Unfazed by its NFT debut debacle last year, Time magazine will now make an entire issue available on the blockchain.
The first ever fully decentralized installment will go live on March 23, featuring DeFi guru and Ethereum creator Vitalik Buterin on the cover with the headline: “The Prince of Crypto Has Concerns.”
And well he might. The legendary magazine’s September launch of more than 4,000 NFTs, ingeniously dubbed “TimePieces”, clogged up the Ethereum blockchain as they sold out in minutes, leading to astronomical price hikes on transaction fees.
Worse still, the run on the tokens was thought to be caused by superfast bots grabbing them up before human purchasers could. This legal use of automated programs had already been seen plaguing other industries, such as sales of concert tickets and sneakers.
Undeterred, Time hopes that by offering an issue on blockchain it will continue to take bold steps into the brave new world of the Metaverse.
“As Time continues to push the boundaries as to what is possible within the Web 3.0 ecosystem, producing the first-ever full magazine on the blockchain seemed like a natural extension for our brand,” said its president Keith Grossman. We knew this issue, in particular, would be cherished by our community.”
The special issue will be made available to TimePiece and LIT Genesis Gate wallet holders, according to NFT Evening.
One can only wish them luck.
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