TIME looks to implement NFTs for future magazine subscriptions
In its latest move into the NFT space, TIME is now looking to implement an NFT strategy for all future subscriptions into NFTs of ‘TIMEPieces’ to its magazine.
The future subscriptions will be migrated into TIMEPieces NFTs, where all holders will be granted exclusive subscription rights, invitations to exclusive events and the ability to own their own data. Holders will be able to connect their wallets on the TIME Magazine website to access unlimited TIME content.
There will be four collections of the TIMEPieces NFTs featured: Genesis Inspiration, Long Neckie Women of the Year, Slices of Time, and Beatclub Collection. All NFTs from these collections are artworks based on original photography, digital art from Web3 artists, including Farokh Sarmad, Joanne Hollings and Julie Pacino and others.
The NFTs will have the brand’s iconic red frame around them, which Grossman described as highlighting ‘the next generation of artists’.
In addition, Grossman said that companies have been regarding consumers as ‘renters’ with data ready to be exploited. By introducing NFT subscriptions, consumers will be able to become online owners who can take control of their data and receive perks as subscribers.
The magazine will also start accepting 33 types of cryptocurrencies as payment methods.
In less than a year TIMEPieces have generated around 20,000 NFTs that are owned by around 12,000 online wallets, with a profit of US$ 10 million. Out of the profits, US$ 60,000 was donated to various charities.
Compared to the average price of around US$ 24 for a digital subscription to Time Magazine, the average price for each TIMEPieces NFT is priced at around US$ 1,000. Grossman explained that the Magazine has built a stronger relationship with its community of NFT holders than the community it has been building through the traditional subscriptions.
'Outside of the [Time] name and outside of a tiny logo in the corner, the hero is always the creator. They have a huge following and are uplifted by their community […] TIMEPieces comes in and says ‘we want you to be a part of this,’ we’re validating the creator and their community […] with the heft of our nearly 100 years of legacy and trust.' Grossman added.
This news comes after the magazine empire announced its creation of its NFT community initiative TIMEPIECES, and TIME Square in the Sandbox Metaverse. TIME Square aims to become a cultural destination ‘for convening, art and commerce, inspired by the visual spirit and energy of the iconic neighborhood [Times Square] in [real life] New York City.’
In similar news, back in March 2022, the magazine issued its first NFT edition which Ethereum co-founder Vitalik Buterin graced the cover of.