Business magazine Fortune raises over $1.3 Mln in its primary NFT [Non-fungible Token] sale.
Fortune auctioned a group of limited-edition NFTs of the cover of its cryptocurrency-themed August/September 2021 issue. The auction raised 429 Ethereum [ETH], the equivalent of over $1.3 Mln at the time of reporting.
The lot sold out within a couple of minutes and therefore the NFTs are fetching resale prices upwards of 7x times the first listing, Fortune reported earlier on Friday.
The auction was held on NFT marketplace OpenSea, that experienced tech issues possibly as a result of the traffic experienced.
Tech editor Robert Hackett tweeted that Fortune would be donating 50% of the proceeds to non-profit organizations and holding the remaining.