Current affairs magazine The Economist has auctioned off one of its cover images as an NFT raising $420k (£305k) with the sale.

The successful bidder offered 99.9ETH for the Alice in Wonderland inspired digital artwork which features Alice and the White Rabbit standing on the edge of a hole. It appeared on the cover of a September edition of the Economist focussing on DeFi. Alice Fulwood, finance correspondent for The Economist said "By selling our 'Down the rabbit hole' cover as an NFT we are now, in our own small way, journeying down the rabbit hole ourselves."

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