Forbes NFT collection FTX

Forbes magazine collaborated with FTX exchange to mint a collection of 100 Forbes Virtual NFT Billionaires, for 0.25 ETH on April 11th – 13th.

The 0.25 ETH (around $750) was the minimum amount required to be held in an FTX account to take part in the minting and blind sale of Forbes NFTs – they were distributed at random to buyers. Forbes paywall subscribers were whitelisted for two days of early access.

They were later listed on a secondary marketplace for any who missed out on the initial Forbes NFT drop to buy, and for holders to set a price to sell them at. That marketplace was FTX’s own.

The lowest price one now goes for on FTX, i.e. the floor price, is almost 1 Ethereum (ETH), or about $3000. So the valuation has risen 400% in just a few weeks, for an NFT project that was mostly a bit of fun and to celebrate Forbes’ first foray into making its own NFT collection.

Forbes NFTs

Forbes NFT virtual billionaires

Forbes is no stranger to NFTs though. In 2021 Forbes tokenized one of their magazine covers as a non-fungible token to demonstrate how journalism is an ‘immutable, one of a kind work of art’.

The digital art was called ‘Merchants of the Metaverse’ and featured Bitcoin investors Tyler and Cameron Winklevoss. Proceeds from that Forbes NFT sale – bought for over $300,00 at auction – were donated to charity.

Forbes then held a digital assets and Web 3.0 summit in March 2022, with the founder of FTX Sam Bankman-Fried being one of the guest speakers, as well as Kathleen Breitman the co-founder of Tezos.

Forbes NFTs

Forbes is of course known for its ‘Forbes rich list’ of billionaires (the Forbes 400). Elon Musk, who recently took over Twitter and is himself a fan of crypto and NFTs, ranks #1 with a $219 billion net worth.

He bumped Jeff Bezos off the top spot, the former CEO of Amazon – they also announced they might launch an NFT marketplace at some point ‘down the road’.

Forbes then set out to ‘expand into the metaverse‘ in their words:

‘The launch of this collection is an important step as Forbes embraces Web3 and digital assets, and it provides an opportunity for our audience to better engage in this space too. We’re cementing our place in the metaverse by launching these interactive collectibles that can be authenticated and traded on the blockchain.’

‘This is a first of its kind NFT project for the media industry. The collection includes a set of fictional investors with an enormous theoretical portfolio and virtual net worth based on live New York Stock Exchange pricing.’

The colorful collection have a cartoon style reminiscent of Doodles NFTs which are in the top 10 most successful NFTs of all time with a 17 ETH floor price (over $50,000).

The Forbes NFT artwork is done by Goodod and ItsACat, two Barcelona based NFT artists.

Head of strategy at FTX also commented:

‘With the Forbes Virtual Billionaires NFT collection, we are seeing an established and reputable media company endeavor into the blockchain industry. We are excited to partner with the first Forbes NFT sale and will continue to encourage innovation and entry into the digital asset community.’

Each Forbes virtual billionaire is an ERC-721 token and also features on a rich list on Forbes.com which is updated daily, with their own profile page.

One of the largest finance media outlets in the US and the world showing such an interest in NFTs should help the current NFT bull market to continue and reach new highs.

In February 2022 it was announced that Binance exchange would acquire a $200 million stake in Forbes. That may explain the latest spate of Forbes NFT coverage.

Forbes now regularly highlights NFTs in their news coverage and produces guides to help beginners learn about cryptocurrency.

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Cryptoassets are a highly volatile unregulated investment product.