Thought non-fungible tokens (NFT) were just for artists, blockchain-based cats and the odd tweet? Think again. TIME Magazine is set to be the first major publisher to accept crypto as a form of payment, as it explores potential NFT projects around subscriptions and memberships.
TIME president Keith Grossman let the news slip during a Decrypt Daily podcast with TIME CTO Bharat Krish and Crypto.com CEO Kris Marszalek. The magazine also recently partnered with Crypto.com to begin accepting crypto for purchases.
In March this year, TIME auctioned three NFTs inspired by one of its most iconic covers from 1966, pictured on the far left.
Grossman explained, “We're playing in the NFT space for collectibles today. We're gonna play in the NFT space for subscriptions, memberships and access to unique experiences tomorrow. Overarchingly, we're seeing that partnerships with the likes of Crypto.com and others just make sense for us.
“We want to be the first ones adopting [crypto] within that space, from a media industry perspective, so we can be leading in this pack. It's here to stay. Even in a bear market.”