Money raised will go to its Educational Foundation
The Economist has announced that it will auction off its September 18th cover on decentralised finance as an NFT (non-fungible token) to raise money for The Economist Educational Foundation (TEEF), an independent charity.
The NFT was created using Foundation, an NFT platform. The auction starts at 5pm BST on Monday, October 25th and provisionally ends at 5pm BST on Tuesday, October 26th.
The Economist cover for auction is titled, “Down the rabbit hole: The promise and perils of decentralised finance” and features the character Alice from “Alice in Wonderland” peering into the world of decentralised finance. This represents The Economist’s lead story of the week of September 18th on the growing potential of decentralised finance, the efforts of various organisations to create a financial system run by decentralised applications hosted on the Ethereum blockchain, and the expanding universe of applications for blockchain technologies.
This is the first time The Economist has issued an NFT. Its aim is to both showcase the potential of decentralised technology and to raise money for TEEF. All proceeds of the initial sale, minus any fees, transaction costs and taxes, will be donated to TEEF. An appealing feature of NFTs is that they enable those that issue them to collect royalties on future sales, retaining a stake in the value of the artwork. The Economist will retain a 10% royalty stake with all future proceeds to be routed to TEEF creating a potentially recurring source of fundraising for the charity. TEEF, run independently from The Economist Group, empowers young people to join inspiring, high-quality discussions about the news which teach them to think critically, communicate effectively and understand what's happening in the world.
Alice Fulwood, finance correspondent for The Economist said, “The Economist regularly writes about new technologies and their potential to change the world. We described the potential for decentralised technology in our cover story of September 18th. By selling our ‘Down the rabbit hole’ cover as an NFT we are now, in our own small way, journeying down the rabbit hole ourselves, in a fun experiment that will hopefully also raise money for a worthwhile cause.”
The artwork for the cover image was commissioned from Justin Metz, a freelance visual artist based in Britain, in conjunction with Graeme James, The Economist's Cover Designer. Mr Metz regularly creates artwork that features on the cover of The Economist, as well as a range of other publications. The image is based on the original illustrations for Alice’s Adventures in Wonderland drawn by Sir John Tenniel in 1865.
Link to auction: https://foundation.app/@TheEconomist/~/101031
To find out more or to interview Alice Fulwood, finance correspondent, please contact:
About The Economist
With a growing global audience and a reputation for insightful analysis and perspective on every aspect of world events, The Economist is one of the most widely recognised and well-read current-affairs publications in the world. In addition to the weekly print and digital editions and website, The Economist publishes Espresso, a daily news app, and Global Business Review, a bilingual English-Chinese product. It produces The Intelligence, a daily current-affairs podcast, several other weekly podcasts and short- and long-form video. The Economist maintains robust social communities on Facebook, Twitter, LinkedIn and other social networks.