments. The growth will come both organically and through acquisitions.
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The company has a strong licensing business and Kohn said it was approached in October on possibly licensing its brand out for NFTs.
Kohn added that the NFT opportunity is so big that Playboy decided to handle it themselves.
What’s Next: Kohn couldn’t share many details on when Playboy will be launching or announcing NFTs.
“Stay tuned, can’t go into more detail,” Kohn said.
Kohn did say the company was spending a lot of time on the NFT space as a team. Benzinga reached out to Playboy for comment on its move into NFTs and did not hear back.
PLBY Price Action: Shares of Playboy are down 5.25% to $17.34 end of trading Monday.
Related Link: Learn more about the world of SPACs on "SPACs Attack," hosted by Chris Katje and Mitch Hoch on Benzinga's YouTube channel.)
(Photo by Les Anderson on Unsplash)