TIME (an iconic magazine for news) has taken another step into the NFT (non-fungible tokens) world by launching its community collection. “TIMEPieces,” the new product of the magazine, contains work from up to 40 artists who have participated in the publication for the production of the latest collection of community NFT. On 23rd September, the respective collection was set live through a “blind-drop,” which consisted of as equal as 4,676 pieces, and OpenSea (an NFT marketplace) is currently providing those pieces for sale. The beginning of each one was 0.1 ETH (approximately $300); however, they are collecting much more through secondary markets. As per the announcement, TIMEPieces owners will be permitted to link the digital wallets thereof to the official website to gain limitless access till the 100th Anniversary of TIME in 2023.

Venture into NFTs

D.W. Pine (the Creative Director of TIME) organized a group from which the artists came for this collection. Pieces include photography, paintings, animations, illustrations, and several artists have manufactured covers of the Magazine in history, as reported by the company. It further mentioned that TIMEPieces is their latest venture into the NFT world, and the target behind this is to expand loyalty and rewards for the community. Additionally, it specified, this release signifies the earliest instance of a prominent media brand’s undertaking of a Web3 method for developing community in addition to utilizing this technology which is a unique extension of the platform’s current efforts for a digital subscription.

The collection “TIMEPieces” will also be compiled into a book with a hardcover, which would be accessible for purchase in this season of holiday, according to the organization. Secondary markets had in advance been witnessing spiking gains in the value of the pieces. CONTROL ROOM, the most expensive among them, was recently priced at up to 4,269 ETH on OpenSea (nearly $13 million).

NFT world outlook

A slight drop has been seen in NFT fever as the regular sales, which were at the prestige of $267 million during the later period of August, have hit the figure of $27 million over an approximate amount of 84,000 NFTs as per “Nonfungible” (a website for market analytics). “CryptoSlam” brings out that Axie Infinity (the most prominent collection of NFTs) has witnessed selling of $106 million during the week. The second well-known collection is Art Blocks, having sold for $33 million during the period.