17.06.2024

TIME is selling its magazine covers in the form of NFT tokens and will accept cryptocurrency

World renowned news outlet TIME joins the fast-growing trend of unique NFT tokens. TIME has put up three magazine covers for sale backed by tokens on the blockchain.

The first is the cover of TIME for the week of April 8, 1966, with the headline «Is God Dead?» («Is God Dead?») The second is a reference to the first – a cover from 2017 that reads «Is it really dead?» («Is Truth Dead?»). The third lot of the auction was an alternative cover for the current issue, in the form of an NFT with the headline «Is Fiat Dead?» («Is Fiat Dead?»). The real cover of TIME’s March 25 / April 5 issue focuses on anti-Asian violence and the recent Atlanta spa shootings.

As a reminder, NFT tokens are one of the most popular phenomena from the world of cryptocurrency at the beginning of 2021. They are redefining digital ownership and taking advantage of the blockchain. First, the latter is transparent, which allows anyone to be sure that a particular address actually owns a particular job. Secondly, it cannot be changed – and this protects against possible forgeries and other troubles.

The topic became especially popular amid the activity of Twitter co-founder Jack Dorsey. He put up his first tweet as an NFT token for sale and sold it for the equivalent of $ 2.91 million.

dorsey tweet nft

Jack Dorsey’s sold tweet

If you want to get acquainted with the topic in more detail and understand the principle of creating an NFT, we recommend that you familiarize yourself with our detailed material. It also provides examples of work for which buyers have paid huge sums.

Who sells NFT tokens

At the same time, everything will not end at the auction with NFT. TIME President Keith Grossman announced on Twitter that the magazine will begin accepting cryptocurrency as payment for subscriptions within the next 30 days. The company is also looking for a new CFO who – as the LinkedIn post says – «is comfortable with Bitcoin and cryptocurrencies.»

TIME magazine cover

This is how those TIME covers look like

The hype around NFT or non-fungible tokens is hitting new highs and has penetrated many other industries. This is largely due to the fact that NFTs can provide transparent proof of ownership of digital objects. They are already sold by famous musicians, artists, Twitter regulars, billionaires and other influencers.

Recall that earlier this month, the artist under the pseudonym Beeple sold NFT at Christie’s for $ 69 million. His work has become the most expensive blockchain-linked creation and one of the most expensive paintings in the world at large.

Grimes NFT cryptocurrency tokens

Renowned performer Grimes has already sold NFT for several million dollars

That being said, TIME is not the first media outlet to experiment with NFT. Previously, the Associated Press sold the artwork in the form of a unique token, and the Quartz portal published an article backed by the NFT. Finally, the Bleacher Report auctioned digital basketballs for the NBA All Star Weekend, and Decrypt unveiled the NFT reward system for readers.

Another prime example of the development of the industry is an announcement from rap artist Rico Nasty, who sells a looping video associated with her new single, «OHFR?» This is done in the form of an NFT token on the SuperRare platform.

Rico Nasty rap musician

Rico Nasty

The video was created by Don Allen III, an artist and animator who is also directly related to the new trend in the digital asset industry. In an exclusive interview with Decrypt, Rico Nasty stated that she was very impressed with the potential of the unique tokens. Here is a quote in which the author shares his attitude to what is happening. The cue is from Decrypt.

You can literally buy something and own it forever. It’s like a new stock market for art. I could make $ 500 tonight, but in two or three years, damn … I think that’s encouraging.

We believe that the full potential of NFT has yet to be unleashed. Now more and more artists, musicians and creators are connecting to the topic, which means they appreciate the advantages of the blockchain and allow its massive use in the future. Accordingly, the industry still has room to grow, but the immutable blockchain technology will continue to develop.

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