Why PLBY Group Inc. (PLBY) stock is rising high in intraday trading?

PLBY Group Inc. (PLBY), an American global media and lifestyle company, which emphasizes upon pleasure and leisure, had shares surging 15.72% to trade at $35.85 in the current market at last check.


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The increase in PLBY stock price came as the research firm ‘Hedgeye’, named PLBY Group as the “best new idea.” which peaked investor interest. In accordance to hedgeye assessment, the current market cap of PLBY can be increased from just under $1B to a staggering $10B.

So what

The company has been taken private since several years.  However, it went public again through a Special purpose acquisition company (SPAC) also known as a blank cheque company. After going public, PLBY has announced to purchase an omni-channel retailer and a contractual agreed with Nifty Gateway, hence allowing PLBY Group to enter the nonfungible token (NFT) area with its older content, leading to a sudden surge in interest for all parties involved.

The general idea in the PLBY NFT space is to digitalize authentic content from Playboy magazine to create content in relation with various artists that can then be sold as NFTs in the future. The longer-term Playboy and Nifty collaboration will emphasize on three areas: various celebrities partnering with Playboy’s unique art and media archive, an attempt to hire a new artist for NFT work including providing capital especially designed to help rising and underrated artists initially starting within the NFT art community, and the development and selling of Playboy vintage art collection in NFT form.

Playboy has served as a creative developer for an immense number of talented artists and celebrities and fits within the perfect NFT model.

Conclusion

PLBY long-term revenue growth and the rising stock price has proven to be a success and an investment in NFT’s has peaked investor expectation for the company. Furthermore, an inked deal with Nifty Gateway in regards to NFT development has given the company a competitive advantage over its peers.

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