Fortune has sold its first NFT collection, raking it $1.3 million in ETH and planning to HODL it

By Selena On Aug 13, 2021

Fortune magazine made 429 ETH after selling its first NFTs. It is known that after earning more than $1.3 million, Fortune is currently planning a long-term HODL coin.

Fortune raised 429 ETH—over $1.3 million—in its first-ever NFT sale

Fortune has sold 256 limited edition NFTs of its latest cover art, designed by the digital artist ppplleasr. Each NFT is up for sale for 1 ETH (equivalent to $3,220 at current prices). According to the author of the Fortune article, Robert Hackett, the entire NFT was sold out within minutes.

Pretty stunned by the results of the @FortuneMagazine x @pplpleasr1 NFT drop. We raised 429 ETH, or $1.3 million—and that’s despite @opensea’s tech issues.

50% is going to nonprofits. Oh yeah, and Fortune is gonna HODL its share of ETH. (Sorry @jack.) https://t.co/ybkFHGAuDF

— Robert Hackett (@rhhackett) August 13, 2021

Fortune CEO Alan Murray called it a live digital experiment. And that’s just the first opening.

The second part of the experiment involved a three-day auction for three special edition NFTs featuring more in-depth graphics. Three of them will be sold in a three-day auction. These NFTs have more intensive Fortune graphics.

According to information received, the auction took place on the OpenSea market on Monday this week. However, the website suddenly encountered an unexpected problem due to a large amount of visitor traffic. Unfortunately, the marketplace that hosted our auction, OpenSea, couldn’t handle the action. The site buckled under a crush of web traffic, and it started serving up “Error 504” pages to visitors. Many people were unable to place bids.

Once the technical problem is fixed, OpenSea can still conduct another of those three auctions. The remaining two auctions are currently suspended. Another glitch arose shortly after OpenSea’s tech team fixed the first one.

The highest bid of one of the NFTs amounted to 47.4 ETH ($152,285.77). But due to a technical glitch, this NFT was sold for only 23 ETH. However, despite the issues, Fortune has raised 429 ETH, which equates to $1,381,380 at press time.

The Fortune team plans to give away half of the proceeds to donate to a nonprofit organization and split the rest among themselves. According to the magazine’s CFO, Anastasia Nyrkovskaya, the team will not sell its ETH but will hodl it.

“We plan to donate half that sum to nonprofit organizations (stay tuned for more on that) and equally split the remainder. We’ll plan to keep it in Ether, at least for now”, Nyrkovskaya stated.

Read more: