Recently, on 17th July 2022, one of the world’s well-known media magazines TIME has publicly announced that they will soon move their businesses to the NFT and Crypto industry.
The current situation of NFTs
According to Artnet journalist and dealer, Kenny Schachter, who advocates for the non-fungible token system, NFTs will surpass traditional art in five years. He wasn’t off the point. Today, we even have the endorsement of the media giant – TIME.
In blockchain technology, NFTs are one of the most recent innovations in the field. Since its first establishment in 2021, NFTs have emerged as one of the most sensitive topics in the cryptocurrency world, drawing both heated critique and enthusiastic support as Web3 continues to grow in popularity.
Blockchain technology is used to verify and store unique digital assets, such as artwork and sports trading cards. In the wake of the internet’s emergence, everyone could access free photographs, films, and music on the web, which we believe, hurtful to the original authors. That’s where NFTs prove their advantages.
People are buying NFTs because they believe that blockchain technology allows them to prove ownership of a virtual item.
However, detractors argue that the energy-intensive nature of cryptocurrencies makes NFTs vastly overrated and potentially harmful to the environment.
What is NFTs, anyway?
NFTs, shorten for Non-Fungible Tokens, are digital tokens, which are secured on the blockchain and can only be exchanged for other tradable assets on the NFTs’ own blockchain. They can include everything from music to a website address, but digital artwork is the most common form at the moment.
Keith Grossman, TIME’s president, is a strong believer in this trend. In a recent interview with CNBC, “You may verify ownership on the blockchain by using a token. Another benefit is that it gives the owner more control over their personal data”, Grossman stated.
Even since last year, he has spent the majority of his efforts establishing the media company’s NFT business, namely TIMEPieces, under TIME enterprise.
TIME released more than 20,000 TIMEPieces NFTs, generating a $10 million profit and $600,000 for charities.
TIMEPieces token users can link their digital wallets to TIME’s website, which allows them access to all TIME content, guest lists for both virtual and in-person events, photography, and other forms of digital art by 89 young Web3 artists.
TIME’s creative director, D.W. Pine, has chosen a collection of new artists to produce NFTs based on their most famous cover stories, which are then sold at auction. As the company prepares to commemorate a century of publishing the news-related cover art it is recognized for today, Grossman says it highlights the “next generation of artists.”
More than 20,000 TIMEPieces NFTs have been developed by TIME since September, and around 12,000 digital wallets are connected to TIME.com, according to Grossman, resulting in $10 million in earnings for TIME and $600,000 in donations to charity.
In addition, a new metaverse venue called TIME Square has been created by TIME in collaboration with the Ethereum-based gaming platform The Sandbox, and it will act as a hub for the brand’s virtual art and commerce events.
In part because of its early use of blockchain technology, The Sandbox has a market capital of over $1.6 billion, according to CoinGecko. A virtual track in The Sandbox set a record for the highest-valued digital land auction in November when Republic Realm paid Atari $4.3 million for a digital chunk.
TIME now accepts 33 cryptocurrencies for digital subscriptions
Grossman recognized the potential of NFTs immediately after acquiring the Nyan Cat, one of the most controversial crypto art pieces in 2011. Today, digital TIME subscriptions can be paid for with 33 different cryptocurrencies, and he promised to do more of it in the future. Within six months, he said, he will try to use a token and the blockchain to transform the relationship between a consumer and their brand.
“To be honest, I had no idea how we were going to accomplish this task. I had a gut feeling it could be done.” – Grossman stated.
In terms of demographics, TIME platforms have a wide range of users. Grossman says that the average TIME reader is 50 years old; the average TIME.com reader is 40 years old; 62% of TIME’s social media followers are under the age of 35, and one-third of those people are outside the United States.
However, after adopting NFTs, different demographics come into play: “it’s small; it’s like a psychographic of people who weren’t thinking about TIME before, but all of a sudden like the brand,” says Grossman.
Outside the name “TIME” and outside a tiny logo in the corner, the hero is always the creator; they have a large following, and they are supported by their community… TIMEPieces steps in and says, “We want you to be a part of this,” we’re validating the creative and their community… with the power of our almost 100-year legacy and trust.”
“I think there’s a lot of hesitation in terms of not understanding why this wave of digital asset ownership matters,” said Akkineni.
Although the NFT boom is still relatively new, collectors have already swapped large amounts of money. There are a number of notable investors who continue to believe in the long-term potential of digital assets, but there are also many skeptics. Surprisingly, many CEOs are taking the time to learn, both in terms of their businesses and their communities and in terms of how to engage their customers.
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