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TIME Magazine Is Betting Big On Crypto And NFTs And Here’s Why

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TIME Magazine is betting big on NFTs and crypto as it started launching NFTs, educating the readers about it, and even holding crypto, the media brand is looking forward to its crypto journey but let’s first find out more in today’s cryptocurrency news today.

The long-running TIME magazine launched a number of crypto and NFT initiatives in 2021 and the president of the company Keith Grossman said he has strong beliefs in Web3 and potential help to onboard readers into crypto. When the NFT market exploded and brought Web3 into the mainstream, the magazine created one of its most surprising headlines and launched an Ethereum NFT which generated $446,000 worth of ETH. Bridging the century-old company into the world of crypto was not planned for a long time. TIME  President Keith Grossman said that the NFT sale came in a matter of weeks as he saw the potential for entering the market following the sale of the Nyan Cat meme as an NFT:

“There’s the great philosopher, Mike Tyson, who has that quote—that everyone has a plan until you get punched in the mouth.”

Launching magazine covers as NFTs was just the tip of the iceberg. Within weeks, the publication enabled crypto payments for its digital subscriptions and also partnered with grayscale to produce an educational crypto content and got paid in Bitcoin which it still holds on its balance sheet. Grossman didn’t only want to buy crypto and sell NFTS. He was looking to integrate NFTs into the party as well:

“I really spent a good part of six months just listening in Clubhouse and in [Twitter] Spaces, and talking to really influential and successful people within the space—who knew way more than me about how I should think about our brand.”

TIME also started making metaverse moves in partnership with Galaxy Digital and even sponsored a TIME 100 companies metaverse category:

“We take it really seriously. We’ve been around for 98 years, and our goal is to be around for another 98 years, if not longer.”

Grossman is a true believer in Web3 technology and the community that formed around it so he is often discussing the new NFT collections and trends on social media. He connected with plenty of creators and collectors in the NFT Space:

“This moment—that we’re shifting from online renters to online owners—may very well be one of the most transformative moments in our lives, right? Because we’re already online,” he said. “This notion that we could be online and be owners is absolutely mind-boggling, and this Web3 evolution of the internet plus finance to me is just incredible.”

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