TIME magazine has launched an auction of three special edition NFT magazine covers. The magazine released these items for auction on the NFT marketplace, SuperRare, from March 22 to 24. The collection of three NFTs and one NFT cover totaled $443,000 at the time of publication. Each NFT featured an exclusive design by TIME. The final cover was captioned “Is Fiat Dead,” a controversial statement that resulted in angry sermons and letters to the editor. The auction also raised questions about the environmental impact of the sales.
The cover posed the question, “Is Fiat Dead?” – an extremely timely question given the polarizing nature of Trump’s presidency. But while this issue may be the most controversial in recent U.S. history, the underlying theme remains consistent. The issue of “Is Fiat Dead?” relates to the controversy surrounding NFTs. The cover was designed by D.W. Pine, who compared the dual meaning to the debate over fiat money.
NFTs are a way for people to prove their ownership of digital items. The first edition of the standard edition sold for $1 ETH. The auction also featured the three special editions of the NFTs artwork that changed with the bidding. These NFTs have programmable smart contracts that allow for unique variations.
The NFTs have sold for over USD 3.5 million, including one NFT created by Twitter CEO Jack Dorse, whose “Everyday’s” images sold for more than $1.5 million. The auction will continue until Wednesday evening, but the Fiat cover has already surpassed the minimum bid.