Two of America’s biggest news magazines, Fortune and TIME, have been jumping headlong into the non-fungible token (NFT) ecosystem recently. New York-based multinational business magazine Fortune raised $ 1.3 million this week on the sale of its first NFT collection. Additionally, after selling the covers of NFT magazines, TIME announced that the company is partnering with the Cool Cats NFT project.
Cool Cats NFT Project and TIME Magazine work together
Non-fungible tokens (NFTs) will be very popular in 2021 and many believe the trend will continue for a very long time. The NFT industry has attracted large numbers of popular artists and has also attracted large numbers of celebrities. In addition to celebrities, well-known brands are also diving into the cryptosphere via NFTs. At the end of June, Bitcoin.com News reported on the launch of the first NFTs from Gannett, the largest US newspaper publisher.
In mid-April, Bitcoin.com News reported on TIME magazine, telling the public that Bitcoin (BTC) will be added to its balance sheet after auctioning three NFT covers in late March. On August 14th, the NFT project Cool Cats announced to its followers that it had teamed up with the TIME company to mint 400 NFT pieces.
The Cool Cats project is an NFT project similar to Cryptopunks and Bored Ape Yacht Club (BAYC) in that Cool Cats has released 10,000 limited edition NFT cats. The newly minted Cool Cats will feature cats reading TIME magazine, and according to the latest announcement there will be 100x Elus cats, 100x Clons cats, 100x Xtremetoms cats and 100x Lynoids cats.
“Wow, what a crazy TIME to be alive,” the project team said in the announcement. “We are honored and privileged to be able to announce a limited edition with one of the most famous and respected companies in the market, TIME Magazine. TIME President Keith Grossman loves cats so much that he suggested we work with them! As Keith mentioned in this one tweet – Cats were in TIME’s DNA. “
The business magazine Fortune raises $ 1.3 million in ether
In addition to Gannett and TIME magazine, well-known business magazine Fortune announced on August 12th that it had raised $ 1.3 million through the sale of NFT covers. Fortune sold 256 limited-edition NFTs for approximately one ether per NFT, plus three NFTs that were auctioned separately. The artwork was created by the “high quality meme generator” and a digital artist named “ppleasr. “
In total, Fortune said the company raised 429 ethers, and writers Robert Hackett and Declan Harty said the company donated half of the money to nonprofits. Just like TIME magazine keeps Bitcoin on its balance sheet, the remaining Ether funds are held by Fortune. The Fortune writers said the company is now a group of “HODLers”.
Additionally, following the company’s last sale, news giant Gannett said non-fungible token (NFT) assets will be a “big opportunity” for publishers.
What do you think of publishing giants TIME, Gannett and Fortune entering the crypto space and selling NFTs? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, TIME Magazine, Fortune Magazine, pplpleasr, Cool Cats,
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