Time president Keith Grossman has spent the past year building the 99-year-old media brand’s NFT business, TIMEPieces, from the ground up.
Many analysts say TIME's move into the metaverse heralds good opportunities ahead.
Covid played a big role in the NFT boom. Last year, the total value of NFT transactions quadrupled to $250 million, according to a study from NonFungible and BNP Paribas-affiliated research firm L'Atelier, fueled by a boom in many asset markets during the pandemic as stay-at-home restrictions resulted in people spending a lot more of their time on the internet and building more cash savings.In February 2021, a crypto art rendition of the Nyan Cat meme from 2011in an online auction.
In the case of NFTs,"it's small; it's like a psychographic of people who weren't thinking about Time before, but all of a sudden like the brand," Grossman said.
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