Time Magazine announced plans to incorporate crypto into its business model this week. According to a tweet from Keith Grossman, the publication’s president, Time Magazine will begin accepting cryptocurrency as a form of payment for digital subscriptions within the next thirty days.
Time Magazine will also be selling off three of its magazine covers as NFTs (non-fungible tokens). This past Monday, the company released its first-ever NFT cover with the title “Is Fiat Dead?” Time is auctioning the NFT and two others on the digital artworks marketplace, SuperRare.
The NFT market has become increasingly popular and lucrative, contributing to a crypto-art market that’s currently valued at over $100 million. A non-fungible token is a special type of cryptographic token which represents something unique; non-fungible tokens are therefor not mutually interchangeable, unlike cryptocurrencies such as bitcoin, and many other network or utility tokens that are fungible in nature.
Speaking to Yahoo Finance’s Julia La Roche Time President Keith Grossman said that the company is very comfortable seeing the “trend lines as to where this [crypto] is going,” and that their goal is to “get there first to get there fast. And then to be able to open it up to others.”
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Time Magazine joins a growing list of companies including Tesla, Mastercard, Twitch, Square, Microsoft and more, who all use/accept crypto. Artists who have already cashed in on NFTs include songwriter and producer Grimes, who auctioned off a collection of digital artworks for millions of dollars on the NFT trading platform Nifty Gateway
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In February, the digital comic artist Chris Torres sold an NFT of his Nyan Cat for nearly $600,000, while a host of musicians such as Kings of Leon have already sold their work as NFTs.
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