- Keith Grossman has raised a profit of over $10 million as well as renovated an analog brand.
- He called himself a dorky guy who admires technology.
- Grossman believes NFT adoption will happen through an experience system.
Web3 was not included in the plan, as per Keith Grossman, TIME President.
He has opened about how TIME changed permanently via NFTs and crypto besides sharing his views on Web3 skeptics.
Grossman said that bringing TIME into Web3 was never planned. They were reintegrating a brand that was literally ignored for ten years.
COVID made him feel that from upstate New York, his location, his digital identity was crucial just like his physical identity.
In 2014, while working at WIRED, he was fascinated by cryptocurrency. Working there, he convinced the firm to purchase a new computer for a story based on mining Bitcoin in the office.
However, something that was percolating for years solidified for him when Nyan Cat was sold for 300 ETH last year in February.
Besides considering non-fungible tokens as an opportunity for business, Grossman saw a parallel existing between NFTs and memes.
The red border of TIME’s cover remained a meme for 99 years. He called the cover an analog meme.
It was in September last year when he took TIME into NFTs, which made people ask him if he’s gone crazy.
A total of five NFTs have been released by TIME. It has also announced a partnership with the popular rapper, Timbaland. Moreover, non-fungible tokens for Ukraine relief as well as of certain past TIME covers were released and much more.
Now, i.e. after one year, TIME has raised $10 million from NFTs and the amount is purely profit.
Grossman is confused by those who are used to posting anti-NFT and toxic memes related to NFT and Web3.
However, non-fungible tokens have gone through a major shift as to how a number of people see digital scarcity, which is nothing but a change that some might dislike as they can’t have control over it.
Grossman further added that though people say they love change; however, they don’t mean it when either they are unable to understand the destination of the change or when the change is not controlled by them.
Though NFTs are surrounded by controversy, Grossman believes that society will adopt them through an “experience state” that’s based on live experience and not on any fundamental technology.