Time Magazine is an iconic publication, which first came in to print nearly 100 years ago. Looking to ensure its place in the media industry for the next 100 years, the publication has recently taken multiple steps to incorporate blockchain technology in to its operations.
One of the first steps being taken by Time Magazine as it adapts to the future of media, is through the expansion of its accepted forms of payment. In a recent twitter post, Time Magazines President, Keith Grossman, broke the news that the publication would soon accept cryptocurrencies as a form of payment of its subscription service. While he did not expand on which cryptocurrencies would be accepted, it would be fair to assume Bitcoin would be the headliner.
Subscription services are a good outlet for adoption of crypto at this time, as they are not overly time sensitive. With regards to Bitcoin, this will change once the lightning network goes widespread and instant transactions are supported – for now, moves like this, along with those being considered by companies such as Microsoft are positive steps forward.
Only weeks ago, waves were made when a non-fungible-token (NFT) was sold for a staggering $69 Million. The auction, which took place through the famous Christie’s auction house, was a watershed moment for NFTs. While there had been large sums paid for NFTs prior, nothing had occurred to that extent.
Much like its recognition of crypto as a viable form of payment for subscriptions, Time Magazine has taken note of NFTs, and decided to capitalize on the trend. The magazine has just announced that it will be auctioning off a trio of NFTs, based off of its well-known ‘Is God Dead’ cover from 1966. In addition to recreating this famous cover as an NFT, it will be joined by another reading ‘Is Truth Dead?’ harkening back to its cover from 2017. Finally, a third and new cover reading, ‘Is Fiat Dead?’ will close out the NFTs on offer.
Based on the current popularity of NFTs, combined with the clout and iconic status brought to the table by Time Magazine, there is no doubt that this auction will be one to watch.
While the current hype around NFTs may come across as though they only carry importance as a novel form of collectibles, they are more than that. NFTs allow for the verification of authenticity – an important capability in a world rife with fakes and knock-offs. Yes, they may currently be in a bubble when looking at selling prices, but NFTs do play an important role and will be here for some time moving forward.
Bitcoin Savvy C-Suite
To make moves like the auctioning of NFTs and crypto-based subscriptions possible, Time Magazine has recognized a need for its top brass to be comfortable with blockchain technologies. As such, the company has decided to shake things up, setting out to find a CFO savvy in such sectors.
The listing, which can be found HERE, notes that “The media industry is undergoing a rapid evolution”. As younger generations move away from physical print, and the number of options online proliferate, adaptation to this evolution is vital.
While the verdict is still out on each of the moves described here today, Time Magazine is clearly determined to not be left behind.