In the last six months, the growth of the Non-fungible token (NFT) space has been remarkable and very commendable. Despite the market being unpopular, the space has continued to thrive regardless. The creatives and digital artists in the space have seen their works being subjected to giant bids as investor’s interest starts to shift to the creative aspect of the cryptocurrency market. TIME Magazine, one of the world’s famous media houses, is the latest player to get involved in the booming NFT space. TIME is now set to auction three of its front cover pages, consisting of two old covers and a recent cover, as NFTs.
TIME joins Quartz and Associated Press Ltd
In an official announcement by the media giants, they have announced that they will auction off three of their works as NFT by tomorrow morning. The first work to be auctioned is one of the magazine’s front cover in April 1966, which went viral because of the caption- Is God Dead?. The second front cover set to be auctioned out as an NFT is the magazine’s front cover in 2017, which was also a debate topic due to its caption. However, the third cover that is set to be auctioned is the cover of the magazine’s latest issue- Is Fiat Dead?, which is set to address the current anti-Asian violence in Atlanta, USA.
With the new auction, the magazine has now joined a host of other media outlets that have been involved with NFTs. Popular media outlet- Quartz has recently auctioned an article as NFT, making thousands of dollars off it. Alternatively, the Associated Press had also reportedly sold a piece of its work as NFT. With media platforms and outlets meddling around the affairs of NFT, it shows that the market’s adoption continues to be on a high. They have now joined other sectors like Entertainment, Sports, and Artistry, which have now been incorporated into the NFT space.
TIME will accept crypto as payment
The NFT auctioning off their work, which is set to end tomorrow, is not the only TIME Magazine involvement with cryptocurrency. They are now set to incorporate cryptocurrency into their payment. Speaking to the press, Keith Grossman, the president of TIME, confirms that they have touting around the possibility of receiving subscription payments with cryptocurrencies like Bitcoin, and he is delighted to inform their subscribers that it is now possible.
Grossman confirmed that starting from May 2021, subscribers can now pay for the magazine’s subscription with cryptocurrencies, as they now have a system in place that will make that possible. Alternatively, the media house announced that they were searching for a Chief Financial Officer (CFO), who would help with their quest. However, it seems that they have been able to do that, much to their customers’ delight. The adoption of cryptocurrency by media houses like TIME further shows that the market has continued to grow in strength and diversity, as many around the crypto space are optimistic that the adoption will continue to be on a high.