The Australian Financial Review Magazine has minted its first non-fungible token (NFT), an animated digital original of today’s cover of the 2021 Young Rich issue. Money raised from the NFT’s auction will be donated to charity.
The NFT – seen here – and the cover, depict Kain Warwick, founder of the Synthetix cryptocurrency trading platform, who debuts on this year’s Young Rich List with an estimated fortune of $879 million. Warwick is one of seven debutants on this year’s list whose wealth is derived from cryptocurrencies. This marks the first year since the founding of the Young Rich List in 2003 that crypto wealth has been included.
“Why not?” said Michael Stutchbury, editor-in-chief of the Financial Review. “Having ventured into the world of cryptocurrencies to compile this year’s list, the next logical step was to turn our cover into an NFT. The Financial Review is the leading source of business and finance news in Australia. While the world of bitcoins, ether and NFTs is opaque, it’s important to help subscribers understand how this new financial ecosystem operates.”
The NFT is housed on the Foundation.app platform and we plan to auction it off shortly. The Financial Review will make a donation of an amount equal to the net proceeds to The Smith Family, which offers educational support to young, disadvantaged Australians to give them a better chance of succeeding at school and in life.
