'The Economist' Sells 'DeFi Rabbit Hole' NFT for $419,000 Worth of ETH

The Economist has sold its one-of-one DeFi Rabbit Hole NFT of its September 18 magazine cover titled “Down the rabbit hole: The promise and perils of decentralized finance” for 99.9 ETH, which was approximately $419,000 USD at the time of sale.

The magazine cover image is an adaptation of illustrator Sir John Tenniel’s original Alice in Wonderland drawing, revised by digital artist Justin Metz. The offering is the 178-year-old publication’s first NFT sale, which entailed a 24-hour online auction that saw intense bidding.

The Economist is now the latest legacy print publication to enter into the world of NFTs, joining The New York Times, which recently sold an NFT of a column for $562,000 USD, and TIME, which has a collaborative collection with Cool Cats among many other NFT ventures.

“We have always written about the potential of technology to change the world, be it self-driving cars or gene therapies. NFTs, and the crypto infrastructure they sit on, could transform finance. By minting and selling our own NFT, we are experiencing this first-hand,” The Economist said in a post.

In other news, HypeArt announces its first-ever NFT with pioneering digital artist Fvckrender.
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