TIME Magazine has inked a new partnership under which the media conglomerate will store Ethereum on its balance sheets. This is TIME’s second attempt into the bitcoin world.
Due to the magazine’s almost 100-year history, it is one of the main voices in the media publishing field. The magazine, which is renowned for its lists, will increase its bitcoin holdings as a result of a new agreement with Galaxy Digital.
While this is not the first time TIME Magazine has added cryptocurrency to its balance sheet, it will be the first time it has done so using Ethereum. The media behemoth already incorporated bitcoin to its financial sheet via a collaboration with Grayscale. This was accomplished in April, and TIME has retained the coin ever then. This time, the focus has shifted to Ethereum, which is nearing completion of its transaction with Galaxy Digital.
TIME’s agreement with Galaxy Digital included promises on the part of both parties. Galaxy Digital will pay the arrangement, while TIME will publish a series of agreed-upon publications throughout the course of the agreement.
The first will be a compilation of a list prepared by the media publishing industry. TIME, renowned for its rankings such as the 100 Most Influential People and the 100 Most Influential Companies, will publish a TIME 100 for the metaverse. TIME will also publish a weekly newsletter titled “Into the Metaverse” as part of the deal. This is to advertise the metaverse realm, which has lately gained popularity.
Galaxy Digital is funding the project entirely with Ethereum. It will operate for six months and will mostly be instructional in nature, with content authored by TIME Staff Writer Andrew Chow on the fast burgeoning metaverse realm.
Along with the weekly email, TIME will offer additional educational materials for the metaverse through a new branded content website called “Time for Learning.” This portal will launch in December, and the media giant will utilise the experience of its new partner in the metaverse to develop educational and entertaining material for its viewers.
Due to the fact that the metaverse is a relatively new idea in the general market, it is critical for people to comprehend what it is. This is why TIME’s cooperation with Galaxy Digital is critical.
Sam Englebardt, Co-Founder and Partner of Galaxy Digital, said it best when he stated, “Before we can develop the metaverse, we must define it, since the term now connotes dramatically diverse things to vastly different individuals.”
Galaxy Digital’s CEO and Founder, Mike Novogratz, voiced hope for the project; “Over the next decade, the metaverse will become an increasingly significant part of the global economy; the distinction between our physical and digital realities is already blurring.” “We look forward to partnering with TIME, an iconic brand at the forefront of innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation occurring within.”
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