Fortune has announced that it has begun to sell limited edition non-fungible tokens (NFTs) of the cover art for the most recent issue.
Fortune Magazine, in collaboration with digital artist pplpleasr, has announced the start of a limited edition NFT sale. Fortune, one of the United States top-100 longest-running magazines, became one of the first outlets to focus specifically on finance and business. In 2017, Fortune became an early mainstream adopter of cryptocurrency and reserved an entire section for digital currencies to be reported on.
Now, the long-running publication is getting into the NFT space with its most recent August/September issue, “Crypto vs Wall Street.” The cover of the August/September issue will be sold off in NFT form along with all of the art pplpleasr created for Fortune’s “Crypto at a Turning Point,” package. Each of the NFTs will be put up for sale on OpenSea beginning Friday afternoon and running until the evening of Monday, August 9.
As Fortune’s senior writer Robert Hackett says, Decentralized Finance is “drawing a generation of tech-savvy tinkerers, crypto-coin early adopters, outside-the-box thinkers, and, yes, occasional degens to an alternative and largely independent financial system, one where they can borrow, lend, save, and insure themselves—based on rules they make themselves.” According to Friday’s announcement, Fortune says that the inspiration for the package was that democratizing force behind DeFi.
Fortune NFTs hit the market
The collection from Fortune will consist of 256 identical copies of the most recent cover art, digitized and converted into NFTs. According to Fortune, the number represents the cryptographic keys that a generally associated with cryptocurrencies. Each NFT will be sold at a predetermined price and not auctioned off as with many digital collections. Fortune says this move is to allow more people access to the series by avoiding high-priced bidding wars that come with a single NFT auction.
The press release states that “in keeping with DeFi’s embrace of the power of open markets, cutting edge technology, and sense of fun, FORTUNE and pplpleasr worked with Manifold on bespoke smart contracts to enhance the bidding experience of three additional, special-edition NFTs of the cover.”
The announcement goes on to say that the graphics of each NFT will change depending on whether certain cryptocurrency influencers are high bidders. Basically, a high bid will change the art to feature the social media avatar of the said high bidder.
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