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Forbes Expands Into Metaverse With Launch Of Virtual Billionaires NFT Collection on FTX
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Rhea-AI Summary
Forbes has launched its first NFT project, the virtual Billionaires NFT collection, which features fictional investors with theoretical portfolios based on live NYSE pricing. The collection will be available for sale on April 13, with early access for subscribers on April 11. Forbes has partnered with FTX to create ERC-721 tokens, and the first drop includes 100 NFTs. Owners will be publicly listed on Forbes.com, while daily rankings will reflect real-time portfolio values. This initiative marks Forbes' significant entry into the blockchain and digital assets space.
Positive
Introduction of a pioneering NFT collection in the media industry.
Partnership with FTX enhances credibility in the crypto space.
Potential for innovative audience engagement through digital assets.
Negative
Risks associated with the volatile NFT market could affect sales.
Dependence on external platforms (FTX) for NFT transactions introduces potential operational risks.
NEW YORK--(BUSINESS WIRE)--
Forbes today unveiled a preview of its virtual Billionaires NFT collection, 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. Each NFT Billionaire will have compelling hobbies and an eccentric Forbes accessory that will be ranked daily on the forthcoming Forbes Virtual NFT Billionaires List.
Forbes has partnered with FTX, a leading global cryptocurrency exchange, to launch an ERC-721 token on April 13. Early access to the collection is available to Forbes subscribers on April 11. The sale includes an initial drop of 100 Virtual NFT Billionaires and, when the Forbes collection sells out, interested parties can still take part in the action by looking for Forbes Virtual NFT Billionaires for sale on any ERC-721 Marketplace.
Forbes Virtual NFT Billionaires will have their own profile page on Forbes.com featuring a custom illustrated headshot by Goodog and ItsACat, a group of 2D and 3D illustrators and animators based in Barcelona. Owners will also have their public wallet address listed with the Billionaire that they own on the Forbes.com official ranking.
“With the Forbes virtual Billionaires NFT collection, we are seeing an established and reputable media company endeavor into the blockchain industry,” said Tristan Yver, Head of Strategy at FTX US. “We are excited to partner with Forbes on their first NFT sale and will continue to encourage innovation and entry into the digital asset community."
“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,” said Vadim Supitskiy, Chief Technology Officer, Forbes. “Last year, we turned a Forbes cover into an NFT, demonstrating that journalism is as immutable as a piece of one-of-a-kind artwork. In March, we shaped the conversation around digital assets and Web3 at our inaugural Summit. Now, we’re cementing our place in the Metaverse by launching these interactive collectibles that can be authenticated and traded on the blockchain.”
The NFT Billionaires collection is the latest in a series of contributions Forbes has made to the digital art and blockchain space. On March 16, 2022, Forbes held its inaugural Digital Assets and Web3 Summit to gather key industry leaders – including Sam Bankman-Fried, Founder and CEO of FTX, and Kathleen Breitman, Co-Founder of Tezos – to discuss the future of digital assets and Web3. Attendees came together for a dynamic agenda of panels and fireside chats on topics including blue chip bitcoin, the impact of Web3 on the future of business, how blockchain is transforming ETF and what’s next for the NFT market.
In April 2021, Forbes was also the first in the industry to transform one of its covers into an NFT. The digital art – titled “Merchants of the Metaverse” and featuring Cameron and Tyler Winklevoss – was sold at a limited auction for $333,333, with all proceeds donated to the Committee to Protect Journalists (CPJ) and the International Women’s Media Foundation (IWMF).
To learn more about the NFT Billionaires collection and how to participate in the sale event, including the perks afforded to Forbes subscribers, visit: Forbes Virtual NFT Billionaires.
To learn more about NFTs, read Forbes’ leading coverage of the space here.
Methodology
Each NFT has a portfolio that was randomly selected and based on real-time collections of ETFs and other publicly held assets on the New York Stock Exchange. Every day, the values of these imaginary portfolios change alongside the ranking of each NFT on the Billionaires list. Forbes uses several different methods to track the last sold price and determine the current NFT owner's public wallet address, including a set of custom APIs from FTX and an open-source tool that allows Forbes to watch the Ethereum chain in real-time, depending on where the NFT is held.
About Forbes
Forbes champions success by celebrating those who have made it, and those who aspire to make it. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 47 licensed local editions in 80 countries. Forbes Media’s brand extensions include real estate, education and financial services license agreements.
Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA), a special purpose acquisition company (SPAC), which is expected to close in the second quarter of 2022.
