How Web3 Technology Helped TIME Magazine Rejuvenate Its Brand
August of that year saw TIME develop the “Into The Metaverse” NFT collection. They made it the magazine’s front cover. Which is possibly its most well-known contribution to Web 3.0. Micah Jonhson, a well-known digital artist in the NFT industry, created the cover. It depicts Johnson’s creation Aku, who he believes to be the first digital explorer, entering a doorway into another dimension.
It’s telling that TIME chose a renowned NFT artist over a member of their own staff to create the front page. They’re obviously serious about entering the market and want to have an influence rather than just do it for the money. The partnership will increase interest in the artist’s future works from sources other than the typical crypto community and introduce more people to the Web 3.0 space.
According to estimates, TIME’s Web 3.0 initiatives have brought in about $10 million in revenue for the firm, $600,000 for charitable organizations, and 25,000 fervent artists, fans, and collectors. Given the future impact Web 3.0 technologies will have, it is impossible to estimate the community’s potential value, but it may be in the billions.
With its TIMEPieces NFT collection, TIME continues to support this community. The collection, which was created on the Ethereum blockchain, aims to create a community for Web 3.0 and the magazine. Over 40 international artists working in a variety of fields are represented. This, according to TIME, “represents a crucial initial step in TIME’s Web3 community strategy, enabling us to bring creators, collectors, and fans together in a collaborative manner with the objective of increasing utility and community value over the long-term.”
How Web3 Technology Helped
Grossman wishes to give back to the Web 3.0 community for their extraordinarily kind assistance. specifically in enabling TIME to take the initial steps into the area. He makes use of his Twitter account to promote new artists. Also to show off what TIME is doing in the field. Even more, TIME now gives users the option to link their wallets to the website. Also it splits a portion of NFT revenue with artists. A user can gain access to particular airdrops, unrestricted site access, and live virtual events. All this by connecting their wallet and having a TIMEPiece NFT.
According to Grossman, the initial goal was to revive TIME. A brand that had been neglected for a decade rather than entering Web 3.0. He has nonetheless been interested in bitcoin since 2014 and identified the economic possibility in the NFT market.
It’s impossible to predict what Web 3.0 and the magazine will look like in the future, but TIME’s initial explorations into the field have been extremely positive. TIME has made millions of dollars for the magazine and contributed to creating a community around it, both of which will help it moving forward. It is impossible to undervalue Web 3.0’s potential, and businesses who participate early will stand to gain the most. TIME has demonstrated this and laid a solid foundation. From which it can continue to develop and use to expand its business in the upcoming wave of internet technologies.
