The Economist Sells Cover Art NFT for Over $420,000

Beginner’s Luck
The NFT of The Economist’s “Down the Rabbit Hole” cover, published on Sep. 18 of this year, sold a few hours ago today for 99.9 ETH—over $420,000 at the time of the sale. 

The cover art was originally made by a digital artist named Justin Metz. He based this piece on drawings by Sir John Tenniel, a prominent 19th-Century English artist and illustrator, who prepared them for the first edition of Alice’s Adventures in Wonderland in 1865.

The “Down the Rabbit Hole” NFT was minted on Oct. 21, 2021, by The Economist, an international financial newspaper founded in London in 1843. On Oct. 25, the publication listed the NFT for 0.1843 ETH. Just three minutes later, it received its first bid (0.2 ETH). One minute later, it received another bid (0.3 ETH). Bids continued to come in throughout the day until the bidding reached 10 ETH ($42,263.60) last night at 11:41 PM. The bidding picked up with a vengeance again early this morning, jumping up to six figures by mid-morning. The auction was finally won today at 12:17 pm for 99.9 ETH ($422,600.98) by a bidder under the alias @9x9x9.

When asked why they bought the NFT, @9x9x9 told The Economist that one of the main reasons was simply the aptness of the phrase “Down the Rabbit Hole.”

The newspaper claims that it wanted to further grasp this world of NFTs, so it jumped “down the rabbit hole” by minting its own. The proceeds of the sale will be donated to the Economist Educational Fund, which the newspaper calls “an independent charity that teaches young people to analyse current affairs.” 

Source : cryptobriefing.com