Time Magazine looks to turn all future subscriptions into NFTs
TIMEPieces token holders can connect their digital wallets to TIME's website, which gives them unlimited access to TIME content, as well as exclusive invitations to both virtual and in-person events. Some of the more popular tokens within the TIMEPieces collection include photography and other forms of digital art from 89 emerging Web3 artists, including Farokh Sarmad, Joanne Hollings and Julie Pacino, daughter of actor Al Pacino, among others. It's also attracted many well-known celebrity collectors, from Anthony Hopkins to Eva Longoria and Miguel.
In addition to auctioning off original renderings of their most famous cover stories, TIME adds its iconic red-frame to each NFT created by these emerging artists — a group curated by the media giant's creative director, D.W. Pine. Grossman describes it as highlighting the "next generation of artists," as the brand prepares to celebrate a century of publishing the news-related cover art it's known for today.
Since September, TIME has created, or "dropped" as it's known in the space, more than 20,000 TIMEPieces NFTs that are owned by roughly 12,000 digital wallets, approximately half of which are connected to Time.com, according to Grossman — that's translated into $10 million in profit for TIME, as well as $600,000 generated for various charities.
TIME recently partnered with ethereum-based gaming platform The Sandbox to create a virtual space in the metaverse dubbed TIME Square, which will serve as a central location for the brand to host virtual art and commerce events