Entertainment magazine Playboy announced a partnership with crypto exchange Gemini-owned digital art platform Nifty Gateway on Tuesday.

According to the iconic brand, Playboy’s entry into the NFT space is its “long history of providing a platform for artists and creative self-expression.”

Besides art, Playboy’s NFT can further extend to tickets to a virtual mansion experience or interviews.

While the company is planning to receive cash for its initial projects, Rachel Webber, Playboy's chief brand officer and president of corporate strategy, said they are open to expanding into cryptocurrencies as an alternative payment method Playboy explores the digital assets space. Webber told Insider,

“We see the digital asset revolution as an enormous business opportunity.”

“We see huge growth potential in integrating tokens into our streetwear business, our live experiences, and events, creating a social token economy with our network of talent.”

This foray into digital art would be kickstarted with collaboration with two artists, Blake Kathyrn and Slimesunday, one featuring inspiration from their archive, and the other would be an upcoming Pride-themed curation this June.

“We are thrilled by all of the innovation and access the blockchain can bring.”

“We have much more in store as well, including curated NFT art collections from our nearly 70-year archive of art and photography.”

NFTs have exploded into popularity this year, with the market cap of related tokens growing past $27 billion and their trading volume soaring to $3.7 billion, as per Coingecko. According to data from CryptoSlam, more than $1 billion was spent on NFT collectibles in March alone.

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