analysis 12m 560kmaher pressgazette nfts march
News publishers have delved into the world of non-fungible tokens (NFTs) and collectively made substantial earnings, surpassing $12 million since March 2021. This emerging trend has seen various media outlets explore NFTs as a new revenue stream and a means to engage with their audiences in innovative ways. Here’s a breakdown of their endeavors:
analysis 12m times 560kmaher nfts march
Time Magazine: Leading the Pack with Over $10 Million
Time Magazine has been the most successful among publishers, but exact figures are undisclosed. The company initially ventured into NFTs in March 2021 with an auction of three front covers, raising an impressive sum. Its NFT activities have expanded, with Time now offering Time-branded NFTs on the Opensea platform. While many newer NFTs are not directly linked to Time’s journalism, they have contributed significantly to the company’s earnings.
analysis times 560kmaher pressgazette nfts march
The New York Times: A Notable $560,000
Kevin Roose, a technology columnist at The New York Times, auctioned an NFT of one of his columns in March 2021. Although he set a minimum price of 0.5 Ethereum, the winning bid skyrocketed to 350 Ethereum, approximately $560,000. The proceeds were generously donated to The New York Times’ Neediest Cases Fund.
analysis 12m times 560kmaher pressgazette nfts
The Economist: An Impressive $422,000
In October, The Economist auctioned an NFT of one of its covers depicting decentralized finance with an Alice in Wonderland theme, fetching 99.9 Ethereum, equivalent to $422,000. The publication will receive 10% of future sales of this artwork, with the remaining proceeds directed towards The Economist Educational Foundation.
analysis 12m times 560kmaher pressgazette march
Forbes: Approximately $408,000
Forbes entered the NFT space by auctioning an NFT of its cover featuring the Winklevoss twins for $333,333 in April 2021. These proceeds were donated to the Committee to Protect Journalists and the International Women’s Media Foundation. Forbes later introduced the “Virtual Billionaires Collection,” with each virtual billionaire selling for 0.25 Ethereum, selling out in pre-sale and earning the publisher approximately $75,000.
analysis 12m times pressgazette nfts march
CNN: Over $329,700
CNN launched its NFT project, “Vault,” which sells short video and image NFTs related to the broadcaster’s coverage of historical events. The platform has been successful, with CNN stating that it is pleased with the revenue generated. They have disclosed that they share a portion of proceeds with platform partner Gig LabJus and split proceeds from collaborations with outside artists.
12m times 560kmaher pressgazette nfts march
South China Morning Post: $130,000
The South China Morning Post has taken a unique approach by focusing on NFTs associated with historical moments rather than traditional images. Their first round of NFTs, associated with events from 1997, raised approximately £100,000. CEO Gary Liu is enthusiastic about the potential for historical NFTs and plans to spin off this initiative as Artifact Labs.
analysis 12m times pressgazette nfts march
Gannett: At Least $8,165, Potentially Over $183,165
Gannett conducted two NFT auctions, one raising $8,165 for charity through an interactive mosaic, and the other potentially exceeding $175,000 by selling 500 editions of an NFT associated with a painting by artist Peter Tunney. The proceeds were split between the Gannett Foundation and The Sunny Center, supporting those wrongfully convicted.
Ukrainian Media: $3,499.65
Ukrainian media outlets partnered with NFT platform Vault for a fundraiser, selling NFT “keys” for access to exclusive content. Each key cost $99.99, but sales fell short of expectations, reaching $3,499.65.
Quartz: $1,800
Quartz was one of the first publishers to experiment with NFTs, selling an article as an NFT for $1,800 in March 2021, with proceeds going to charity. Quartz has not pursued NFTs as an ongoing initiative.
The Associated Press: Unknown
The Associated Press entered the NFT market but received mixed responses. Sales were paused after controversy arose over plans to sell an NFT video clip depicting a sensitive topic. The AP is currently reviewing its NFT marketplace as a pilot program.
News UK: No Activity
News UK denied reports of considering NFTs for its front covers.
The adoption of NFTs by news publishers represents an exciting and evolving avenue for monetization and audience engagement. While some publications have achieved considerable success, others are still navigating this emerging landscape. The world of NFTs in journalism continues to evolve, offering new opportunities and challenges for publishers worldwide.