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The Reason, a Libertarian Publication, Has Invested in Ethereum NFTs

cryptoknowmics.com 09 December 2021 17:33, UTC
Reading time: ~2 m

The Reason Magazine has auctioned an Ethereum NFT on the OpenSea marketplace in its annual webathon fundraising event. It is the latest publication that uses NFTs for raising funds and to draw awareness through its  digital art form. It has also joined the league of magazines such as Fortune, Time, Rolling Stone, The Economist, and Playboy.

The Reason Has Invested in Ethereum NFTs

The Reason is a libertarian journal founded in May 1968 focuses on free markets and individual liberty. Several pieces hold both Wall Street and foreign governments accountable for power abuses. Bitcoin, according to Reason, is an instrument for retaliation. Recent articles have defended Bitcoin against accusations that it wastes power, discussed how it may defeat Latin American socialism, and even suggested that it could "stomp out Wall Street fraud."

The Reason is the most recent newspaper to employ NFTs to collect revenue and promote awareness via the digital art form. With a bid of 0.75 WETH (Wrapped ETH), or about $3,300, James Seibel, Chief Technology Officer of Recur, won the NFT—which includes the four hosts of the Reason Roundtable podcast. "Owning it establishes a relationship between myself and the institution," Seibel told a news company. 

According to Nick Gillespie, Editor-at-Large for Reason, CFO Jon Graff came up with the notion for an NFT. It may, however, have come from any number of editorial personnel. "Anything that serves to decentralize, disseminate, and diffuse power across a system is truly in Reason's DNA," Gillespie told a news portal.

To Disrupt the Status Quo 

Gillespie's interest in cryptocurrencies dates back to 2008 when he read Satoshi Nakamoto's pseudonymous white paper on Bitcoin. "It seems to be a demonstration effort of how technology may drastically disrupt the existing quo without begging or permission," he remarked.

On top of that, NFTs, the blockchain-based tokens that represent ownership in a connected asset, are being developed. NFTs, according to Gillespie, cause us to speculate about a post-scarcity world in which we all have practically everything we want but still want status.

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