isN SEPTEMBER our ‘Alice in Wonderland’ themed cover sent Alice down the rabbit hole, into the weird world of non-fungible tokens (NFTs), cryptocurrencies and blockchains. The new technology, argued the accompanying story, held promise for all kinds of digital and financial activities. To better understand it, we decided to follow Alice into the rabbit hole. On October 25, we launched an auction for a TVN of this coverage. Just over a day later, after a flurry of late bids, the auction closed. He had raised 99.9 ethers, equivalent to almost $ 422,000 (see graph). The winning bid, less fees, transaction costs and potential tax liabilities, will go to The Economist Educational Foundation, an independent charity that teaches young people to analyze current affairs.
It turns out that the cover description of this new world was striking. We asked @ 9x9x9, the alias of the winning bidder, to comment after the sale. They started trading and collecting NFTs almost three months ago, spending many hours a day researching and buying different tokens. One of the main reasons they bought the blanket, which seeks to capture a sense of adventure and newness in this world, was the aptness of the phrase “Down the rabbit hole”. The market for NFTs, which are digital media recordings on a blockchain, is booming. Last year it was only worth $ 340 million. As of August, the total value of NFTs held on the Ethereum blockchain was around $ 14 billion, according to DappRadar, a research firm. The use of tokens, already evolving, could extend well beyond collectibles, in the field of high finance.
We’ll have more to say about the potential of this new technology, and how easily it can be applied to real-world activities, in the coming days. In the meantime, dive into the coverage of our trip so far.
The market for non-fungible tokens is evolving
Why do we sell our cover in NFT?