TIME Magazine keeps ETH on balance

Key takeaways

  • Galaxy Digital has entered into a content agreement with TIME Magazine to cover metaverse topics.
  • Funded by ETH, the partnership will launch TIME100 companies in the metaverse category.
  • According to Galaxy, TIME agreed to accept and keep ETH on its balance sheet.

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TIME Magazine will keep Ethereum on its balance during a partnership with Galaxy Digital focusing on metaverse content. The agreement comes with the launch of the category TIME100 Companies on the meta verse.

Galaxy Pays TIME Magazine at ETH for Metaverse Content

According to a press release on Thursday, Galaxy Digital’s entertainment arm, Galaxy Interactive, has entered into a content sponsorship agreement with TIME Magazine. With the partnership, the magazine will launch a new version of its TIME100 Companies, featuring the best global companies and entrepreneurs in the metaverse space.

“Metaverse” is a term used to refer to new virtual worlds that take advantage of virtual reality and are hosted on public blockchains like Ethereum. There are various metaverse projects that incorporate elements from blockchain games, such as non-fungible tokens (NFTs) and other financial incentives, called GameFi.

The partnership with TIME Magazine was funded in Ether (ETH), the original asset in the Ethereum blockchain and the second largest cryptocurrency. As part of the deal, the 98-year-old magazine has agreed to accept and keep ETH on its balance sheet, making it the first major media organization to do so.

The Galaxy-TIME partnership also includes a new weekly TIME newsletter, “Into The Metaverse”, as well as educational materials designed to educate readers on the metaverse topic. Galaxy Digital said it will leverage its expertise to help the magazine cover the rapidly emerging metaverse space.

While the metaverse concept was first introduced by crypto projects like Decentraland in early 2020, it reached mainstream awareness after Facebook renamed Meta last month. The social media giant has renewed its strategy to focus on building virtual spaces on the web, which has become a catalyst for the recent metaverse boom.

In April 2021, TIME partnered with Crypto.com to offer cryptocurrency as a form of payment for digital subscriptions. At that time, however, the magazine did not have ETH, but simply used it as a payment method. A month before, it auctioned off three magazine covers as NFTs on SuperRare, a popular crypto marketplace.

“We look forward to partnering with TIME, an iconic brand that drives innovation as we seek to bring readers, creators and the curious into the metaverse and demystify the vast amount of transformation that is happening inside,” Mike Novogratz, CEO and founder of Galaxy Digital, said about the partnership.

In particular, in October 2021, Galaxy raised $ 325 million in a venture capital fund to make investments in NFTs, games and metaverse-related startups.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

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