Ethereum
$2,178.30 -10.28%
ETH · 3w

Why Did Someone Pay $560,000 for a Picture of My Column? - The Guy Who Wrote the New York Times Column that Netted $560,00 in Auction Responds

Bidders say they had many different motivations, including fun, self-promotion and a signal of support for the NFT market. ​ https://preview.redd.it/k8gqy59riip61.png?width=426&format=png&auto=webp&s=1723a998e3d5ac45e1d1b0d000980c49a20fef27 I’ve had some strange experiences in my career as a journalist. But nothing even remotely prepared me for the experience of watching total strangers competing to spend hundreds of thousands of dollars for a picture of my words. A few weeks ago, I decided to write a column about the rise of nonfungible tokens, the hottest craze in the cryptocurrency world, with a meta twist: I would [turn the column itself into a NFT](https://www.nytimes.com/2021/03/24/technology/nft-column-blockchain.html) and put it up for auction, with the proceeds going to The New York Times’s Neediest Cases Fund. When I pitched the idea to my bosses, I thought the stunt might attract a handful of bids from curious Times readers who had spare Ethereum, the cryptocurrency being used for the auction, burning a hole in their digital wallets. Maybe we’d raise a few hundred dollars for charity and explain the complicated process of creating and selling NFTs along the way. I set the auction’s minimum price low — 0.5 Ether, or about $800 — and was nervous I might not get even that much. Instead, the auction became a circus. I listed it on Wednesday morning, and before I went to bed that night, the top bid had risen to more than $30,000. When I woke up the next morning, it was $43,000. In the final hour of the auction, I watched, slack-jawed, as a last-minute bidding war broke out. $98,000. $143,000. $277,000. After more than 30 bids, the auction ended at 12:32 p.m. Eastern time, with a [winning bid](https://foundation.app/kevinroose/the-new-york-times-x-nft-13129) of 350 Ether, or about $560,000. A few minutes later, after the auction platform had taken its cut, nearly $500,000 in cryptocurrency landed in my digital wallet. I was stunned. Congratulat...
Continue on self.ethtrader
Recent news