New York Times NFT Sells For $560,000

Long Beach (CoinChapter): A New York Times NFT of a Wednesday column titled “Buy This Column on the Blockchain!” sold for $562,737. The token was sold on NFT marketplace, Foundation, and the auction attracted more than 30 bids.

The winner of the auction, an anonymous collector known only by the handle @3fmusic, won the piece with a late bid. The user made the bid of 350 Ether, which translates to the amount of over $560,000.

Times reporter Kevin Roose discussed his reasonings for selling a column as an NFT in the column itself. “As I watched these riches change hands, I thought to myself: Why should celebrities, athletes and artists have all the fun? Why can’t a journalist join the NFT party, too? So I decided to turn this column into an NFT and sell it on the open market.”

NFTs have become one of the biggest crazes in blockchain recently. Each NFT has its own digital code that can not be duplicated or counterfeited, which makes them potentially extremely valuable to collectors. Musicians such as Grimes, and Ja Rule have gotten in on the trend. Sports stars such as Patrick Mahomes and Rob Gronkowski have joined in as well.

A digital highlight of NBA superstar LeBron James recently sold for $200,000. Meanwhile, a Beeple collection of art recently sold at Christie’s auction for a record $69.3 million. “It’s easy to be skeptical of NFTs,” Roose noted. “But I’m cautiously optimistic about them, for the simple reason that they represent a new way for creative people to eke out a living on the internet.”

Proceeds of the New York Times NFT Will Be Donated To Neediest Cases Fund

All proceeds from this sale will be donated to the Neediest Cases Fund. This is a charity that gives to numerous causes including Feeding America as well as World Central Kitchen.

@3fmusic appears to be an avid collector of NFT artwork. His collection on Foundation includes “The Result of 2020,” an image of a sad Kermit the Frog. Additionally, the user owns “Mushy’s Midafternoon Nap,” an image of a cartoon toadstool sitting on a log.