The renowned Time magazine releases an entire magazine issue as an NFT. This will be the first time a full issue from any digital or print publication has been put on the blockchain.
According to the press release, the issue is featuring Ethereum co-founder Vitalik Buterin on its cover. Hailed as the ‘prince of crypto,’ Buterin talks about Ethereum, NFTs, the Russia-Ukraine crisis, etc, in the interview.
The NFT is developed in collaboration with the LITDAO and will be distributed to a limited number of TIMEPiece NFT holders and genesis LIT community wallet users.
The issue will be hosted through a decentralized protocol that will allow holders to read the magazine in its entirety as an interactive NFT, similar to LITDAO’s first NFT.
This magazine is being presented by Circle, a worldwide online finance firm. The project’s technical partner is Transient Labs. TIME will airdrop the NFT issue to select TIMEPiece and genesis LIT community wallet holders.
Time’s President, Keith A. Grossman, President 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.”
TIME also announced that Will Ban has joined the company’s first-ever VP of Web3 Operations. Ban will be responsible for putting TIME’s web3 vision into action, including expanding the company’s support for creators and artists, collectors and community, CMOs and Brands, and the development of television shows based on web3 IP.
TIME’s web3 development has generated over $10 million in revenue and built a loyal community of over 25,000 artists, collectors, and fans.