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Keith Grossman, President of Time Magazine, recently announced all future subscriptions.TIME Pieces“This allows the owner to own exclusive subscription rights and data.
Keith Grossman, president of Time Magazine, said businesses see consumers as “lessors” ready to leverage their data. With the advent of NFTs, consumers will benefit from subscriptions and transform themselves into online owners who can manage their data, Grossman said.
Grossman talked about TIME Pieces CNBC And said:
“Forget the boring monkey for a moment. When you move out of the collectible space and focus on the community [of creators and artists] With tokens, you can not only verify ownership, but also pay royalties for future sales. “
The TIME Pieces NFT consists of four collections: Genesis Inspiration, Long Neckie Women of the Year, Slices of Time, and Beatclub Collection. All NFTs in these collections are artwork inspired by the actual photographs in the magazine.
TIMEPieces NFT gives owners subscription rights and exclusive invitations to specific events. Users can connect to their wallet on the Time Magazine web page to authenticate their identity and log in to their account.
Since the launch of the collection in September 2021, Time Magazine has dropped over 20,000 NFTs in the air. According to Grossman, about 12,000 wallets currently hold TIME Pieces NFTs and are also connected to websites.
The NFT above is one of the most expensive. Belongs to the Slices of Time collection Sale 10 ETH at the time of writing.
The average price of a Time Magazine digital subscription is about $ 24, while the average price of a TIME Pieces NFT is about $ 1,000. Grossman argued that the magazine had established a stronger relationship with NFT holders than the community it had built through a $ 24 subscription. He said:
“Outside [Time] Outside the name and the little logo in the corner, the hero is always the creator.They have great support and are uplifted by their community [] TIME Pieces comes in and says, “We want you to be part of this.”We are verifying the creator and its community [] With the weight of our nearly 100 years of heritage and trust. “
The NFT line has generated more than $ 10 million in profits since its launch. An additional $ 600,000 was also generated for some charities. The magazine also bought a sandbox slot called “Times Square”. Slots strengthen community ties by hosting virtual art and commerce events.
Time Magazine began accepting cryptocurrency payments for digital subscriptions in March 2021. Grossman has determined that Magazine has been tracking the development of this sector since September 2020 and that NFT-based ownership is in the future.
According to President Grossman, NFT-based ownership is still in its infancy. In the future, NFTs will disappear from the user experience and the entire online verification process will be smoother.
Grossman said it should be a community-wide goal to move into a future where users don’t have to connect wallets to prove ownership of NFTs.
