Fortune magazine has announced that it has begun selling limited edition Non-Forgible Tokens (NFTs) for the latest issue of cover art.
Fortune magazine has partnered with digital artist plpleasr to announce the start of sales of limited edition NFTs. fortune is one of the oldest top 100 magazines in the United States, becoming one of the first media outlets to focus exclusively on finance and business. in 2017, fortune became an early mainstream adopter of cryptocurrencies and reserved an entire section for coverage of digital currencies.
Now, the long-running publication is moving into NFT territory with its latest August/September issue, “Cryptocurrencies and Wall Street. “The August/September issue will be sold as an NFT cover, along with all of Pplpleasr’s artwork for Fortune’s “Cryptocurrencies at the Turning Point.” Each NFT will be available for sale on OpenSea beginning Friday afternoon and continuing through Monday evening, August 9.
As Fortune senior writer Robert Hackett puts it, “decentralized finance” is “attracting a generation of tech-savvy artisans, early adopters of cryptocurrencies, extroverted thinkers, and, yes, the occasional degenerate to an alternative, largely independent financial system where they can borrow, lend, save, and insure according to rules they make up. ” According to Friday’s announcement, Fortune said the inspiration for the package was that democratizing force behind DeFi.
Fortune NFTs enter the market
The Fortune set will include 256 identical copies of the latest cover art, digitized and converted into NFTs, a number that represents the crypto keys typically associated with cryptocurrencies, according to Fortune. Each NFT will be sold at a pre-determined price, rather than being auctioned off as many digital collectibles are. According to Fortune, the move is intended to make the collection more accessible and avoid the high bidding prices associated with single NFT auctions.
The announcement says, “In keeping with DeFi’s embrace of the power of open markets, cutting-edge technology and fun, Fortune and plpleasr have partnered with Manifold on custom smart contracts to enhance the bidding experience for three additional, special edition cover NFTs.”
The announcement goes on to say that the graphics for each NFT will change depending on whether certain cryptocurrency influencers are high bidders. Essentially, the high bidder will change the art to feature the social media avatar of said high bidder.