At the start of the pandemic, former Time Magazine President Keith Grossman realized that a digital identity is just as important as a physical one.
In February 2021, Grossman was made aware of the Pop-Tart NFT sale.
The Pop-Tart image was created by Chris Torres in 2011. 10 years later, Torres sold it to an unidentified user as an NFT on Foundation, making roughly $580,000.
Upon hearing about the sale, Grossman realized just how important Web 3.0 and NFTs could be to content creators by allowing them to effectively monetize their creations online.
In March 2022, TIME released its first magazine NFT featuring a cover of Vitalik Buterin and a piece entitled The Prince of Crypto Has Concerns, where he lays out his thoughts on the future of Ethereum.
In August, TIME created the "Into The Metaverse" NFT collection, with a cover designed by Micah Jonhson.
It is estimated that TIME's Web 3.0 projects have generated around $10 million in revenue for the company, $600,000 for charities, and created a community of 25,000 passionate artists, fans, and collectors.
The potential of Web 3.0 can’t be underestimated and companies getting involved early are the ones that stand to benefit most.
TIME Magazine has already built a great foundation, from which it can develop further in the future, and use to help grow its business in the next generation of internet technologies.