US business magazine Fortune says it will hold half of the proceeds from the recent sale of its non-fungible tokens (NFT) in crypto.
In its first-ever NFT auction held on August 6th, the magazine sold a set of 256 digital collectibles of animated cover art priced at one Ether (ETH) each. The cover art is based on Fortune’s August/September issue, which is themed “Crypto vs. Wall Street.”
The collectibles sold out “almost instantly,” says Fortune.
According to senior writer and editor of the magazine Robert Hackett, Fortune’s share of the proceeds will not be converted to regular currency.
“50% is going to nonprofits. Oh yeah, and Fortune is gonna HODL (hold on for dear life) its share of ETH.”
The NFTs were designed by digital artist “pplpleasr.” The choice to mint 256 editions is a nod to the “256-bit cryptographic keys at the heart of cryptocurrencies such as Bitcoin and Ether,” according to Fortune.
Besides the limited-edition cover art NFTs, Fortune also held another three-day auction of special edition digital collectibles. A top bid for one of the NFTs reached 105 ETH. The three-day auction closed on August 10th.
The iconic publication generated 429 ETH in total from its inaugural NFT auctions. According to CoinGecko, Ethereum is trading at around $3,306 at the time of writing, giving Fortune’s NFT proceeds a current value of just above $1.4 million.
“Fortune and pplpleasr brought in 429 ETH, or more than $1.3 million, in proceeds. We plan to donate half that sum to nonprofit organizations (stay tuned for more on that) and equally split the remainder.”