Fortune’s first-ever NFT auction rakes in 429 ETH worth $1.3M

Fortune’s first-ever NFT auction rakes in 429 ETH worth $1.3M
фото показано с : invezz.com

2021-8-14 15:47

Fortune, an American business magazine, has completed its first non-fungible token sale. The magazine announced this news earlier today, noting that the auction took place in the past week. Reportedly, this NFT sale saw the magazine net 429 ETH worth approximately $1.3 million (£0.94 million) at the time.

According to the announcement, the sale comprised two stages. The first part saw Fortune sell 256 limited-edition NFTs of its most recent cover art, designed by a digital artist known as pplpleasr. Each piece in the collection was tokenized and sold for 1 ETH, which was worth approximately $3,000.00 (£2,170.20) at the time. All 256 pieces sold out in a few minutes. Allegedly, anyone looking to resell the art can now fetch a minimum of $21,000.00 (£15,200.85).

The second stage involved a three-day auction of three special-edition NFTs, which featured more detailed graphics. Reportedly, the sale was set to end at 4:00 PM UTC on Monday. However, these auctions did not go as planned, seeing as OpenSea failed to handle the influx of bidders. Reportedly, the marketplace experienced downtime following heavy traffic and started issuing Error 504 pages to people interested in the auction. To this end, a lot of people were unable to place bids.

Fortune plans to hold its ETH

Nonetheless, OpenSea managed to let the sale of one of the special-edition pieces run to completion, regardless of the difficulties. The marketplace paused the other two auctions while trying to stabilize its network. After apologizing for the downtime, OpenSea’s co-founder and CTO, Alex Attalah, and his team got the marketplace back up after a few hours.

As a result of the technical issues, the deadline for the remaining sales had to be moved forward to 7:15 PM UTC. Bidding resumed soon after OpenSea’s engineers restarted the servers, but another technical difficulty forced one of the auctions to stop accepting bids and ended prematurely. Before the issue arose, the NFT had recorded a top bid of 47.4 ETH. However, the technical glitch resulted in the piece selling for 23 ETH, losing more than half of its apparent value.

The second auction ran its course and eventually saw the piece sell at a top bid of 105 ETH, approximately $300,000.00 (£217,155.00).

Despite all the difficulties, Fortune managed to secure 429 ETH, which is quite impressive. The magazine disclosed that it intends to donate half of the total sum to non-profits and split the remaining half equally with pplpleasr.

Fortune’s CFO, Anastacia Nyrkovskaya, said the magazine intends to hold its share of the fund in Etherium (ETH/USD) for the time being. She added that this decision makes Fortune an HODLer.

The post Fortune’s first-ever NFT auction rakes in 429 ETH worth $1.3M appeared first on Invezz.

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