Time Magazine announces future NFT subscriptions

The Trust Project is a worldwide group of news organizations working to establish transparency standards.

President of TIME Magazine Keith Grossman announced his plans to convert future subscriptions into NFTs. In addition to the subscription itself, NFT holders will have the option to own their data and receive invitations to exclusive events. On a side note, the magazine will start accepting 33 cryptocurrencies as a form of payment. 

“Forget Bored Apes for a second. When you move out of the collectible space and focus on the community [of creators and artists] …the tokens not only allow you to verify ownership, but it allows them to affix a royalty on future sales,” Keith Grossman told CNBC.

TIME Magazine, established 99 years ago, is an American news magazine and website. In September 2021, the company introduced its Web3 community TIMEPieces with a focus on NFTs. Its users communicate via Discord and Twitter and share their photography artworks.

At the moment, TIMEPieces features four NFT collections: Genesis, Inspiration, Long Neckie Women of the Year, and Slices of TIME. The magazine recently announced the upcoming “Beatclub Collection.” In less than a year, TIMEPieces generated approximately 20,000 NFTs with a profit of $10 million. $600,000 was donated to charity. In March this year, the magazine introduced its first NFT issue with Ethereum creator Vitalik Buterin on the cover. 

“This is the first-ever fully decentralized magazine issue available as an NFT on the blockchain,” explains TIME’s website. 

In June, TIME partnered with The Sandbox to create a so-called “TIME Square” in the Metaverse. The virtual location will host commerce and virtual art events. 

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Valeria Goncharenko

Valeria is an Italy-based writer passionate about web3 and innovation. She is getting her second major in International Business Management while dedicating her spare time to photography and fashion. You can contact her at [email protected]

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