Time Magazine President Keith Grossman recently stated that he planned to convert all future subscriptions into NFTs of “TIMEPieces,” which provide holders with special subscription rights and the opportunity to own their data.
Keith Grossman has spent the last year creating the 99-year-old media brand’s NFT business, TIMEPieces, and the publisher currently takes 33 cryptocurrencies for digital subscriptions. Since September, the media conglomerate has manufactured, or “dropped,” as they are known in the industry, over 20,000 TIMEPieces NFTs, producing a $10 million profit and $600,000 for charity.
A digital subscription to Time Magazine costs around $24, but TIMEPieces NFT costs approximately $1,000. Grossman said that the Magazine’s engagement with its NFT holders was more significant than the community it had been establishing through the $24 subscriptions.
According to the President, firms have viewed customers as “renters” with information ready to be exploited. But, according to Grossman, the introduction of NFTs into the picture transforms customers into online owners who can both benefit from their subscriptions and manage their data.
TIME has collaborated with the ethereum-based game platform The Sandbox to establish TIME Square, a virtual place in the metaverse that will serve as a focal destination for the brand to organize virtual art and commerce events.
What will be the future?
NFT-based ownership, according to President Grossman, is still in its early phases. However, NFTs will be phased out of the user experience in the future, and all online verification processes will be frictionless.
President Grossman stated that the entire community should strive towards a future where users do not need to connect their wallets to show NFT ownership.
