SPIN to Turn Classic Magazine Covers Into 'Eco-Friendly' NFTs

[Micky]

Music media publication SPIN, which existed as a print magazine from 1985 to 2012 and continues on today as a purely digital outlet, is the latest media brand to make the leap into crypto collectibles released as non-fungible tokens (NFTs). And it's putting an "eco-friendly" spin on its plans.

SPIN plans to release a series of NFTs based on its classic magazine covers, which includes its library of hundreds of print issues and also more recent digital magazine issues. According to a release, the publication—which was purchased by Next Management Partners in 2020—plans to tap into additional photography and content from its archives for this NFT push.

The NFT marketplace will be powered by startup New Asset Exchange (NAX), and today’s announcement repeatedly billed the SPIN NFT marketplace as being "environmentally friendly," due to “ESG friendly and energy-efficient technology.” But there are no details yet on how NAX's tech accomplishes this exactly. (Presumably it will make use of the a less energy-intensive proof-of-stake">proof of stake blockchain network to mint its NFTs, but we're just guessing.) Representatives for NAX and SPIN have not yet responded to Decrypt's request for additional details.

An NFT is a verifiably scarce digital item that can be authenticated on a blockchain and can represent anything from a still photo or illustration to an animated gif, video, and more. The NFT collectibles market has skyrocketed so far in 2021, with the top three marketplaces reporting $342 million in total trading volume in February alone. That’s more than in all of 2020.

Brands like the NBA, Taco Bell, and Charmin have gotten in on the NFT rush, and more recently, we’ve seen media brands make the leap as well. Last week, TIME Magazine sold an “Is Fiat Dead?” magazine cover as an NFT for $130,000, while The New York Times sold an NFT image of a column for $560,000.

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