Today (March 18), Time announced the release of a full magazine issue that will be available as an NFT. This latest endeavor from the legacy publication will mark the first time any digital or print publication has released an entire issue on the blockchain.
Over the past year, Time has grown increasingly involved in the NFT ecosystem. In September of 2021, it launched an NFT collection called TIMEPieces, featuring original artwork from more than 40 artists. Shortly after, it named teenage NFT sensation Nylah Hayes as its first artist in residence. Since then, the TIMEPieces NFT initiative has become a staple of the NFT community.
In line with TIMEPieces’ digitally native nature, the issue will feature a cover story on Ethereum co-founder Vitalik Buterin.
In a press release, Keith A. Grossman, President at Time, outlined the significance of the move and its value to members of the TIMEPieces community. “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,” he said.
The NFT was created in partnership with the LITDAO and will be airdropped to select TIMEPiece holders and genesis LIT community wallet holders. The issue will be hosted through a decentralized protocol that — similar to LITDAO’s inaugural NFT — will allow holders to read the magazine in its entirety as an interactive NFT.
It was also announced today that Time hired its first-ever VP of web3 Operations, Will Ban. Ban is making the jump from Artsy, an online art brokerage that develops and hosts websites for numerous galleries. And he will focus on operationalizing the publication’s Web3 vision.
In an interview with nft now discussing the announcements, Grossman stated that the publication hopes to “push the boundaries as to where we can provide unique opportunities and value to our consumers.”
He continued by noting that the team was inspired to create this project as a result of the success they saw with the airdrop of Foto Vault, the first-ever Photobook published to the blockchain. “In this instance, we figured publishing the first-ever, interactive issue of a magazine to the blockchain – not to mention, one that features Vitalik Buterin on the cover and within the issue – would be a special treat to those dedicated community members who own all of our Signature collections,” he said.
To date, TIME’s web3 initiatives have generated more than $10 million in revenue and helped them create a community of over 25,000 artists, collectors, and NFT enthusiasts.
Image credit: Time/nft now