Is TIME’s NFT issue a game changer for the magazine business?

Time magazine has issued a new way to pay

Though some may not like it..

TIme Magazine is serious about web3. NFTs are building momentum in various sectors of our economy. Though meta technology is currently being shunned by some, there are businesses that can be created and profits to be made with the nascent tech.  Companies are serious about utilizing technology to create new ways to earn revenue and build upon the community.  

Companies such as Nike have found a great way to utilize NFTs to build profits amongst hype for new shoe drops. Tiffany & Co. has learned to sell NFTs alongside real jewelry and Puma recently joined the past New York Fashion Week with their new shoe drop connected to an NFT project. 

The potential for NFTs is immense and though some may lament the technology there is no question that it is here to stay as the metaverse and web3 continue to become something amazing. 

TIME for change

Since the advent of the internet and websites traditional magazine and newspapers have seen massive drops in profits as most sales were made through subscriptions for the physical copies to be delivered to customers’ doors. Newspaper stands or bookshops were also the main way to purchase magazines, currently almost 90% of all content is consumed via the internet with only a few dedicated souls still opting for the paper platform.Needless to say the internet has damaged the bottom line of many magazines, newspapers, and other previously-paid-for forms of media.

TIME is currently betting on a shift to web3 with its recent magazine issue published on the blockchain. As the company approaches its 100th year anniversary there are eyes focused on the future and how the company can provide a more secure and transparent future for the web.

TIME: Issue 0

Time created its first web3 issue in NFT format and it focused on Vitalik Buterin – the charismatic leader of Ethereum. The Issue was a product of a collaboration with LitDAO

The NFT was airdropped to wallets of those selected from the LIT community and TIMEpiece community. The technical aspect of the drop was handled by Circle and Transient Labs

The TIMEpiece community is a web3 initiative from TIME. The NFT collection launched back in 2021 during the height of the NFT drive. The collection included worlds from more than 40 artists around the globe with different disciplines. TIMEpieces was the first step by the magazine to get into web3. 

The Issue

The issue focuses on Vitalik, calling him the “Prince of Crypto.” In the article the leaders states his concerns for the blockchain going off on a tangeant that could do more harm than good all while stating he still believes in blockchain technology and that the public will eventually accept the tech. 

The issue is important in a myriad ways because it offered Vitalik Buterin a chance to address some of his concerns, created another mainstream offering using NFT tech, and could very well be the blueprint for use by many other publications in the future. 

A New Way to Pay

Maybe not all issues will be put on the blockchain or become a NFT but this is a way for TIME and other publications to create content that can be utilized for profit and to raise funds. 

As the technology continues to evolve we are seeing an adoption of the tech by multiple companies seeking new ways to innovate and push profits via a community-centric method. Current prices for the TIMEpieces NFT go for about $1000 whereas the price of a subscription to TIME costs $24. TIME claims they have a better connection with the community of NFT holders than they do with normal subscribers.

The TIMEpieces NFT initiative is community-focused and includes nine other NFT collections varying in theme and art style. A recent collaboration with 89 artists for their one year anniversary was just published.This all translates into many opportunities for those that wish to join in on the TIMEpiece community. The major NFT projects by TIME are “Into The Metaverse”- a limited edition of a popular TIME cover. Video NFTs created in collaboration with popular producer TIMBALAND titled “TIMEpieces X Timbaland: The BeatClub Collection. An excellent 1:1 collection called “TIMEpieces:Artists For Peace” with funds going entirely to humanitarian efforts and relief initiatives in Ukraine.L

TIMEpieces:Artists For Peace

Long Neckie Women of The Year was a collection by Nyla Hayes, an artist only 12 years old as she used TIME’s Women of The Year as inspiration.

Long Neckie Women Of The Year Time Magazine

Long Neckie Women Of The Year

There were many more amazing projects created within the TIMEpieces community as well such as “Slice Of Time”and “TIMEpieces” Moments In Time” with “Moments in Time” being over 20,000 pieces large.

Time Magazine NFT cover :Limited edition of Micah Johnson’s “Into the Metaverse” Time magazine cover.

Limited edition of Micah Johnson’s “Into the Metaverse” Time magazine cover.

Plans For Time’s Future

The President of Time has stated that he planned to fully digitalize all future subscriptions and move fully into NFTs utilizing the TIMEpieces community, thus giving control and Ownership of all data to the consumer.

The magazine has also built a spot on the metaverse platform The Sandbox which they call “TIME Square” which will be used for digital events and trading virtually.

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