The leading British magazine The Economist has announced a plan to auction off the cover of its September 18 issue as a non-fungible token (NFT, the acronym in English).
The cover – which parodies a scene from Alice in Wonderland by placing the character and the rabbit near a rabbit hole full of tokens – will go on sale next Monday (25). The cover was converted to NFT with the help of the Foundation platform.
The auction will be the first of an NFT issued by The Economist magazine, but it won’t be the first time this type of token has been put up for sale by major news organizations.
A New York Times column was purchased for an impressive $560,000 in March. Historical Twitter posts were also issued as NFTs and sold in large quantities.
You have fallen down the rabbit hole—but where’s Alice? Follow this thread to find her… ???? pic.twitter.com/zR19thndLq
— The Economist (@TheEconomist) October 21, 2021
The British magazine said in a press release that its aim is to show the potential of decentralized technology.
Proceeds from the sale – after taxes, transaction costs and taxes – will go to The Economist Educational Foundation (TEEF), an independent, news-focused charity.
The magazine will hold 10% of the copyright share generated by future secondary NFT sales, with the proceeds from these sales also going to TEEF.
The cover artwork for DeFi, titled “Down the Rabbit’s Den: The Promise and Dangers of Decentralized Finance,” was produced by British artist Justin Metz, with help from cover designer The Economist , Graeme James.
“By purchasing our ‘Down the Rabbit Hole’ cover NFT, we are ourselves, in our own little way, joining the journey of going down the rabbit hole in a fun experiment that will, with luck, raise money for a cause it’s worth it,” said Alice Fulwood, the magazine’s financial correspondent.
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