Economist Crypto Cover NFT Sells for $419,000 in ETH

http://fullycrypto.com/

By Mark Hunter

20 hours agoWed Oct 27 2021 12:01:02

Economist-Crypto-Cover-NFT-Sells-for-$419,000-in-ETH-(2)

Reading Time: 2 minutes

  • The crypto-themed front cover of The Economist has sold as an NFT for $419,000
  • The magazine issued its September 18 cover as an NFT as an “experiment”
  • The money will go The Economist’s education foundation

The Economist’s crypto-themed front cover, which it sold as an NFT in order to educate its readers in the format and see for itself what the fuss was all about, sold yesterday for 99.99 ETH ($419,000) at auction. The Alice in Wonderland-themed cover, which made its appearance on September 18 in relation to a deep dive into DeFi and NFTs, was adapted from the famous image associated with the story and indicated the concept of ‘falling down the rabbit hole’. The piece was sold through NFT digital artwork platform Foundation to a millionaire ETH holder.

The closing price for our cover as a “non-fungible token” was 99.9 ETH ($419k) https://t.co/nvhW3jPiLv

— The Economist (@TheEconomist) October 26, 2021

The Economist “Experiment” Benefits Education Foundation

The Economist cover was listed on Foundation on Monday for two days, with the winning bid being placed 15 minutes from the end of the auction. The winner, named 9x9x9 on the site, was clearly keen to get their hands on the piece, having placed bids starting at 36.5 ETH and finally pipping the second-best offer by 9.4 ETH. A transaction fee of $53 added to the total cost paid by the buyer.

The Economist had said that they sold the cover as an NFT as “an experiment” so they could have experience of the NFT ecosystem, allowing them to offer an informed opinion. 90% of the proceeds, some ($377,100) will go to The Economist Educational Foundation (TEEF) with The Economist retaining a 10% stake in the NFT, allowing them to direct all future proceeds to TEEF.

Start of a Pattern? Perhaps Not

Only time will tell whether The Economist’s experiment will be echoed by other skeptical outlets, but the chances are slim. With such an amount having been raised for charity however, at least the experiment can’t be knocked by NFT-hating outlets and individuals…although they will still try.

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