TIME Magazine Adds ETH To Its Balance Sheet, Joins Metaverse
The well-known US media outlet and magazine TIME has been flirting over the year with making its inception into the cryptocurrency industry in some way, but it made the first step via the metaverse.
The media company recently partnered with Galaxy Digital Holdings Ltd to launch a weekly newsletter dubbed “Into the Metaverse” and a “TIME 100 Companies” category for the metaverse.
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Metaverse Arrives At TIME
But the plus of the deal between the parties is that TIME became the first major media outlet in conducting the crypto transaction entirely in Ether (ETH), holding the coin into its balance sheet for the first time.
The move was not surprising given that TIME started accepting cryptos as a means of payment for digital subscriptions in April. In fact, early in March, TIME released an exclusive series of three TIME covers as NFTs at auction, which featured iconic covers through its tenure and also a special design for the purpose.
Expanding Crypto Offering Soon?
About the metaverse’s category, TIME will run the campaign through December 31, while the weekly newsletter will last indefinitely. The maneuver is another milestone for the company in terms of crypto adoption, given that the partnership with Galaxy Digital is a big one.
The crypto firm is listed on the Toronto Stock Exchange as GLXY and specializes in portfolio management, capital markets, and blockchain technology. It also has offices in several major cities like New York, Tokyo, Amsterdam, London, among others.
It’s unknown whether the media outlet expects to expand its metaverse section into other crypto-related fronts or not, nor will it diversify the crypto offering among its subscribers
However, TIME is setting precedents in the US mainstream media as a crypto-friendly outlet that paves the ground for others to become familiar with an industry that gathers more adopters from an institutional level each day. Moreover, there are outlets – although not from a mainstream level – that are starting to tread water into the DAO’s concept.