Business magazine Forbes sells NFT of its Winklevoss issue cover for $333,333

Major business magazine Forbes has sold a non-fungible token of its latest issue cover for $333,333 to a bidder who goes by "mondoir." 

The magazine's first-ever NFT, titled "Merchants of the Metaverse," features Cameron and Tyler Winklevoss. The 24-hour auction took place on NFT marketplace Nifty Gateway, ending on Thursday at 1:30 PM EST. 

Forbes has stated it will donate all proceeds of the sale to the Committee to Protect Journalists (CPJ) and the International Women's Media Foundation (IWMF). 

“We like to say our covers of the world’s billionaires and next-generation entrepreneurs are the most-valuable real-estate in media for their ability to capture the people who are shaping our world in real time,” said Forbes COO Randall Lane in a statement. “As we watch the rapid rise of cryptocurrency and its mainstreaming across the world, we’re capturing a unique moment in time and also playing a role ourselves."

Nifty Gateway was purchased by the Winklevoss brothers in November 2019. The issue's cover story features the two brothers and traces their history within the technology industry. 

Forbes is the latest in a line of major publications that have created NFTs. The New York Times sold an NFT tied to a column for nearly $560,000. TIME Magazine sold three of its issue covers for 81 ETH (about $131,000). Quartz sold its first NFT news article for 1 ETH (about $1,800). 

About Author

Saniya More (pronounced: Saan-ya Mo-ray) is a quadrilingual journalist at The Block. She got her master’s degree from the Columbia University Graduate School of Journalism and did her undergraduate degree at the S.I. Newhouse School of Public Communications, Syracuse University. Her work has appeared in CBS News, Bangkok Post, Thai Enquirer, Globalists, Byline Times and other publications. When she’s not chasing a story, you will most likely find her biking, tweeting, taking photos or creating Spotify playlists for every occasion.