Time Magazine is set to roll out NFT subscriptions in the near future.
Keith Grossman, the president of TIME Magazine, has revealed a transformative plan to turn future subscriptions into NFTs. This innovative step allows NFT holders to control their personal data and gain access to exclusive events. Additionally, the magazine is set to welcome 33 different cryptocurrencies as accepted payment methods.
“Set aside the hype around Bored Apes for a moment. When we expand beyond just collectibles and shift our focus to fostering a community of creators and artists, these tokens serve a dual purpose – they authenticate ownership, while simultaneously enabling creators to establish royalties on future transactions,” Keith Grossman explained. told CNBC.
TIME Magazine, a well-established American news source founded nearly a century ago, launched its Web3 initiative, TIMEPieces, in September 2021, centering around NFTs. Through platforms like Discord and Twitter, users connect and share their artistic photography.
At the moment, TIMEPieces The magazine boasts four unique NFT collections: Genesis, Inspiration, Long Neckie Women of the Year, and Slices of TIME. Recently, they've announced the forthcoming 'Beatclub Collection.' In less than a year, TIMEPieces has produced around 20,000 NFTs, generating a revenue of $10 million, with $600,000 allocated for charitable donations. Earlier this year, they debuted their first NFT issue featuring Ethereum’s creator, Vitalik Buterin, on its cover.
According to TIME’s official site, 'This represents the first fully decentralized magazine issue that exists as an NFT on the blockchain.'
In June, TIME collaborated with The Sandbox to create a unique space within the Metaverse. “TIME Square” This virtual venue will host a variety of commerce and artistic events in a digital setting.
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