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Fortune Raises Over $1.3M in Cover Art NFT Sale
The magazine auctioned a set of limited-edition NFTs of the cover of its crypto-themed August/September 2021 issue.
Updated Sep 14, 2021, 1:39 p.m. Published Aug 13, 2021, 8:35 a.m.
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Business magazine Fortune has raised over $1.3 million in its first non-fungible token (NFT) sale.
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- Fortune auctioned a set of limited-edition NFTs of the cover of its crypto-themed August/September 2021 issue. The auction raised 429 ETH, the equivalent of over $1.3 million at the time of writing.
- The lot sold out in a few minutes and the NFTs are fetching resale prices upwards of seven times the original listing, Fortune reported Friday.
- The auction was held on NFT marketplace OpenSea, which experienced tech issues possibly as a result of the traffic experienced.
- Tech editor Robert Hackett tweeted that Fortune would be donating 50% of the proceeds to non-profit organizations and holding the rest.
Pretty stunned by the results of the @FortuneMagazine x @pplpleasr1 NFT drop. We raised 429 ETH, or $1.3 million—and that’s despite @opensea’s tech issues.
— Robert Hackett (@rhhackett) August 13, 2021
50% is going to nonprofits. Oh yeah, and Fortune is gonna HODL its share of ETH. (Sorry @jack.) https://t.co/ybkFHGAuDF
Read more: South China Morning Post to Mint Historical Records as NFTs
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