Economist 'DeFi Rabbit Hole' Cover NFT Sells for $419K in Ethereum

[Triedboy]

The publication expects that the experiment will help better inform its readers about the fast-rising NFT space. After running an “Alice in Wonderland” themed DeFi cover that attracted big attention from cryptoland, The Economist has taken its own advice and leapt down the DeFi rabbit hole by selling the cover as an NFT.

The magazine on Tuesday successfully sold a one-of-one non-fungible token of its September 18 magazine cover for 99.9 ETH, or nearly $419,000 at the moment of sale (already worth more, as the price of Ethereum has risen today).
An NFT is essentially a blockchain-based token that functions as a “proof-of-ownership” receipt for a digital item. These items can include just about anything on the internet, such as music files, video game collectibles, or, in this case, a unique magazine cover.

A twenty-four hour auction for the piece opened yesterday morning on the digital marketplace Foundation. An intense final bidding sprint this morning drove the digital cover’s price up by over a quarter million dollars within minutes. more