TL;DR Breakdown
- TIME magazine is scheduled to release the first-ever complete NFT issue.
- Vitalik Buterin stands as the cover for the March issue.
- The NFT Magazine cover story appears as: The Prince of Crypto Has Concerns.
On March 23, TIME will release the first-ever completely decentralized magazine issue available as an NFT on the blockchain. TIME is a well-known media brand read by millions of people every day. The cover story for the NFT edition is The Prince of Crypto Has Concerns: Vitalik Buterin’s Battle for Ethereum‘s Future.
TIME magazine’s first-ever NFT issue
The magazine collaborated with the LITDAO to produce this issue. Earlier this year, LIT conceived and created the first fully decentralized book. It is a web3 cultural currency and NFT project. On the cover of the NFT magazine is one of the Internet’s most well-known figures: Ethereum’s co-founder Vitalik Buterin.
.@VitalikButerin co-founded Ethereum. Now he's fighting for crypto's future https://t.co/b90AaKXM51 pic.twitter.com/gUz2Vnm35F
— TIME (@TIME) March 18, 2022
The publication’s entire content will be stored on the blockchain. Still, it will be hosted by a decentralized protocol, allowing readers to access the magazine in its entirety through an interactive NFT. Thanks to Circle’s assistance, the first issue will be distributed via airdrop to specific TIMEPiece and genesis LIT community wallet holders.
NFTs have received considerable press coverage from TIME magazine. The magazine has been accepting Bitcoin payments since last year and releasing NFT drops. Furthermore, the official NFT marketplace for ‘TimePieces,’ the magazine’s official NFT collection, has launched several NFT collections and worked with various artists.
The magazine, a leading news magazine, and Circle, a multinational internet finance firm that provides internet-based payments and financial infrastructure to companies, collaborated in making the March 23rd magazine issue. Finally, Transient Labs acted as a technical partner for the project.
The magazine’s advancement into Web3
Last year, the publication released three NFT pieces. The NFTs are iconic covers from the publication’s archive. The three covers were auctioned on SuperRare starting at a minimum price of 10 Ether. The covers sold for a whopping total of 241 Ether. The magazine is looking ahead to a future of crypto and non-fungible tokens (NFTs) as the 98-year-old magazine transitions into the digital space.
Concerning the March NFT issue, Keith A. Grossman, the president of Time, stated: “As TIME continues to push the boundaries as to what is possible within the Web3 ecosystem, producing the first-ever full magazine on the blockchain seemed like a natural extension for our brand and we knew this issue, in particular, would be cherished by our community.”
According to reports, the entity has named Will Ban, the magazine’s first-ever vice president of Web3 operations. Ban will help develop its Web3 vision to support content producers, collectors, and fans. Additionally, he’ll work toward the growth of television programs based on IP from the Web3 community.
The magazine`s Web3 evolution has generated more than $10 million in revenue, attracting a devoted fan base of more than 25,000 artists, collectors, and enthusiasts – many of whom have linked their digital wallets to TIME.com for frictionless access.
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