Why PLBY Group Stock Rallied as Much as 13% Today

Shares of PLBY Group (NASDAQ: PLBY), which describes itself as a leisure and pleasure company, rose sharply at the open of trading on April 21. Although the stock was up 10.5% at roughly 11 a.m. EDT, it had earlier risen by as much as 13.5% or so. There was no particular news out of the company that would have driven the advance, but that doesn't mean there was nothing for investors to read.

Not too long ago, PLBY Group announced that it would be working with Nifty Gateway to mine the back catalog of Playboy magazine. The goal is to work with outside artists to create non-fungible tokens (NFTs) so PLBY can use some of its old content in a new way. It's a solid idea and definitely touching on an area of technology that's been drawing a lot of attention lately. That said, this is not new news at this point, and excitement about the broader NFT space appears to be cooling off to some degree.

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Source Fool.com