SPIN unveiled its NFT marketplace at SXSW today, with an inaugural auction featuring covers of Machine Gun Kelly and Perry Farrell of Jane’s Addiction, Porno for Pyros and founder of the legendary music festival Lollapalooza. The iconic publication is the first to make its covers available to fans in this revolutionary format.
The NFTs are limited, with only three issued: to the winning bidder, the featured artist, and a nonprofit of the artist’s selection. Two will be held in SPIN and NAX’s treasury. Additional covers, as well as art pieces, will be placed up for auction over the course of 2022.
“We’re excited to introduce these famous pieces as NFTs. It’s an easy entry point for fans to begin to collect scarce and coveted digital photography and memorabilia while providing artists a way into the space,” said Jimmy Hutcheson, CEO of SPIN.
SPIN developed its NFT marketplace in partnership with digital assets creator NAX and carbon-negative blockchain Algorand with the support of product agency Rocket Insights.
Bidders can buy these rare NFTs by credit card at SPINnft.xyz. The online-only auction opens today at 6:00 PM CST. The auction will close at SPIN’s official SXSW party at Stubb’s Bar-BQ 8:00PM to 2:00AM CST on Thursday, March 17.
NAX leverages untapped corporate assets to create new markets and ecosystems at scale. From seed to securitization, the company actualizes these initiatives with its exchange members. NAX is headquartered in Manhattan Beach, CA, with offices in Palo Alto, New York, London, Paris, Zurich, and Frankfurt. www.naxgrp.com.
About SPIN Magazine
SPIN is one of the most recognizable names in music journalism and pop culture. In early 2020 SPIN launched a new generation for the legendary media group. Recent covers have featured some of today’s biggest stars coupled with in-depth interviews, merchandise, and original video content.
Algorand is building the technology to power everything from the creator economy to the convergence of traditional and decentralized finance. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for anyone to transition into the digital economy. www.algorand.com.