At least one major media publication is diving headlong into Web3. On April 13, Forbes, in partnership with FTX, will release a collection of 100 NFTs titled Virtual Billionaires. Every virtual billionaire comes with a theoretical portfolio, a profile page on the Forbes website and hobbies.
In a twist linking Web3 to stocks, every virtual billionaire’s theoretical portfolio will be tied to real-world assets like Exchange Traded Funds. The data for the portfolios will be updated in real time and Forbes will create a leaderboard for the 100 NFTs based on who has the most profitable assets.
Tristan Yver, Head of Strategy at FTX, said the company sees an “established and renowned” media company entering the Web3 space with this collection. FTX is “excited” to partner with Forbes and will continue to encourage innovation for companies joining the “digital asset community”.
Vadim Supitskiy, the CTO at Forbes, said the Virtual Billionaires NFT collection is not only another step for publication to embrace Web3, but also an opportunity for the public to explore it. According to Supitskiy, Forbes solidifies its place in the metaverse with this collection.
Illustrators Goodog and ItsACat, based in Barcelona, designed the art for each of the 100 Virtual Billionaire NFTs.
Forbes has been busy with the Web3 space since last year. The company turned a magazine cover into an NFT and donated the sales proceeds to two different journalistic organizations. It also held a Digital Assets and Web3 summit to discuss crucial issues in the field, including the future of Bitcoin and the NFT market.
Big Media Another industry wading into Web3
Forbes is not the first media company to launch an NFT collection. In 2021, TIME Magazine released one and the New York Times has hit a column as NFT. It was sold for a large amount, much to the surprise of the writer.
And media is just one of many, many industries testing the waters in Web3. In cosmetics, Rihanna’s Fenty Beauty has registered trademarks for Web3 use. Wendy’s in the fast food industry has opened a branch in Meta’s Horizon Worlds. And in the financial sector, American Express has registered trademarks related to its logos and programs.
Still, some media is mixed on Web3, with some running articles that NFTs are either all the rage or a danger to collectors, and others questioning the necessity or necessity of NFTs in video games.
Time will tell whether Forbes’ collection of virtual billionaires is a success. Still, it seems like an interesting approach to linking real-world data to the NFTs, even if the virtual billionaire portfolios are theoretical.