Time Magazine plans to convert all future subscriptions to NFTs

Time Magazine President Keith Grossman recently stated that he hoped to convert all future memberships into NFTs of “TIMEPieces,” which grant holders exclusive subscription rights as well as the option to own their data.

According to Time Magazine’s President Keith Grossman, the companies have been viewing consumers as “renters” with data ready to be exploited. As per Grossman, the introduction of NFTs into the picture transforms consumers 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.”

TIMEPieces NFTs

TIMEPieces’ NFTs are divided into four categories: Genesis Inspiration, Long Necktie Women of the Year, Slices of Time, and Beatclub Collection. All of the NFTs in these collections are works of art inspired by authentic magazine images.

The TIMEPieces NFTs provide holders with subscription privileges as well as special invitations to select events. Users can validate their identities and login into their accounts by connecting their wallets on the Time Magazine website.

Time Magazine has airdropped nearly 20,000 NFTs since the collections’ debut in September 2021. According to Grossman, around 12,000 wallets currently include a TIMEPieces NFT and are linked to the website.

A digital membership to Time Magazine costs approximately $24, whereas TIMEPieces NFT costs approximately $1,000. Grossman said that the Magazine’s engagement with its NFT holders was stronger than the community it had been establishing through the $24 memberships.

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.

In March 2021, Time Magazine began accepting cryptocurrency payments for digital subscriptions. President Grossman stated that the Magazine has been monitoring industry trends since September 2020 and has concluded that NFT-based ownership is the way of the future.

NFT-based ownership, according to President Grossman, is still in its early phases. NFTs will be phased out of the user experience in the future, and all online verification processes will be frictionless.

President Grossman stated that the entire community should strive for a future in which users do not need to connect their wallets to show NFT ownership.