TIME Magazine has agreed to accept and keep ETH in exchange for metaverse content as part of an agreement with Galaxy Digital.
TIME Magazine has signed a content partnership with Galaxy Digital to cover metaverse subjects.
TIME Magazine will hold Ethereum on its balance sheet as part of a metaverse content agreement with Galaxy Digital. The agreement coincides with the metaverse’s introduction of the TIME100 Companies category.
Galaxy Digital’s entertainment arm, Galaxy Interactive, has signed a content sponsorship contract with TIME Magazine, according to a press release issued on Thursday. The magazine will produce a new version of its TIME100 Companies as a result of the cooperation, which will feature the best global companies and entrepreneurs in the metaverse field.
The word “metaverse” refers to new virtual worlds based on virtual reality and hosted on public blockchains such as Ethereum. GameFi is a collection of metaverse initiatives that include blockchain gaming components such as non-fungible tokens (NFTs) and other financial incentives.
The relationship with TIME Magazine was funded with Ether (ETH), the second-largest cryptocurrency and the native asset of the Ethereum network. The 98-year-old publication has agreed to accept and retain ETH on its balance sheet as part of the agreement, making it the first large media business to do so.
TIME has been holding bitcoin since April, when it was compensated in bitcoin for a deal with Grayscale.
The Galaxy-TIME collaboration also includes a new weekly TIME newsletter called “Into The Metaverse,” as well as educational content about the metaverse. Galaxy Digital has stated that it will use its experience to assist the magazine in covering the rapidly growing metaverse region.
While crypto initiatives like Decentraland first announced the metaverse concept in early 2020, it only became widely known after Facebook changed to Meta last month. The social media behemoth has shifted its strategy to emphasise the creation of online virtual spaces, which has fueled the recent metaverse explosion.
TIME collaborated with Crypto.com in April 2021 to accept cryptocurrencies as payment for digital subscriptions. The publication, on the other hand, did not have any ETH at the time and only used it as a payment option. It auctioned three magazine covers as NFTs on SuperRare, a popular crypto marketplace, a month before.
“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within,” Mike Novogratz, CEO, and founder of Galaxy Digital, said on the partnership.
Galaxy raised $325 million in a venture capital fund in October 2021 to invest in NFTs, gaming, and metaverse-related firms, among other things.