The prestigious US magazine TIME announced this week that it will begin to hold ether (ETH), the native cryptocurrency of the Ethereum network, on its balance sheets. This as part of his formal foray into the metaverses narrative, a virtual space that he will access from the hand of Galaxy Digital.
This was reported by the financial services and investments in cryptocurrency company founded and directed by businessman Mike Novogratz, in a press release released on November 18.
They also indicated that TIME will accept ETH as a means of payment, becoming one of the most important media organizations working with the second most important cryptoasset in the ecosystem .
«True to its approach to cryptocurrencies and Web3, Galaxy Digital financed the incorporation of ether (ETH ), the native cryptocurrency on the Ethereum blockchain, marking the first time a major media organization has accepted ETH as payment. In addition, TIME magazine will mark ETH on its balance sheet for the first time », they explained in the note.
As specified, they will pay TIME with ETH, taking advantage of the fact that the publisher already accepts payments with cryptocurrencies , a practice that they carry out since the beginning of this year .
In March, TIME offered an exclusive series of three magazine covers as non-fungible tokens (NFTs), which were auctioned. Among them, the most iconic covers in the 98-year history of the famous magazine stand out and the first designed solely as an NFT , as recorded by CriptoNoticias.
And as if that were not enough, then they reported something similar to what was reported today: they began to receive their first payments in BTC , which are incorporated into their balance, joining companies like MicroStrategy and Square, which have pioneered the use of bitcoin as part of their strategic treasury reserve.
«Galaxy Digital truly understands the massive growth and potential of the metaverse and the Web3. Our team is playing an integral role in educating the traditional world about this evolution, “said Keith A. Grossman, President of TIME magazine. “I’m very excited to partner with these visionaries as we combine the power of the media and the metaverse to educate our readers and work our way to a more immersive virtual future,” he said.
Delving into the metaverse
Galaxy Digital highlighted launch by TIME100 Companies Metaverse , a company that, initially, will educate people about what metaverses are.
For now , they will start with a new weekly TIME newsletter , called “Into the Metaverse” and to be written by Andrew Chow. According to Galaxy Digital, the article “will explore the ways in which our physical and digital selves become increasingly intertwined.”
“Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming difficult to distinguish, ”Novogratz said. “We look forward to partnering with TIME, an iconic brand that drives innovation, as we seek to provide metaverse readers, creators, and onlookers and demystify the tremendous amount of transformation that is happening within,” he stated.
With In order to achieve the objective, TIME will rely on additional educational resources related to metaverses, through the new TIME for Learning page, to be inaugurated next December.
“TIME will take advantage of Galaxy Digital’s deep experience in virtual worlds to help explain the metaverse and its exciting potential for the future,” they explain from Galaxy Digital.
It is not the first editorial foray into the world of cryptocurrencies
Although the arrival of TIME marks a precedent in regard to major publishers iales and its participation in the ecosystem of cryptocurrencies, is not the first to be part of it. This same year, a large publishing firm enjoyed the benefits of the NFTs .
It is the magazine Rolling Stone , which, as this media outlined, launched some collectible covers in digital and paper format for sale. On the one hand, the virtual ones were only two units that were sold through non-fungible tokens (NFT) in an auction held from November 10 to 14. And, on the other hand, the printed ones were a limited edition of 2,500 copies that are already sold out.
The union between cryptocurrencies and media companies is something that is just beginning to go viral. Both initiatives benefit from their advantages , and it already seems an almost inseparable union.