Time Magazine’s President Keith Grossman recently said that he hoped to migrate all future subscriptions into NFTs of “TIMEPieces,” which give holders exclusive subscription rights and the ability to own their data.
Time Magazine’s President Keith Grossman said that the companies have been looking at consumers as “renters” with data ready to be exploited. With the entrance of NFTs into the picture, Grossman says, consumers transform into online owners who can both benefit from their subscriptions and control their data.
Grossman talked about TIMEPieces to CNBC and said:
“Forget Bored Apes for a second. When you move out of the collectible space and focus on the community [of creators and artists] … the tokens not only allow you to verify ownership, but it allows them to affix a royalty on future sales.”
The NFTs of TIMEPieces consists of four collections: Genesis Inspiration, Long Neckie Women of the Year, Slices of Time, and Beatclub Collection. All NFTs from these collections are artworks inspired by actual pictures from the Magazine.
The TIMEPieces NFTs give their holders subscription rights and exclusive invitations to specific events. Users can connect their wallets on the Time Magazine webpage to authenticate their identity and login into their accounts.
Since the launch of the collections in September 2021, Time Magazine has airdropped over 20,000 NFTs. According to Grossman, around 12,000 wallets currently hold a TIMEPieces NFT and are also connected to the website.
The NFT above is amongst the most expensive ones. It belongs to the Slices of Time collection and is on sale for 10ETH at the time of writing.
The average price for a digital subscription to Time Magazine is around $24, while the average price on TIMEPieces NFT is about $1,000. Grossman argued that the Magazine established a stronger relationship with its NFT holders than the community it has been building through the $24 subscriptions. He said:
“Outside of the [Time] name and outside of a tiny logo in the corner, the hero is always the creator. They have a huge following and are uplifted by their community […] TIMEPieces comes in and says ‘we want you to be a part of this,’ we’re validating the creator and their community […] with the heft of our nearly 100 years of legacy and trust.”
Since its launch, the NFT line has generated more than $10 million in profit. An additional $600,000 was also generated for several charities. The Magazine also purchased a slot in the Sandbox called “TIME Square.” The slot will enhance the community’s bond by hosting virtual art and commerce events.
Future of subscriptions
Time Magazine started accepting cryptocurrency payments for digital subscriptions in March 2021. President Grossman said the Magazine has been following the developments in the sector since September 2020 and decided that NFT-based ownership is the future.
According to President Grossman, NFT-based ownership is still at its very early stages. In the future, NFTs will disappear from the user experience, and all online verification processes will be frictionless.
President Grossman said that moving towards a future where users won’t have to connect their wallets to prove NFT ownership should be the goal of the whole community.