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American entertainment magazine Playboy announced the launch of an online art gallery in the form of non-fungible tokens.
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All magazine covers will appear as NFT tokens
American entertainment magazine Playboy announced the launch of an online art gallery in the form of non-fungible tokens. The magazine’s partner is the Nifty Gateway platform based on the Ethereum blockchain. It will feature an extensive collection of art and photographs from over 70 years.
The magazine has gone in a more progressive direction since the late Hugh Hefner’s family sold their last stake in Playboy Enterprises back in August 2018 and a team of millennial editors gave it a new look. Long after its heyday in the 1970s, this iconic magazine is trying to reinvent itself and find a new audience with the help of NFT.
Brands are aiming for NFT, but the market is falling
Note that PlayBoy is not the first global brand to use NFT technology. More recently, it became known that the Italian fashion house Gucci may join the ranks of companies that have joined the non-fungible token (NFT) market. However, it remains unknown when approximately and what kind of NFT tokens luxury brands can present.
One of the barriers to entering the NFT market may be its systematic decline, which was outlined at the end of March. According to Nonfungible.com, which monitors the state of the market for non-fungible tokens (NFT), their average value peaked in February at $ 1,400, which has since dropped by 70%.
The rapid reversal has given rise to speculation that the bubble in the NFT segment is about to burst. However, not everyone agrees with such statements. Critics point out that the crypto industry as a whole has also been compared to a bubble many times. However, every time she was restored and went to a new level.
Celebrities such as Snoop Dogg, Al Walser, Pussy Riot, Lindsay Lohan and many others have already released their own NFT tokens.