TIME Magazine Joins Crypto Space By Selling Its Own NFT Collection To Public

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TIME magazine President Keith Grossman has announced the launch of their historic “TIMEPieces” non-fungible token collection last Wednesday, September 22. The collection is part of the “Build a Better Future” initiative, which was established in 2005.

The huge collection was made public as soon as all of the NFT artworks were readily minted. The launch is part of a community effort that includes unique digital masterpieces from more than 40 artists. 

NFTs convert digital artworks and other valuables into verifiable and unique assets too, which are simple to trade on the blockchain. There were more than 4,000 different NFTs in the TIMEPieces collection and all of the NFTs were also created from 37 different pieces of original artwork. 

Some of the works are still images, while others are animations. All of the pieces in the collection are entirely unique to TIME, and each one is centred around the concept of “Building a Better Future.”

https://twitter.com/KeithGrossman/status/1440667087467208710

TIMEPieces Garners More Than 400 ETH In Profit

The price of each TIMEPiece was set at 0.1 ETH (around £200) with its own goal of drawing a large number of digital collectors to the platform. 

Surprisingly, when the transaction was made public, all NFTs were snapped up in a matter of minutes.

The artists for the NFT collection of TIMEPieces, were selected by TIME Creative Director DW Pine, who initially asked no more than 30 local artists to participate in the initiative.

Names such as Allison Dayka, Addie Wagenkhecht, Baeige, Charly Palmer, Destiny Kirumira, Drue Kataoka, Ed Gabel & Ian Brown, and Emonee LaRussa were all listed as artists who contributed to the project.

The artists selected to take part in TIMEPieces come from almost every continent and use a broad range of techniques in their work, including photography, illustrations, paintings, and other mediums.

https://twitter.com/KeithGrossman/status/1441084811142041613

Special Perks & Privileges For NFT Owners

Owners of TIMEPieces NFTs will be able to link their digital wallets to the TIME website and enjoy unrestricted access until TIME’s 100th Anniversary in 2023. 

Furthermore, they will also get special invitations to TIME’s upcoming in-person events, as well as access to a range of exclusive digital experiences, among other things. 

Additionally, TIME will be providing extra possibilities to owners of numerous pieces of artwork in the near future.

Read more about NFTs:

 Freddie Mercury NFTs On Auction, Remembering The Fight Against AIDS

TIMEPieces Acts As A Symbol Of TIME’s Digitalization

As for the reason why TIME decided to distribute the digital art collection as NFTs, President Keith Grossman said that the collection is the company’s newest venture into digital art, and that “the aim is to also create a digitalized community, loyalty, and incentives.”

The NFT collection will also be transformed into a commemorative hardcover edition, which will be shown at Dreamverse, the world’s first NFT art and music festival, which will take place in New York City on November 4 2021.

Even though many NFT drops have taken place in the media space to date, the release of TIMEPieces marks the first time a major media brand has taken a Web3 approach to community building. 

Share Your Thoughts!
Are you anticipating other major brands especially within the media arena to follow the steps of TIME Magazine? Share your opinion in the comments below.

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