The publishing sector is evolving due to blockchain and NFTs
The development of use cases for nonfungible tokens (NFTs), the Metaverse, and other blockchain applications has made Web3 the most sought-after investment area of 2022. Therefore, it shouldn’t be shocking that several parts of the publishing industry have started utilizing Web3 technology to update conventional models.
For instance, Time magazine, which was established 99 years ago, uses NFTs to build new revenue sources and a sense of community among publishing professionals.
Even though hosting an NFT gallery by one of the most illustrious and venerable magazine publishers in the business may appear out of the ordinary, Time has dropped close to 30,000 NFTs so far. More than 15,000 wallet addresses have gathered these, 7,000 of which are linked to Time.com so that the paywall can be removed without the need to submit personal information. Keith Grossman, the president of Time, noted that “along the road, the TIMEPiece community has expanded to over 50,000 people.”
According to Grossman, Time established TIMEPieces, a Web3 community initiative, in September 2021. In this project, 89 painters, photographers, and even musicians have come together in a digital exhibition space offered on the NFT marketplace OpenSea. “TIMEPiece artists now number 89, up from 38 previously. Drift, Cath Simard, Diana Sinclair, Micah Johnson, Justin Aversano, Fvckrender, and Victor Mosquera, to mention a few, are among the artists on it, according to Grossman.
The distinction between “audiences” and “communities” is more significant than the increase itself, which is noteworthy. Few people in the publishing industry, according to Grossman, distinguish between these two categories, but he said that Web3 offers “a fantastic potential for anyone willing to explore this oversight.” Grossman cited the simple fact that audiences only pay attention to content for a brief period. But he made the point that a community comes together around common principles and has the chance to engage in an ongoing conversation.
Indeed, NFTs might be essential for giving the publishing industry the stability and customer engagement it needs to advance.
NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at firstname.lastname@example.org.
We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.