TIME will take on Ethereum
TIME magazine will hold Ethereum (ETH) on its balance sheet for the first time as part of a joint educational programme about the meta universe with Mike Novogratz's cryptocurrency bank Galaxy Digital Holdings.
The publication will also launch TIME 100, a list of the 100 most influential entrepreneurs from the virtual worlds.
The magazine will publish a weekly Into the Metaverse newsletter from staff writer Andrew Chow.
Over the next decade, the metaworld will become a more important part of the global economy. Our physical and digital realities are already quite difficult to distinguish, said Galaxy Digital founder and CEO Mike Novogratz.
TIME plans to post additional educational resources on the meta-universe on a new Time for Learning branded content page, which will appear in December.
To do this, the magazine is leveraging the expertise of Galaxy Digital staff, in particular Sam Englebardt and Richard Kim, general partners of the Galaxy Interactive venture franchise. It focuses on investing in companies operating at the intersection of content, finance and technology.
According to Englebardt, people have a different understanding of the term "meta-universe". He described the first goal of the partnership with TIME as creating "a common vocabulary and understanding of the ideas and possibilities" that emerge as we move "from the physical to the virtual world".
The deal is fully funded in Ethereum.
In April 2021, as part of a partnership with Grayscale Investments, the publication accepted bitcoin as payment for a series of videos about the crypto industry. TIME left BTC on the balance sheet.
In the same month, the magazine began accepting cryptocurrency as payment for subscriptions.