Claim $500Fortune Raises $1.3 Million in First-Ever NFT Auction
The popular US business magazine, Fortune hosted its first-ever NFT auction last week, with a set of 256 limited edition NFTs, along with 3 special-edition tokens. Fortune announced the extraordinary collection of 429 ETH, i.e., over $1.3 million from sales of its first auction.
NFT auction divided into two phases
Fortune’s NFT auction was divided into two categories. The former auction offered 256 limited edition NFTs of its latest cover art, designed by the digital artist pplpleasr. According to the company, each NFT was sold for 1 ETH. The first phase with 256 NFTs was sold out within a few minutes as revealed by Fortune’s Data Sheet newsletter. Furthermore, the company highlighted that these NFTs are currently being re-sold for a minimum of seven times the original auction rates.
The latter half of the auction was three-day-long and comprised of three special editions NFTs, that featured precise and in-depth graphics. The last day of the auction saw the biggest sale of the final NFT for 105 ETH, i.e., over $300,000.
Fortune to hold ETH from NFT auction sales
Regardless, the exceptional collection from its first-ever auction, Fortune’s chief financial officer, Anastasia Nyrkovskaya, conveyed her intentions to hold the sales collection in Ether itself instead of liquidating right away.
OpenSea glitch at Fortune’s first NFT auction
Fortune’s first NFT auction experienced surprisingly high sales, but it also witnessed technical errors in lieu of heavy traffic. The auction was hosted on OpenSea marketspace and because of massive traffic, the platform kept circling back to “Error 504”. This further caused the dropping of many auction bids.
“We got flooded with traffic that appears to be somewhat related to the auction… [D]ue to DoS [denial of service] attacks that occurred during the auctions, we were unable to process some bids for Chad 1 and 3,”, shared OpenSea.
NFT market has gained considerable popularity this year and it only seems to be going on an upwards streak. More players are joining the NFT sphere to upgrade and adapt in accordance with digitization for Web 3.0. Sports legends, multi-million-dollar art galleries; commercial giants like Coca-Cola, and even High-fashion brands have incorporated NFTs into their marketing plans of 2021, and the list is only getting longer and more expensive.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Crash Risk Mounts As Peter Brandt Points to 80% Declines in Every Major Cycle
- Bitcoin Whale Doubles Down on BTC, ETH, SOL Short Positions, $243M at Stake
- IMF and El Salvador in Bitcoin Talks: Progress Made, Compliance Deadline Set
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
