TIME Magazine To Go Digital, Plans To Turn Subscriptions Into NFTs
- TIME Magazine plans to migrate all future subscriptions into NFTs
- The firm aims to give users the ability to own their data
The president of New York-based news magazine and news website Time Magazine, Keith Grossman, has recently said during an interview that he is planning to migrate all future subscriptions into NFTs of “TIMEPieces,” the Web3 community initiative from the firm.
This will give holders subscription rights and the exclusive ability to own their data. When companies have been looking at consumers as “renters” with vulnerable data, ready to be exploited, NFTs come as saviors, with the ability to transform consumers into online owners who can benefit from their subscriptions and control their data.
“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.”
said Grossman when talking about TIMEPieces.
The holders of TIMEPieces NFTs receive subscription rights and special invitations to specific events. On the website, users can link their wallets to verify their identity and log into their accounts. The TIMEPieces NFTs mainly consist of four collections: Beatclub Collection, Slices of Time, Long Neckie Women of the Year, and Genesis Inspiration. Every NFT in these collections is a work of art that was influenced by real pictures from the magazine.
In March 2021, the magazine began accepting crypto as payment for digital subscriptions. President Grossman stated that since September 2020, the magazine has been monitoring industry developments. It launched its own NFT collection in September last year.
More than 20,000 NFTs have been airdropped by the magazine since the collection’s launch in September 2021. According to Grossman, around 12,000 wallets currently have TIMEPieces NFTs and are linked to the service, according to Grossman.
The NFT line has made more than $10 million in profit since its debut. Additionally, 600 000 dollars were raised for several charities. Time Magazine recently joined hands with Animoca Brands’ The Sandbox to purchase a slot in the Sandbox called “TIME Square.” By hosting virtual art and commerce events, the slot aims to strengthen the bonds within the community.
The company’s president believes that NFT-based ownership is still in its infant stage. He added that in the coming years, NFTs would disappear from the user experience, and all online processes would be fully smooth.
According to Grossman, the community should work toward a future where users don’t have to link their wallets to prove their NFT ownership.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
