TIME Magazine Joins NFT Craze, Auctions Three Special Edition Covers as NFTs

UTC by Bhushan Akolkar · 2 min read
TIME Magazine Joins NFT Craze, Auctions Three Special Edition Covers as NFTs
Photo: Time

TIME Magazine jumps on the NFT bandwagon with its three special edition covers with one targeting the latest craze around crypto and NFTs.

The Non-Fungible Token (NFT) rage has now reached new heights with TIME magazine being the recent participant. On Monday, March 22, TIME said that it will be auctioning its three first-ever NFTs inspired by its special edition covers.

All three NFTs from TIME are currently available on the SuperRare NFT marketplace. Also, the auction will run up to midnight on Wednesday, March 24. It looks like TIME aims to make the most of the NFT craze recently in the market.

TIME Magazine NFT

Almost a week back, digital artist Beeple sold his digital artwork NFT at auction house Christie’s for a massive $69 million. On the other hand, Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT for $2.5 million. Thus, the NFT marketplace is pretty hot at the moment as TIMe seems to make the most of this opportunity.

One of TIME’s cover NFT is an iconic cover from April 8, 1966, that states “Is God Dead”? This was the magazine’s first cover to include only text written by TIME’s religion edition John Elson. The cover caused massive outrage with over 3000 letters and angry sermons from readers.

Nearly 50 years later, TIME released another such cover on April 3, 2017, during President Trump’s tenure asking “Is Truth Dead?” TIME editor Nancy Gibbs wrote:

“Just like many said they believed in God in 1966, many today would say they believe in Truth, and yet we find ourselves having an intense debate over its role and power in the face of a President who treats it like a toy. What does he actually believe? Does it count as lying if he believes what he says?”

‘Is Fiat Dead’?

The latest cover from TIME harps on the growing penetration of cryptocurrencies in the mainstream financial markets and the falling trust in fiat currencies. TIME Creative Director D.W. Pine has created this new cover “Is Fiat Dead?”

Although the word fiat doesn’t have the same vibe as God or Truth, it is much relevant in today’s scenario. Crypto has been challenging the fiat model and more so during the recent economic crisis. Also, with the Fed printing money out of thin air people have been moving closer to crypto with the fears of inflation hovering around.

“I love the idea that its meaning isn’t clear to the casual viewer – much like the crazy, lucrative world of NFTs,” TIME Editor Pine stated, speaking about his recent cover.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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