Fortune Magazine is continuing to innovate in Web3 with its newest NFT drop. The 94-year-old publication is offering a limited-release 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 drop?
Fortune Magazine announced the 24-hour sale of an NFT titled “Fortune: Crypto Climbs Back From The Worst Year Ever” last week. The sale began yesterday at 1pm on Foundation and sold 221 editions. Fortune decided to price the piece at .10 eth, significantly lower than the 1 ETH price tag for the magazine’s 1st NFT drop in April 2021.
Artist Itzel Yard views the piece as a declaration of resiliency for the crypto industry. Per the artwork’s title, the last 12-18 months have been exceedingly difficult for the crypto industry. Even so, Yard points out that the builders in the Web3 space have continued to show up everyday to move the industry forward.
She writes, “Me and the community I surround myself with are the ones that are building instead of just looking for a way to get rich quick or to get famous. I’d like to demonstrate that, although it was a hard year for everyone in crypto economically, a lot of things are evolving very quickly like with AI, ChatGPT, and other tools that one way or another are connected with the NFT and blockchain revolution. I want people to see that growth, instead of becoming collectively mired in negative thoughts.”
She animated it to give the appearance of pixels growing into larger geometrical shapes. This progression, Yard believes, mirrors Web3’s capacity to evolve and thrive despite adversity. Yard states, “The algorithm I used to make the artwork is something that expands pixels and can convert a small black square into a more extensive geometric shape. For me it looks like when I’m walking in the middle of a city and I look up and see all the buildings.”
Who is Itzel Yard?
Itzel Yard, also known as Ix Shells, burst onto the art scene in 2021 with her breakout work, “Dreaming at Dusk“. This piece sold on Foundation for 500 ETH, worth over $2m 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 with Fortune Magazine’s first NFT drop?
Fortune Magazine’s first NFT drop sourced artwork from well-known Web3 creator pplpleasr. The NFT launched at the peak of the 2021 bull market. It features various animated characters from top NFT projects and well-known PFPs of leading Web3 influencers. The drop was successful– 227 editions sold for 1 ETH each. Additionally, two 1/1 versions sold for 105 ETH and 23 ETH respectively at auction. Half of the proceeds from the sale, approximately $660k at the time, were donated to charity.
Since then, Fortune has remained committed to bridging the gap between traditional media and Web3. With its most recent NFT drop, the publication seems likely to accomplish its goal of making Fortune “a force for good through its second century and beyond”.
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Evan
Evan is a New Hampshire-based real estate developer interested in how Web3, specifically the metaverse, DeFi, and play-to-earn gaming, will provide new opportunities for passive income investors. He enjoys skiing, spending time with his family, and endlessly scrolling Crypto Twitter.