How 99-year-old publisher Time is leading legacy media into the NFT future
Summary
NFTs are unique digital assets, like artwork and sports trading cards, that are verified and stored using blockchain technology, but critics see them as overhyped and potentially harmful to the environment given the energy-intensive nature of cryptocurrencies. In addition to auctioning off original renderings of their most famous cover stories, TIME adds its iconic red-frame to each NFT created by these emerging artists — a group curated by the media giants creative director, D.W. Pine. Its a message thats been difficult for institutional investors to digest as collectible artwork, such as the prominent Bored Ape Yacht Club, which took center stage in the early days of NFTs, and equally-hyped Crypto Punks, recently saw prices fall precipitously. "For enterprises, theres never been a better time to launch a product thats free, or very low cost, that allows your community to participate without a very high barrier to entry price point," Akkineni said in a May interview from Gary Vaynerchuks VeeCon in Minneapolis. Last year, the total value of NFT transactions quadrupled to $250 million, according to a study from NonFungible and BNP Paribas-affiliated research firm LAtelier, 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.
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