Time Magazine looks to transform Future Subscriptions into NFTs

Time Magazine’s President Keith Grossman lately said that the magazine plans to migrate all future subscriptions into NFTs of “TIMEPieces,” which will provide the NFT holders exclusive subscription rights and the capability to own their data.

Time Magazine’s President Keith Grossman stated that the companies have been looking at consumers as “renters” with data set to be exploited. With the entrance of NFTs into the notion, Grossman mentions that the consumers transform into online owners who can both benefit from their subscriptions and also control their data.

Talking about TIMEPieces NFTs Grossman: “Forget Bored Apes for a second. When you move out of the collectible space and concentrate on the community of creators and artists the tokens not only allow you to verify ownership, but it authorizes them to secure a royalty on future sales.”

About TIMEPieces

TIME Magazine NFT Collection

The NFTs of TIMEPieces consist of four collections: Genesis Inspiration, Long Neckie Women of the Year, Slices of Time, and Beatclub Collection. All NFTs from these collections are artworks enlightened by actual pictures from the Magazine.

The TIMEPieces NFTs offer their holders subscription rights and exclusive invitations to distinctive events. Users can connect their wallets on the Time Magazine webpage to verify their identity and login into their accounts.

Since the launch of the NFT collections in September 2021, Time Magazine has airdropped more than 20,000 NFTs. According to Grossman, about 12,000 wallets presently hold a TIMEPieces NFT and are also linked to the website.

Also, check out, Beginners Guide on Airdrop

The NFT mentioned above is amongst the most costly ones. It belongs to the Slices of Time collection and is on sale (at the time of writing) for 10ETH.

The average price for a digital subscription to Time Magazine is roughly $24, and the average price on TIMEPieces NFT is about $1,000. Grossman asserted that the Magazine demonstrated a stronger relationship with its NFT holders than the community it has been assembling through the $24 subscriptions.

Since its launch, the NFTs have generated more than $10 million in profit. A further $600,000 was also generated for several charities. The Magazine also bought a slot in the Sandbox called “TIME Square“. The slot will enhance the community’s bond by hosting virtual art and commerce events.

NFTs: Future of subscriptions?

Back in March 2021, Time Magazine began accepting cryptocurrency payments for digital subscriptions. President Grossman expressed that the Magazine has been following the developments in the emerging domain since September 2020 and determined that NFT-based ownership is the future.

As per Grossman, NFT-based ownership is still at its very premature stages. In the future, NFTs will vanish from the user experience, and all online validation processes will be frictionless. He also adds that moving towards a future where users won’t have to connect their wallets to prove NFT ownership should be the objective of the whole community.

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