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TIME Magazine To Include ETH In Balance Sheet

TIME Magazine To Include ETH In Balance Sheet

In a partnership deal with Galaxy Digital, TIME Magazine will be sponsored in Ether to produce metaverse-related content. 

TIME To Hold ETH 

In a press statement released on Thursday, Galaxy Digital announced that its entertainment branch, Galaxy Interactive, has signed a content sponsorship deal with TIME Magazine, financed in Ether (ETH). TIME Magazine is now the first major media organization to accept and hold ETH on its balance sheet. The company had previously been paid in BTC for a deal with the crypto firm Grayscale in April 2021 and has been holding the premier crypto since then. Around the same time in April, TIME had partnered with Crypto.com to announce that it would be accepting cryptocurrencies as a mode of payment for digital subscriptions. However, at that time, the magazine merely used it as a payment method and did not hold any of the ETH. 

TIME Enters The Metaverse

As per the deal, the magazine will be releasing a new digital version of the TIME100 Companies, featuring the top enterprises and entrepreneurs operating in the metaverse space. Other than blockchain companies, the new TIME100 list will include companies that provide solutions to make the metaverse more accessible, impactful, or successful. Applications for the list will start from Thursday till December 31. 

Additionally, the partnership will also witness the launch of a weekly TIME newsletter, “Into The Metaverse.” Other educational material will also be hosted on a new webpage called TIME for Learning, which is launching in December. According to TIME President Keith A. Grossman and Galaxy Digital Communications Director Eva Casanova, the project will run for roughly six months.

Galaxy Expands To Metaverse

Galaxy Digital is hoping to apply its digital entertainment expertise to the new deal and assist TIME to make an impact in the metaverse space. This will include insights from Galaxy Interactive General Partners Sam Englebardt and Richard Kim.

Speaking on the partnership, CEO and founder of Galaxy Digital, Mike Novogratz, noted,

“We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”

The metaverse concept was first introduced in the crypto space back in early 2020 by Decentraland. However, the concept has gained a new lease of life ever since Facebook rebranded to Meta last month and revamped its strategy to build virtual spaces. Multiple companies in the crypto and blockchain space are pivoting to develop the metaverse and investors are also focusing their attention on companies who show promise in the metaverse. Galaxy itself had raised $325 million in October to invest in NFTs, gaming, and metaverse-related startups. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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