Globally recognised magazine, Fortune, has made a splash in headlines recently as it reportedly made over $1 million in NFT sales. The magazine which is well-known around the world for its annual ‘Fortune 500’ list partnered with digital artist Emily Yang, known on twitter as ‘pplpleasr’ to create 256 different NFTs which it sold for 1 ETH each. The whole set was bought in a matter of minutes leaving the magazine in significant profit.
This was not all that was sold as the magazine also planned to carry out a three-day auction to sell off three specially created NFTs to the public. Although due to technical issues on the host marketplace known as OpenSea, they were only to sell just one. The company, however, still walked away with a profit of $1.3 million as reported by author Robert Hackett.
Are NFTs The Next Big Thing?
NFT is a relatively new development in the crypto space that allows people to own digital creations over a wide range of genres including music, art and tweets. The furor about them began a while ago when former Twitter head Jack Dorsey sold his first tweet for $2.9 million. Since then a wide range of creators have flooded the NFT space selling electronic versions of a wide range of things. With NFTs primarily being built on the Ethereum network, this has of course served to push cryptocurrency even further into the mainstream than it already was over the past year.
Although the Fortune auction was mostly successful, some profits were still left on the table due to massive traffic to the platform used to auction off the NFTs. This left many users being faced with error messages and unable to access the auction. There were further problems as the second part of the auction which should have had three pieces of art being sold ended up with only one sale and even that met with a hitch. At the highest point of the auction, the winning bid was over 47 Ether but a glitch in the system led to it being sold for less than half the price.
The Fortune NFTs proceeds are reportedly going to non-profit organisations and the remainder of over $600,000 worth of ETH is being split evenly between the magazine and the artist, Emily Yang. The company has also, in the aftermath of the sales, made it known that it intends to HODL the tokens it gained. This is positive news for the NFT space as further permeation of it into everyday society could allow struggling or upcoming artists to get compensation for work they might be otherwise unable to auction off for profit.
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