First Economist magazine cover NFT fetches $422,000
The launch follows the Time Magazine, the Associated Press and the New York Times NFTs
The Economist joined the metaverse as it sold a one-of-one non-fungible-token (NFT) of its magazine cover titled ‘Down the rabbit hole: The promise and perils of decentralized finance’ for ETH99.9, (around $422,000).
The magazine cover by digital artist Justin Metz revises the original Alice in Wonderland drawing by Sir John Tenniel.
“Our Alice in Wonderland themed cover sent Alice down the rabbit hole, into the weird world of NFTs, cryptocurrencies and blockchains,” wrote the newspaper on the sale.
The winning bid, fewer fees, transaction costs and potential tax liabilities, will be donated to The Economist Educational Foundation, an independent charity that teaches young people to analyse current affairs.
Journalism and NFTs
Recently the Time Magazine launched the TimePiece and NFT series following a pilot launch of three NFTs inspired by one of Time’s most iconic covers and including an original cover created especially for the auction.
The NFTs fetched around $453,000, while the series, sold-out, witnessing a trading volume of ETH128 or $525,000 at the current rate.
Meanwhile, the Associated Press recently auctioned off, (the auction is still ongoing), a series of 10 NFTs celebrating the news agency’s iconic photojournalism over the past 175 years, making artistic representations of some of history’s most notable photographs and news flashes available as non-fungible-tokens.
The New York Times also previously auctioned off an NFT of one of its columns, it was purchased for around $560,000
NFTs to save journalism?
Recently, the PIASA auction house, in partnership with the French newspaper 20 Minutes, organised the historic sale of an NFT accompanied by its physical counterpart, an offset printing plate featuring four pages of the supplement. The lot sold €3,000 for the benefit of the International Federation of Journalists.
“PIASA is very pleased to have collaborated with 20 Minutes on this project in support of the International Federation of Journalists cause. We are also delighted to organise this pioneering sale in France and to have contributed to the exploration of an emerging market,” said Frédéric Chambre, auctioneer and managing director of PIASA.