Time Magazine To Sell Three Covers As NFT And Plans To Accept Crypto For Digital Subscriptions

The American magazine Time will sell three publication covers as Non-Fungible Tokens (NFT) in auction. The magazine also plans to start accepting payments for subscriptions in cryptocurrency.

According to a statement from Time, images of the magazine’s three covers will be auctioned as digital collectibles within two days. The first is Time magazine’s cover from April 8, 1966, with the inscription “Is God Dead?”. The second cover from 2017 with the description “Is Truth Dead?”. The third lot is a cover for the current edition, with the inscription “Is Fiat Dead?” released only as an NFT.

Time President Keith Grossman wrote on Twitter that the magazine would start accepting cryptocurrency as a subscription payment from the next month.

Collectibles will always be important but @TIME's crypto ambitions are larger as we continue our digital transformation!

Within 30-days, TIME will accept cryptocurrencies for digital subscriptions with more to come via @JuliaLaRoche. https://t.co/Chk539f5uG

— Keith A. Grossman (@KeithGrossman) March 22, 2021

The company is also looking for a new CFO whose job description includes “knows how to work with Bitcoin and cryptocurrencies.” 

The price of one of the Time covers with the inscription “Is Fiat Dead?” has already reached 20 ETH and exceeded $35,000.

The acceptance of bets on Time three NFT takes place on the platform called SuperRare and is scheduled to end on March 24.

Recall that in March, the British auction house Christie’s held the first auction in the form of an NFT, Where digital painting by the artist Beeple was sold for a record $69.3 million.

The growing popularity of the NFT industry has not escaped regulators. The Financial Action Task Force (FATF) recently amended the draft recommendations for regulating the cryptocurrency industry, mentioning Defi and NFT.