429 ETH Worth $1.3 Million Raised by Fortune Magazine and They Plan to Hodl Their Share

429 ETH Worth $1.3 Million Raised by Fortune Magazine and They Plan to Hodl Their Share

The Fortune magazine has earned 429 Ethers after selling their first non-fungible tokens (NFTs).

Pretty stunned by the results of the @FortuneMagazine x @pplpleasr1 NFT drop. We raised 429 ETH, or $1.3 million—and that’s despite @opensea’s tech issues.50% is going to nonprofits. Oh yeah, and Fortune is gonna HODL its share of ETH. (Sorry @jack.) https://t.co/ybkFHGAuDF— Robert Hackett (@rhhackett) August 13, 2021

Fortune’s NFT experiment in two parts

Fortune has sold 256 NFTs – a set that included the recent cover art made by the magazine. Each NFT cost 1 Ether ($3,207 at the current ETH exchange rate). The lot was bought in just a few minutes, according to the author of the article in Fortune, Robert Hackett.

The CEO of Fortune, Alan Murray, has called this a “live digital experiment”. And that was only the first part of it.

As for the second part, it was about special edition NFTs, three of them, that were meant to be sold at a three-day auction. These non-fungible tokens feature more in-depth Fortune graphics.

Technical glitches messed it all up

The auction took place on the OpenSea marketplace on Monday this week. However, the website crash under a massive amount of traffic and visitors started seeing the “Error 504” message as they kept coming on the marketplace.

Thus, OpenSea was still able to run one auction out of three, regardless of the technical issues but put the other two on hold. Another glitch emerged later on after the OpenSea’s tech team had fixed the first one.

The highest bid on one of the NFTs reached 47.4 Ethers ($152,285.77) but due to the glitch it was bought for only 23 ETH.

Fortune will be hodling its ETH

Still, despite the issues, Fortune managed to raise 429 ETH, which is equal to $1,380,144 at the time of writing this.

The Fortune team plans to give away half of the earned sum as a donation to a nonprofit and split the rest between each other.

According to the magazine’s CFO, Anastasia Nyrkovskaya, the team will not sell its ETH but will hodl it.