TIME Magazine presents subscription NFTs called TIMEPieces collection of its cover issues to honor its long legacy on the blockchain.
When it comes to fashion, entertainment, news, or any other media industry, TIME ranks the highest among all. Having interviewed thousands of celebrities and personalities this magazine has constantly brought innovation through design or technology.
Committed to its 99-year-old vision of bringing something new and unique to the mainstream, the magazine brand decided to launch digital covers of its famous issues last year, becoming the first-ever publication to do so. TIME has sold 20,000 NFTs generating $10 million in revenue, according to CNBC.
In this article, you will learn everything about the TIME NFT project:
What is TIMEPieces?
Launched in September 2021, TIME’s NFT collection TIMEPieces featured cover issues, giving fans a chance to own their favorite publications in a blockchain. The project aims to create a Web3 community of fans, artists, and collectors that share the same interests and can work together to build a better world.
Some of the artists already in the NFT community space include FVCKRENDER, Justin Aversano, Baeige, J.N. Silva, Olive Allen, Victor Mosquera, and more. Fun Fact: Nylah Hayes was the first artist to be part of the TIMEPieces project.
“…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,” Grossman shared.
So far 7 collections with 89 artists and 55,000 community members have been launched by TIME, each being different from one another. Part of the proceeds was also donated to charities; around $600K.
We will be listing them one by one so you can fully understand how this initiative has officially brought TIME into the NFT space.
- TIMEPieces Slices of TIME: Slices & Artists
- TIME: Issue 01 – Vitalik Buterin
- TIMEPieces x Timbaland: The Beatclub Collection
- TIMEPieces: Moments in TIME
- TIMEPieces: Into the Metaverse by Micah Johnson
- TIMEPieces: Artist Spotlights
1. TimePieces Slices of TIME: Slices & Artists
TIME’s first-ever NFT collection was dropped in two parts in February 2022. The first part called TimePieces Slices of TIME (Slices) features slices of various cover photos into one NFT celebrating TIME’s 100-year legacy. It sold 4,000 collectibles via a 10-day burning period to unveil the rarity traits and maintain their demand in the market.
The 99 artworks are created by TIME Creative Director D.W. Pine that dates back to 1923 when TIME magazine was founded by Henry Luce and Britton Hadden until 2020.
So far, the collection has 3,003 collectors and has generated 485 ETH revenue, which is around $7.8M according to the present exchange rate.
The second part of the NFT series is called TimePieces Slices of TIME (Artists) showcasing the 100-year history by including the work of 38 artists and Director Pine. However, instead of burning, the rarity ranking was determined by the Slice of TIME buyers.
The collection comes in four editions, single red border, double red border, single white border, and white double border.
These NFTs were made differently as TIME first picked 19 artists with 19 collaborators, each duo to design two parts of artwork, one inspired by the past and one envisioned for the future. This was a unique approach that not only shows multiple interpretations of the past covers but also how they the future years for TIME covers
The TimePieces Slices of TIME (Artists) recorded 295 ETH in NFT sales, which is around $470k.
2. TIME: Issue 01 – Vitalik Buterin
TIME’s first-ever NFT issue was minted on the blockchain with a feature cover of Vitalik Buterin, the co-founder and chairman of Ethereum, wearing a t-shirt that says “The Prince of Crypto Has Concerns” by Andrew Chow, photo credit to Benjamin Rasmussen. It is a legendary drop that changed the trajectory of media publication.
Launched on March 23, 2022, this magazine was fully decentralized with interactive advanced technology in partnership with LitDAO, a non-profit organization, enabling owners to read the contents in it digitally.
According to Grossman, the cover with Buterin holds special meaning because it represents the greater NFT community which is also part of TIME’s genesis collection. This NFT was airdropped to pick TIMEPiece owners and wallet holders from the LIT community.
3. TIMEPieces x Timbaland: The Beatclub Collection
TIME in collaboration with Timbaland, GRAMMY® award-winning producer and CEO of tech, presents The Beatclub Collection featuring 252 NFTs.
This series was exclusively produced by 14 talented artists selected by the producer and TIME to create artworks inspired by Timbaland’s unique beat.
These single edition NFTs have two varieties, white and red border; the red border being the rarest of all.
The holders got access to a customized soundpack from Beatclub which they can use to create tunes or sounds and enter contests to win a VIP member pass to Beatclub.
4. TIMEPieces: Moments in TIME
For a century-old magazine, there are many historic moments featured on various issue covers that hold deep meaning to TIME’s brand. This NFT collection was airdropped to celebrate a cultural event in the brand’s history.
These are existing physical covers that were especially given as a present to the NFT holders.
5. TIMEPieces: Into the Metaverse by Micah Johnson
The future of the virtual world and the internet is here, and TIME decided to debut a special artwork in a limited edition designed by the great digital artist Micah Johnson. The cover was released for the August 2022 Issue featuring Johnson’s own fictional character aka first digital explorer Aku.
“Into The Metaverse” cover is a blend of futuristic colors and buildings in the background with Aku stepping out through a portal that directly portrays the concept of a metaverse of transporting players from physical to virtual.
The lucky minters of this collection would receive a random airdrop of Johnson’s sketches.
6. TIMEPieces: Artist Spotlights
A collection by artists in partnership with TIME for TIMEPieces NFT presents unique artworks as gifts to holders. Many creators like Jarvinart, Kendall Chambers, DarkMythst, Allison Dayka, and Parin Heidari, have gotten the chance to showcase their talent globally through the Magazine’s Web3 franchise.
This collection is currently ongoing as part of the TIMEPieces Collector Flash Challenge for the annual TIME 100 Summit 2022.
Utility
The TIME NFTs have a good demand in the market, especially for those artworks or covers that hold historical meaning. Other than receiving the collection-specific utility, as mentioned above, the magazine also plans to offer owner-only benefits:
- Unlimited access to TIME.com
- Invitation to IRL events
- Access to exclusive digital experiences
- A part of the proceeds are donated to charities
And other opportunities are coming soon in 2023.
“TIMEPieces is our latest foray into NFTs, this time with the goal of also fostering community, loyalty and rewards,” Grossman said in a statement.
TIME in The Sandbox
Although this might not be related to NFTs, TIME is also expanding its Web3 endeavors into the metaverse with the recent partnership announcement with The Sandbox. Grossman’s interest in NFTs and metaverse has led the magazine to honor its long legacy by building a Time Square on the virtual platform.
As of now, only the announcement has been sent out, but the virtual building launch will most likely happen in early 2023. Players on The Sandbox can shop around and experience it just like real Time Square in New York.
Final words
TIME Magazine is doing that no one else has ever done. By honoring its own history and empowering small digital artists through its big platform, the publication media is contributing to the development of Web3 in the mainstream.
Almost every big celebrity has been featured in TIME issues. In fact, many people believe it’s a great privilege to be mentioned in the magazine. With blockchain technology and NFTs, the influencers and celebrities in Web3 will get a chance to showcase their talent via the magazine.
On the other hand, owning a TIME NFT can be beneficial as it gives holders the utility of a digital subscription to the magazine along with other rewards.
For more information on TIMEPieces visit: nft.time.com.
