The market for non-fungible tokens is evolving

JOURNALISM IS ABOUT telling a story, rather than living it. Yet sometimes these realities collide. When a new technology shows promise, experimenting with it can help tell the story. In September we wrote that non-fungible tokens (NFTs) and the crypto infrastructure they sit on could transform finance and the digital economy. Our cover image that accompanied the article, inspired by the illustrations for the first edition of “Alice in Wonderland”, shows Alice peering over the edge of the rabbit hole, into this weird new world. Now she will become part of it. has created an NFT of that cover image. On October 25th at 5pm BST (noon EDT/9am PDT) we opened for the token, which will run for at least 24 hours. The proceeds of the sale, less the fees, transaction costs and potential tax liabilities*, will be donated to The Economist Education Foundation, an independent charity that teaches young people to analyse current affairs. In addition to raising money for a good cause, the auction allows us to better grasp the potential of this technology.