Why a magazine with almost 100 years of history discovered the world of the NFT – TIME management’s answer
When the NFT sphere reached its first peak of popularity in March, the news publication TIME made a rather unexpected announcement – the release of its own NFT collection. It was especially unexpected because of the magazine’s history spanning 98 years since its debut issue. Back then, the auction brought TIME almost half a million dollars. Now, the publishers of the weekly are ready to bet even more on the development of the crypto industry and unique tokens in particular. We tell you more about what’s going on.
Note that TIME has indeed been involved with the blockchain industry for a long time. In particular, the publication launched its debut NFT tokens in the form of archived magazine covers back in March 2021. At the same time, chief executive Keith Grossman announced his readiness to introduce support for cryptocurrencies to pay for magazine subscriptions.
This was not the only initiative for unique NFT tokens. In August this year, TIME announced a giveaway of NFTs created in collaboration with the Cool Cats project. The authors of the funniest memes could get them for free. You can read more about that in a separate article.
TIME covers available as NFT tokens
In the end, the head of the company made it clear that her association with blockchain wouldn’t end there. And here’s why.
Who connects with cryptocurrencies
According to TIME president Keith Grossman, the decision to enter the NFT market was very spontaneous for the publisher, well it only took a few weeks to discuss. In an interview with Decrypt, Grossman admitted that the potential for unique tokens became clear after the results of the auction of the famous internet meme Nyan Cat in February.
Here’s a rejoinder from the publication in which he shares the resulting story.
Mike Tyson has a great philosophical quote – everyone has a plan until they get punched in the face. I studied this trend and everything became clear to me in the blink of an eye.
Which meant that the management realised that continuing to be popular, among other things, might not work for long because of its long presence on the market. Consequently, the publication had to reach out to another field which would show its willingness to transform itself if necessary. And at the same time to find new sources of funding for its activities.
TIME president Keith Grossman
The head of TIME explained that the magazine’s long-term plans quickly changed after the rise in popularity of NFT. Meanwhile, the launch of its own digital collection was only the tip of the iceberg for the company. A few weeks later, TIME added cryptocurrencies to the list of available payment methods for its subscriptions and partnered with crypto fund Grayscale to promote educational content about crypto.
NFT by TIME
Last month, TIME also began making moves to adopt meta-crypto in partnership with Galaxy Digital. Here we are talking about educational content about unique tokens and virtual worlds, which are currently on trend. The deal with Galaxy Digital to promote crypto-trends has been paid in ETH, and TIME management is in no hurry to sell the coins yet.
We believe that this event once again proves the uniqueness of the blockchain sphere and digital assets in general. The great thing here is that anyone can get involved - including companies with a long history. In this context, there are no exceptions, as the decentralised asset industry puts the equality of participants in various blockchain projects first.
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