January 5, 2023

14th Edition: How TIME is Using NFTs to Connect with its Audience

In recent years, media companies have begun to embrace NFTs to monetize their content and engage with their audience in new and innovative ways.

šŸ’”Reminder: NFTs are unique digital assets that cannot be replicated or replaced. They are stored on a blockchain, a decentralized digital ledger that records transactions transparently and securely. This means that NFTs can be bought and sold like traditional assets but with blockchain technologyā€™s added security and verifiability.

One of the key features of NFTs is their ability to represent ownership of digital assets. Media companies have begun exploring the use of NFTs to monetize their content and offer unique experiences to their audience.

For example, in March 2021, the New York Times announced an auction of an NFT representing ownership of original journalism from the newspaper. According to The Verge:

ā€œThe New York Times has entered the NFT game, selling the chance to own ā€œthe first article in the almost 170-year history of The Times to be distributed as an NFTā€ ā€” and itā€™s sold for right around $560,000.ā€

Similarly, Time Magazine released a series of NFTs called TIMEPieces, based on iconic covers, art pieces, and articles from the magazineā€™s history.

šŸ§ Background

Time Magazine is a weekly news magazine that has been in publication since 1923. It is known for its iconic red border and influential coverage of current events, politics, and culture. Time Magazine has a global circulation of over 3 million and is published in over 40 languages.

Time Magazine is known for its in-depth reporting and analysis of current events and issues. The magazine features articles on various topics, including politics, business, technology, science, and entertainment, each week. Time Magazine also frequently publishes special reports and feature articles on timely issues and events.

In addition to its print edition, Time Magazine has a digital presence, with a website and social media accounts that provide daily updates and coverage of current events. Time Magazine has received numerous awards and accolades for its journalism, including multiple National Magazine Awards and Pulitzer Prizes. It is widely regarded as one of the worldā€™s most respected and influential news magazines.

ā³ TIMEPieces

TIMEPieces includes 20,000 NFTs created by 89 artists.

TIMEPieces Screenshot

Also, the TIME magazineā€™s NFT project brought together more than 55,000 community members, connected via Discord.

TIMEPieces Community

According to TIME, TIMEPieces is an NFT community initiative inclusive of multiple collections, such as:

  • Into the Metaverse. A limited collection of Micah Johnsonā€™s ā€œInto the Metaverseā€ cover of TIME. Each NFT comes with the opportunity to receive an airdrop of Micahā€™s cover sketches that will be randomly distributed to a minimal selection of minters.ā€
  • Timepieces: Moments in Time. Moments in TIME are NFTs featuring actual TIME covers that are airdropped to TIMEPieces holders to commemorate a specific cultural event.ā€
  • The Beatclub Collection. TIMEPieces and Timbaland have recruited 14 artists to create artistic video NFTs incorporating a unique beat by Timbaland.
TIMEPiecesĀ Screenshot
  • Issue 01 Vitalik Buterin. This is the first-ever fully decentralized magazine issue available as an NFT on the blockchain. The first NFT issue features TIMEā€™s cover story on Ethereum co-founder Vitalik Buterin.
  • Artists for Peace Collection. This collection features 1:1 artworks from TIMEPieces artists inspired by the spirit of the Ukrainian people. 100% of proceeds support humanitarian & relief efforts for Ukraine.
TIMEPiecesĀ Screenshot
  • Genesis. The Genesis Collection was TIMEPiecesā€™ first drop and included work by nearly 40 artists inspired by the prompt, Build a Better Future.
TIMEPiecesĀ Screenshot
  • Slices of Time. TIMEPiecesā€™ latest collection of NFT art, inspired by TIMEā€™s nearly 100-year history, includes work by TIME Creative Director DW Pine and 38 artists.
TIMEPieces Screenshot
  • Long Neckie Women of the Year. Long Neckie Women of the Year was TIMEPiecesā€™ first Artist-in-Residence Collection by 12-year-old digital artist Nyla Hayes.
TIMEPieces Screenshot
  • Inspiration. The Inspiration Collection included work by the 40 Genesis artists and was an airdrop to all holders.
TIMEPieces Screenshot
  • Artist Spotlights. The Artist Spotlight collection was introduced to the TIMEPieces community on October 6, 2022. Established to deepen the relationship between TIMEPieces artists and collectors, the inaugural spotlight airdrop featured pieces gifted to collectors by 15 TIMEPieces artists.
TIMEPiecesĀ Screenshot

As explained:

ā€œTIMEPieces represents an important first step in TIMEā€™s Web3 community strategy, enabling us to bring together artists, collectors, and fans in a collaborative manner with the goal of building utility and community value over the long-term.ā€

āš” Significance

Considering its magnitude and brand recognition, launching an entire NFT collection highlights the magazineā€™s interest in exploring new avenues to engage its readers and prepare for the changing business landscape.

OpenSea Screenshot

There are several reasons why Time Magazineā€™s launch of NFTs is significant.

ā†’ First, NFTs have exploded in popularity over the past year, with many people seeing them as a way to invest in and own unique digital assets. This trend has been particularly evident in the art world, where NFTs have been used to sell digital art for millions of dollars. By releasing its own NFTs, Time Magazine is positioning itself as a leader in the NFT space and is looking to tap into this growing market.

ā†’ Second, NFTs offer Time Magazine a new way to engage with its audience and bring its storytelling to life in a more immersive way. By releasing NFTs that represent ownership of iconic covers and articles from the magazineā€™s history, Time Magazine provides a unique and collectible experience for its readers. This could help the magazine build brand loyalty and drive engagement with its content.

ā†’ Third, Time Magazineā€™s foray into NFTs signifies it is willing to embrace and utilize emerging technologies as part of its business strategy. This indicates a forward-thinking approach and a desire to adapt to changes in the media industry.

Overall, Time Magazineā€™s launch of NFTs is significant because it positions the magazine as a leader in the NFT space, offers a new way to engage with its audience, and demonstrates a willingness to embrace emerging technologies.

By releasing TIMEPieces, the magazine is looking to tap into the growing market for NFTs and bring its storytelling to life in a new and immersive way. It will be interesting to see how the market for NFTs develops in the coming years and how Time Magazineā€™s foray into this space plays out.