- Popular photo magazine Paris Match will auction some of its archival photos as NFTs
- The magazine has partnered with other entities like NFT exchange SuperRare to make the auction a success
- The auction will feature 75 collectibles and each has a starting price of slightly above $1,000
Iconic French photo publication Paris Match has started auctioning some of its historic photos as NFTs in partnership with other entities like NFT exchange SuperRare and Focus Bloc. The magazine plans to offload 75 photos from its collection with each NFT having an initial bid of slightly above $1,000. This is the magazine’s second interaction with virtual collectibles after selling 120 photos from its collection as NFTs in January last year, an indication that the publication sees some potential in digital collectibles compared to just relying on traditional means to auction the pieces.
An NFT Auction Model is Better
The NFTs offered in the auction will have accompanying hard copies. Some of the photos up for auction feature members of the popular rock band The Rolling Stones. Focus Bloc’s founder Emmanuel Daien told Decrypt that the publication chose the auction route to solve problems witnessed in last year’s sale.
According to Daien, traditional and NFT collectors jostled to get a piece of the 120 photos sold last year which used a fixed-price model. Daien intimated that an auction model will give all parties a level ground to battle it out to get a chance to own one of the 75 photos.
Collectors to Keep Full Digital Rights
According to Decrypt, collectors will have full digital rights to their holdings while the publication keeps the rest.
Paris Match isn’t the only publication to enter the blockchain space. Forbes, for example, recently announced its entry into the metaverse. Time Magazine has also in the past entered into a partnership with Galaxy Digital to explore the virtual world.
With Paris Match setting a base price of around $1,000, it’s to be seen whether the auction will attract deep-pocketed collectors and how much they will be willing to pay for the archival photo NFTs.
