A New York Times journalist recounts the surprising outcome of auctioning their column as a non-fungible token (NFT). Initially expecting a few hundred dollars for charity, the auction unexpectedly garnered a winning bid of $560,000.
The auction, started at $800, quickly escalated with bids surpassing $30,000 overnight. A final bidding war pushed the price to 350 Ether, approximately $560,000. This resulted in nearly $500,000 for the New York Times’s Neediest Cases Fund after platform fees.
The article raises the question of why someone would pay such a high price for an NFT of a column accessible online. The NFT offered some additional perks, like a mention in a follow-up column and a voice message from a New York Times podcast host, but fundamentally, the asset was a cryptographic signature linked to an image of the article.
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 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 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. Congratulatory texts and media requests started pouring in. My colleagues joked about stiffing the charity and slipping off to the Cayman Islands. My editor said I shouldn’t expect a raise.
The whole ordeal was surreal, and it raised the question: Why would anyone spend the price of a high-end Lamborghini on a picture of my words? After all, the NFT was just a cryptographic signature linked to an image of a column that anyone could read on The Times’s website, albeit with a few bonus perks. (I also stipulated that I would feature the winner’s name and photo in a follow-up column, and Michael Barbaro, the host of “The Daily,” gamely agreed to throw in a voice message for the winner.)
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