- TIME will distribute the first-ever completely decentralized magazine issue as an NFT on the blockchain on Wednesday, March 23.
- TIME’s cover article, The Prince of Crypto Has Concerns, by Andrew Chow, editor of TIME’s Into the Metaverse newsletter, about Vitalik Buterin’s struggle for the future of Ethereum is featured in the NFT edition.
The topic was developed in collaboration with the LITDAO. LIT is a web3 cultural currency and NFT initiative that earlier this year conceptualized and built the world’s first completely decentralized book. The magazine will exist on the blockchain, but it will be hosted via a decentralized protocol that will allow holders to view the full magazine through an interactive NFT. With the help of Circle, TIME will airdrop the NFT issue to a restricted group of TIMEPiece and genesis LIT community wallet users.
The LITDAO assisted in the development of the theme. LIT is a web3 cultural currency and NFT venture that created the world’s first entirely decentralized book earlier this year. The magazine will be housed on the blockchain, but through a decentralized system that will let holders access the whole magazine through an interactive NFT. TIME will airdrop the NFT issue to a select set of TIMEPiece and genesis LIT communal wallet users with the support of Circle.
The news follows TIME’s successful first year in the web3 area, which has resulted in the creation of interesting new businesses since TIME’s debut entrance in March 2021. Too far, TIME’s web3 development has produced over $10 million in income and cultivated a passionate community of over 25,000 artists, collectors, and fans, with over 5,000 TIMEPiece holders connecting their digital wallets to TIME.com for frictionless access.
TIME also announced today that Will Ban, the company’s first-ever VP of web3 Operations, has joined the company from Artsy, where he served as the VP of Secondary Marketplace. Ban will be responsible for putting TIME’s web3 vision into action, including expanding the company’s support for Creators and Artists, Collectors and Community, CMOs and Brands, and the production of television series based on web3 IP..