Fortune has stepped into the non-fungible token (NFT) arena with an auction of 256 NFTs from artist pplpleasr on the OpenSea marketplace, tied to the cover story: “Crypto vs. Wall Street.”
The number corresponds to the 256 bits that make up the cryptographic keys associated with cryptocurrencies, such as Bitcoin and Ether.
The NFTs had been given a fixed price of 1 Ether per piece. The “auction” was to end early Monday afternoon.
Fortune had put out the headline: “Fortune’s first NFT cover is a live digital experiment — and it’s selling out."
In addition, Fortune worked with Manifold on the bidding experience for three additional NFTs, featuring more in-depth graphics. These are programmed to react to a list of “buyer” Ethereum addresses, Fortune writes.
The magazine explained the process as follows:
If a bid comes from one of the listed buyer’s addresses, the NFT will update to a special edition artwork designed specifically for the target buyer. If a non-targeted buyer out-bids a targeted one, then the NFT reverts to its original artwork.
NFTs are a growing trend in publishing. In March, Time offered three versions of its famous 1966 cover, “Is God Dead?,” “Is Truth Dead” and “Is Fiat Dead?”
And Forbes soon dropped an NFT featuring digital cover art of Cameron and Tyler Winklevoss, brothers hailed in the headline as “Merchants of the Metaverse.”