TIME Is Leading Legacy Media into NFT with TIMEPieces

UTC by Ibukun Ogundare · 2 min read
TIME Is Leading Legacy Media into NFT with TIMEPieces
Photo: Depositphotos

Since TIME launched TIMEPieces on September 22nd, 2021, the company has dropped over 20,000 pieces of NFT.

The president of American new magazine and news website TIME, Keith Grossman, has been working on the company’s NFT business, TIMEPieces, over the past year. Since then, it has gained the attention of different celebrities like Miguel, Eva Longoria, and Welsh actor Anthony Hopkins. Holders of the TIMEPieces have access to connect their digital wallets to TIME’s website. With these, they will have exclusive invitations to virtual and physical events as well as unlimited access to TIME content. Moreso, owners have access to a variety of exclusive digital experiences. Photography is one of the popular tokes within the TIMEPieces collection. Others are digital art from 89 emerging Web3 articles, including the daughter of actor Al Pacino, Farokh Sarmad, and more.

TIMEPieces NFT Collection

TIME adds its iconic red frame on all its cover pages to each NFT these artists create within the TIMEPieces collection. TIME’s creative director, D.W. Pine, garnered these artists to develop NFT for TIMEPieces. As TIME works towards its 100 years of publishing, Grossman referred to the emerging artists as the “next generation of artists.” Notably, the media giant is nearing a century in the publishing business.

Since TIME launched TIMEPieces on September 22nd, 2021, the company has dropped over 20,000 pieces of NFT. At the time of the launch, the company released a collection of over 4,500 original NFTs. The token featured over 40 artists and started selling on the 23rd of the same month.

According to the president, about 12,000 digital wallets own TIMEPieces NFTs, and half of the wallets are linked to the company’s website. As such, TIME recorded a $10 million profit and generated $600,000 for charities.

Recently, the nearly-a-century-old publisher entered into a partnership with gaming platform The Sandbox. The dupe came together to create a virtual space in the metaverse called TIME Square. After that, TIME will be able to host its virtual events at TIME Square. The Sandbox has made a name for itself in the metaverse space, being one of the largest projects with a $1.5 billion market cap. A virtual plot in The Sandbox made the highest-paid digital land as it sold for $4.3 million to Republic Realm.

“As this new technology was getting adapted, one camp emerged around the notion of building a community that had a set of values and principles. And another emerged around what I would call ‘greed-based communities,” said Keith Grossman.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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