Monday, December 6

Time magazine ventures into the metaverse and will hold Ethereum

Key facts:
  • TIME will publish a weekly newsletter dedicated to metaverses to educate readers.

  • The magazine had already dabbled in the world of cryptocurrencies before, accepting BTC.

The prestigious American magazine TIME announced this week that it will begin to hold ether (ETH), the native cryptocurrency of the Ethereum network, on its balance sheets. This as part of his formal foray into the narrative of metaverses, a virtual space that he will access from the hand of Galaxy Digital.

This was reported by the financial services and investments in cryptocurrency company founded and directed by businessman Mike Novogratz, in a Press release released on November 18.

They also indicated that TIME will accept ETH as a means of payment, becoming one of the most important media organizations that work with the second most important cryptoasset in the ecosystem.

“True to its approach to cryptocurrencies and Web3, Galaxy Digital funded the incorporation of ether (ETH), the native cryptocurrency of the Ethereum blockchain, marking the first time that a major media organization has accepted ETH as payment. In addition, TIME magazine will mark ETH on its balance sheet for the first time, ”they explained in the note.

As required, they will pay TIME with ETH taking advantage of the fact that the publisher already accepts payments with cryptocurrencies, a practice that they carry out since the beginning of this year.

In March, TIME offered an exclusive series of three magazine covers as non-fungible tokens (NFTs), which were up for auction. Among them, the most iconic covers in the 98-year history of the famous magazine and the first designed solely as an NFT, as recorded by CriptoNoticias.

And as if that were not enough, then they reported something similar to what was reported today: started receiving their first payments in BTC, which are incorporated into its balance sheet, joining companies such as MicroStrategy and Square, which have pioneered the use of bitcoin as part of its strategic treasury reserve.

“Galaxy Digital truly understands the massive growth and potential of the metaverse and the Web3. Our team is playing an integral role in educating the traditional world about this evolution, “said Keith A. Grossman, president of TIME magazine. “I am very excited to partner with these visionaries as we combine the power of media and the metaverse to educate our readers and work our way to a more immersive virtual future,” he said.

TIME decided to fully enter the metaverse / Source: TIME.

Galaxy Digital highlighted the launch of TIME100 Companies Metaverse, a company that, at first, will educate people about what metaverses are.

For now, they will start with a new weekly TIME newsletter, called “Into the Metaverse” and it will be written by Andrew Chow. According to Galaxy Digital, the article “will explore the ways in which our physical and digital selves become increasingly intertwined.”

“Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming difficult to distinguish, ”Novogratz said. “We look forward to partnering with TIME, an iconic brand that drives innovation, as we seek to bring readers, creators and onlookers to the metaverse and demystify the tremendous amount of transformation that is happening within,” he said.

In order to achieve the goal, TIME will rely on educational resources additional ones related to metaverses, through the new TIME for Learning page, to be inaugurated next December.

“TIME will take advantage of Galaxy Digital’s deep experience in virtual worlds to help explain the metaverse and its exciting potential for the future,” they explain from Galaxy Digital.

Not the first publishing foray into the world of cryptocurrencies

While the arrival of TIME marks a precedent when it comes to large publishers and their participation in the cryptocurrency ecosystem, it is not the first to join. This same year, a large publishing firm enjoyed the benefits of NFTs.

It’s about the magazine Rolling Stone, which, as this media outlined, launched collectable covers in digital and paper format for sale. On the one hand, the virtual ones it was only two units that were sold using non-fungible tokens (NFT) in an auction held from November 10 to 14. And, on the other hand, the printed ones were a limited edition of 2,500 copies that were already sold out.

The union between cryptocurrencies and media companies is something that is just beginning to go viral. Both initiatives benefit from its advantages, and it already seems an almost inseparable union.

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