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Fortune Magazine Makes Mainstream Media History With Exclusive NFT Drop
Fortune Magazine continues to innovate in Web3 with its latest NFT drop. The 94-year-old publication is offering a limited-edition NFT featuring artwork from digital artist Itzel Yard. What do we know about the NFT release?
Image credit: Fortune
What do we know about the Fortune Magazine NFT release?
Fortune Magazine announced the 24-hour sale of an NFT titled “Fortune: Crypto Climbs Back From The Worst Year Ever” last week. The sale started yesterday at 1pm at Foundation and sold 221 issues. Fortune decided to price the piece at .10 eth, significantly lower than the 1 ETH price tag for the magazine’s first NFT drop in April 2021.
Artist Itzel Yard sees the piece as a declaration of resilience for the crypto industry. According to the artwork’s title, the last 12-18 months have been very difficult for the crypto industry. Still, Yard points out that the builders in the Web3 space have continued to emerge every day to move the industry forward.
She writes, “Me and the community I surround myself with are the ones who build instead of just looking for a way to get rich quick or get famous. I would like to demonstrate that even though it was a difficult year for everyone in crypto financially , a lot of things are developing very quickly like with AI, ChatGPT and other tools that are somehow connected with the NFT and blockchain revolution . I want people to see that growth, instead of being collectively stuck in negative thoughts .”
She animated it to give the appearance of pixels growing into larger geometric shapes. This progression, Yard believes, reflects Web3’s ability to develop and thrive despite adversity. Yard states, “The algorithm I used to create the artwork is something that expands pixels and can convert a small black square into a more comprehensive geometric shape. To me, it looks like when I’m walking in the middle of a city and I look up and see everybody the buildings.”
Who is Itzel Yard?
Itzel Yard, also known as Ix Shells, burst onto the art scene in 2021 with his breakout work, “Dreaming at Dusk”. This piece was sold on Foundation for 500 ETH, worth over $2 million at the time. She is a self-taught coder with a background in architectural technology. Based in Panama, she is among the most respected generative artists alive today.
Image credit: Business Insider
What happened to Fortune Magazine’s first NFT release?
Fortune Magazine’s first NFT drop brought artwork from well-known Web3 creator pplpleasr. NFT was launched at the peak of the bull market in 2021. It features various animated characters from top NFT projects and well-known PFPs from leading Web3 influencers. The drop was successful – 227 issues sold for 1 ETH each. In addition, two 1/1 versions were sold for 105 ETH and 23 ETH respectively at auction. Half of the proceeds from the sale, approximately $660,000 at the time, were donated to charity.
Since then, Fortune has remained committed to bridging the gap between traditional media and Web3. With its latest NFT fall, the publication looks set to achieve its goal of making Fortune “a force for good through the second century and beyond”.
