Canadian Publishing Industry News
6 April 2021,     NEW YORK
Time sells four covers as NFTs for $500k
 
 
Time Magazine recently sold four iconic digital magazine covers as non-fungible tokens (NFTs) for almost $500,000 US in cryptocurrency. The auction took place in late March on the NFT marketplace SuperRare.

 
The four covers include the famous “Is God Dead?” artwork from 1966. That was followed up more recently with the “Is Truth Dead?” treatment during Donald Trump’s presidency.

 

The third cover, published at the end of March riffs on those two with the question “Is Fiat Dead?” and illustrates a story on how
cryptocurrencies are faring against government issued currencies, or fiats. The fourth NFT is an image of all three covers.

 

And what exactly are NFTs? According to CNN Business, and NFT is a piece of digital content linked to the blockchain, the underpinning of cryptocurrencies such as bitcoin. Currencies, such as bitcoin or the dollar, are fungible, meaning they can be replaced or exchanged with an identical dollar with the same value.

 

NFTs are unique and not interchangeable – not fungible. No two are the same. Examples are rare coins or baseball cards or, per CNN, a limited-edition pair of Jordans – all scarce items. NFTs are typically related to buying and selling digital artwork, or rather, any digital image can be purchased as an NFT.

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