TIME Magazine has released a new collection of 4,676 non-fungible tokens (NFT) that provide “unlimited access” to its website until 2023. It was called TIMEPieces.
Each digital item cost 0.1 ETH (about $312). The sale was completed in minutes and was accompanied by abnormal commissions on the Ethereum network. Buyers inflated the fee to get priority for the transaction.
The co-host of the Two Bored Apes podcast dedicated to the NFT sphere under the pseudonym Zeneca wrote that even his experience, budget availability and willingness to pay more than $10,000 for gas did not help him to acquire a collector’s asset from TIME.
Token distribution was “not ideal”
Presumably, some users used automated bots to purchase them. This led to the concentration of tokens in a limited number of wallets.
According to Etherscan, the top 100 out of almost 2000 addresses own more than 25% of the TIMEPieces coins.
Building a Better Future
“I think we have learned a lot about gas in general. There are things that you can’t control in this space,” Grossman said. He explained that part of the effort to deter bots was to limit the number of NFTs per address to 10 units. However, the buyer could operate with several wallets.
The sale of NFT was made blindly. Thus, users did not know which specific tokens they would get. The NFT collection is released under the slogan Building a better future” and is based on the works of more than 40 artists from around the world.
At the time of writing, the most expensive token was sold for 69 ETH (about $215,300).
Entering the NFT sphere
Recall that TIME first entered the NFT sphere in March 2021, selling three covers in the form of digital assets. The auction was held on the SuperRare marketplace. The owner of three NFTs was a user under the pseudonym mondoir1.
Later, the magazine began accepting cryptocurrency as payment for a subscription within the framework of cooperation with the payment platform Crypto.com.
In April, TIME also signed an advertising contract with Grayscale Investments, under which the company settled with the publication in Bitcoin.