TIME's First NFT issue could be a game-changer for the magazine industry
For over twenty years, the Internet has been the engine that powers technological progress and economic development. With the rise of the Internet, anyone could watch videos, listen to music, and view images for free. However, a new era has begun with the advent of Web3 and NFTs. Instead of simply viewing media online, NFTs provide proof of ownership of these files using blockchain technology.
As a result, major firms and key industry players have focused on transitioning to the digital world. TIME is one of many huge companies betting on this shift with its recent magazine issue published on the blockchain. They've opted to join the future of the Internet as they approach the 100th anniversary of their initial publication. This move signals a bright future for the Internet, one that is more secure and transparent than ever before.
TIME: ISSUE 01 - VITALIK BUTERIN
Time's participation in the NFT ecosystem has been on the rise lately, and it took another huge step forward by releasing its first issue in NFT format. Vitalik Buterin graced the cover of this issue, developed in collaboration with LITDAO. Time's NFT issue was also airdropped to selected TIMEPiece and LIT community wallet holders, made possible by Circle and Transient Labs, serving as the project's technical partner.
The Prince of Crypto Has Concerns
Mr. Buterin voiced concern that the blockchain could go off on a tangent that would do more harm than good. But he expressed confidence that the public would embrace Ethereum and blockchain technology for the common good, experimenting with fairer voting systems and public-works projects. However, he conceded that Ethereum ultimately rested in the hands of its users due to the decentralized nature of blockchain.
Why Time Magazine has chosen to Incorporate NFTs
Time magazine has become part of a larger trend of huge companies trying to find new ways to engage with their audiences and generate revenue in the digital age. For Time, incorporating NFTs is part of an effort to improve customer experiences and raise funds. This move is yet another example of Time's commitment to pushing the boundaries of what is possible within the web3 ecosystem.
As anyone following the rise of non-fungible tokens knows, the potential uses for this technology are seemingly endless. From digital art and gaming items to unique experiences and collectibles, NFTs can be used to represent just about anything.
As the world of NFTs continues to evolve, we're seeing more and more brands moving out of the collectible space and into the world of creators and artists. This shift has been driven by factors such as the increased accessibility of digital tools and the growing importance of storytelling and customer engagement.
As a result, we're seeing a wide range of new use cases for NFTs, from branded experiences to rewards and loyalty programs. And as more brands embrace this community-centric approach, we expect to see more innovative and exciting use cases for NFTs emerge.
A digital subscription to Time Magazine costs roughly $24, while an equivalent piece on TIMEPieces NFT typically sells for $1,000 or more. According to TIME's president, the magazine has a closer connection with its NFT holders than with the community established through the $24 memberships.
The NFT brand has brought in over $10 million in revenue since its inception, with an additional $600,000 generated for charities.
TIMEPieces and the projects so far
TIMEPieces is an NFT community initiative that includes nine NFT collections to date. The collections feature a variety of art styles and themes, each with different benefits for collectors. Recently they have celebrated their one year anniversary with 89 artists published, and over 55,000 community members. Here are a few timeless pieces published so far.
Into The Metaverse
This is a limited edition of Micah Johnson's "Into the Metaverse" Time magazine cover.
TimePieces X Timbaland: The BeatClub Collection
TIMEPieces and Timbaland enlisted artists to produce video NFTs featuring Timbaland's distinctive sound style. You can check out the collection on opensea.
TIMEPieces: Artists For Peace Collection
This collection includes stunning 1:1 artworks from TIMEPieces artists who were inspired by suffering in Ukraine. The funds go entirely to humanitarian and relief initiatives in Ukraine.
LONG NECKIE WOMEN OF THE YEAR
Nyla Hayes, a 12-year-old digital artist, designed LNWOTY with inspiration from TIME's Women of the Year series.
Slices of Time
Featuring pieces by TIME Creative Director DW Pine and another 38 artists, this exhibition is inspired by the magazine's nearly 100-year run.
The Genesis Collection was the first release from TIMEPieces, and it features work by nearly 40 amazing artists inspired by the theme, "Build a Better Future."
TIMEPIECES: MOMENTS IN TIME
Moments in TIME are NFTs that feature actual TIME covers and are airdropped to TIMEPieces holders to celebrate a particular cultural occasion.
TIMEPieces NFT holders are granted automatic subscription privileges and can verify their identities by linking their wallets with the Time Magazine website. In addition, members also receive exclusive in-person event invitations and entry to exclusive digital experiences.
Time Magazine has airdropped over 20,000 NFTs since the collections' introduction in September 2021, and about 12,000 wallets hold at least a TIMEPieces NFT and are also connected to the website.
What's next for TIMEPieces?
Time Magazine's President recently stated that he planned to fully digitalize all future subscriptions and move into NFTs on the "TIMEPieces" collection so that all consumers could control their data.
Magazine subscribers are seen as "renters" whose personal information can be used for commercial reasons. However, with the introduction of NFT subscriptions, users eventually become "owners" who benefit from their subscriptions. Furthermore, they have control over their data.
With a host of different NFTs lined up for release, the magazine also acquired a slot in the Sandbox called "TIME Square." The space will strengthen the community's relationship by hosting digital events and conducting virtual trades.
Check out more exciting use-cases like this on Zero-Code Academy
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