In Brief:
- The Economist sold it’s “Down the Rabbit Hole” cover NFT for 99.9 ETH.
- The auction won by a bidder called @9x9x9.
- The proceeds will go to The Economist Educational Foundation, an independent charity.
The renowned news magazine, The Economist, sold its “Down the Rabbit Hole” cover as an NFT for 99.9 ETH which is almost 422,000 US dollars.
“Down the rabbit hole: The promise and perils of decentralized finance,” the cover, features an original illustration by Sir John Tenniel from “Alice in Wonderland,” recreated by digital artist Justin Metz.
The auction was eventually won for 99.9 ETH by someone named @9x9x9. The aptness of the phrase “Down the rabbit hole” was one of the main reasons they purchased the cover.
The Economist will keep a 10% royalty stake in the digital piece, with proceeds from the sales benefiting the Economist Educational Foundation(TEFF). TEFF is a non-profit organization that teaches young people how to analyze current events.
Last week the magazine announced to sell its DeFi Front Cover as an NFT and stated that “NFTs, and the crypto infrastructure they sit on, could transform finance. By minting and selling our own NFT, we are experiencing this first-hand.”
The Economist is not the first magazine to release its own NFT. Just last month the TIME magazine released their NFT collection called TimePieces which sold out in under a minute.
