TIME Magazine launches its NFT collection
The iconic news magazine TIME has launched TIMEPieces, an NFT series that features original works by more than 40 artists.
TIME to explore
The TIME magazine launched its NFT collection, TIMEPieces, that went on sale yesterday, on 23rd September.
The collection consists of 4,676 editions currently displayed on the OpenSea NFT marketplace. Each item is priced 0.1 ETH (about £215), but they are already trading at a much higher price on secondary markets.
The press release states that owners of TIMEPieces will be able to connect their digital wallets to Time.com to receive unlimited access to the website through TIME’s 100th Anniversary in 2023. They will also receive exclusive invitations to some of the upcoming events and get access to a large amount of exclusive digital content.
Behind the TIMEPieces
The artists for the NFT collection come from a group organised by TIME Creative Director D.W. Pine. The works presented within TIMEPieces collection range from photography to illustrations, from painting to animation. Many artists have previously worked with TIME, creating covers for the magazine.
“TIMEPieces is our latest foray into NFTs, this time with the goal of also fostering community, loyalty and rewards. While many of the NFT drops that have happened to date within the media space have focused on high-end single editions or multiple versions of collectables, the release of TIMEPieces marks the first time a major media brand has taken on a Web3 approach toward building community and using this technology as an innovative extension of our current Digital Subscription efforts.”
The TIMEPieces collection might further become a hardcover book to hit the shelves during the company’s anniversary celebration season.
The secondary markets have already ramped up the prices for the NFTs, the most expensive being “Control Room”, currently trading at 4,269 ETH (about £9 million) on OpenSea.
On 24th September, the OpenSea trading platform reported that the trading volume for the TIMEPieces collection amounted to 6,600 ETH.
What’s next for the NFT ecosystem?
Daily sales exceeding £195 million at the end of August, the NFT fever has subsided. Nonfungible.com analytics reported that the daily sales volume of non-fungible tokens amounted to £20 million as of 23 September.
CryptoSlam announced that Axie Infinity had become the most popular NFT collection of the week selling NFTs to the amount of £56.7 million in 7 days. The second most popular collection was Art Blocks, whose sales for the 7-day period amounted to £24 million.
It looks like launching an NFT collection is becoming a criterion for an established business. TIME has become a pioneer in the industry, which in all likelihood means that soon we will see more publishing houses follow the trend.
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