Times Magazine to Add Ether to Its Balance Sheet as Part of Efforts to Support Metaverse Newsletter with Galaxy Digital

Times Magazine will hold Ether (ETH) on its balance sheet for the first time as part of a deal with crypto investment firm Galaxy Digital to educate its readers about the metaverse.

Webp.net-resizeimage - 2021-11-19T164051.813.jpg

The 98-year old publication announced on Thursday, November 18, that it has partnered with the crypto company as part of efforts to explore the metaverse, to educate and engage as many people as possible about the emerging technology.

Mike Novogratz, CEO and Founder of Galaxy Digital, talked about the development and said: “Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. 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 popular magazine-based in New York will be releasing a weekly newsletter focused on metaverse, compiling a TIME 100 companies list for metaverse-related firms and feature educational resources on a new section of its publication, and including the virtual space as a category in its annual list of the 100 most influential people in the world.

Galaxy Digital will offer its expertise to help explain the metaverse and its potential, like taking advantage of insights from Galaxy Interactive General Partners Richard Kim and Sam Englebardt.

The list will highlight firms with the most impact within the metaverse space, some of which may include blockchain firms, while others could be offering solutions to make experiences within the metaverse more successful, impactful or accessible for businesses and consumers.

Times magazine stated that the deal is the first of this nature among media companies. Although financial terms were not disclosed, Times’ company representatives revealed that the deal would run for about six months.

Apart from that, Times magazine mentioned that the partnership with Galaxy digital was conducted using Ether (ETH), which the media company plans to hold on its balance sheet. Since April, the publication has been holding Bitcoin as part of its partnership with crypto investment firm Grayscale.  

The Rise of Metaverse

The metaverse is being touted as a better version of the internet, featuring a virtual world for immersive experiences where people across the globe can meet, watch, play, and trade.

As reported by Blockchain.News in late October, interest in metaverse soared after Facebook announced a change of its name to “Meta Platforms Inc.” The social media giant retired its former name “Facebook” because it believes that it only represents a single product. “Meta”, the prefix of the word “Metaverse”, involves the concept of shared virtual worlds and communities, which is the branding Facebook hopes to capture.

Microsoft Inc is also dabbling in the metaverse. It recently introduced Mesh for Team, a virtual workplace.

As a result, other major firms are also shifting their focus in the internet’s next iteration.

Galaxy Digital appears to be focusing on expanding into the metaverse. In October, the firm raised a $325 million fundraising round aimed at virtual endeavours.

Image source: Shutterstock


Tagged : / / / / /

Nifty News: Italian copyright agency mints 4M NFTs, breast cancer LINK found, and more

Italian copyright collecting agency Società Italiana degli Autori ed Editori, SIAE, has minted more than four million NFTs on the Algorand blockchain to digitally represent the rights of more than 95,000 authors.

The partnership between SIAE and Algorand started in 2019, with SIAE aiming to digitize its entire copyright database to help decentralize the management of the metadata. NFTs will eventually provide copyright owners such as authors and publishers with royalty streams to their work.

The tokenization of the articles and published works will allow the system “to transfer management directly to rights holders, who will then be able to manage directly the metadata relating to their rights,” said general manager of SIAE Gaetano Blandini

“Blockchain technology is definitely an interesting strand to continue exploring because of its transparency and efficiency — by design — features, which are fundamental for those who, like us, manage the salary of other people’s hard work.”

Chainlink to assign cancer?

Chainlink’s Variable Random Function, or VRF, will play a key role in a new conceptual NFT art experiment Project Mahin in order to raise awareness and funds for breast cancer.

The project will release 60 unique NFTs representing breasts, each of which could be unfortunate enough to “be diagnosed with breast cancer.” The VRF, will randomly assign one in eight of the NFTs cancer, representing the same odds of women who will develop the invasive cancer throughout their lives.

Those illustrations will permanently update at the time to represent a post-operation state, and the secondary sale royalties of the NFT will increase to 15%.

The project was created by artist Armaghan Fatemi and dedicated to her mom and all other women who are currently battling breast cancer:

“We created this project intending to raise awareness for breast cancer, and we are pleased to be able to contribute all royalties to Breast Cancer Now UK.”

A token column by the New York Times

A journalist from the New York Times has written an article explaining NFTs — which he then turned into the very first NFT based on a New York Times article and put it up for auction. “Why can’t a journalist join the NFT party, too?” NYT tech columnist Kevin Roose tweeted in an explainer thread

The NFT is listed for auction on the Foundation marketplace with a current bid of 7 ETH. With 14 hours to go at the time of writing, the item has received bids from a dozen different people including Coin Center’s director of communication Neeraj Agrawal and music producer RAC.

It follows the conclusion of an auction of three Time Magazine covers on the NFT marketplace Superrare. Each cover just sold for between 70 to 88 ETH with a fourth NFT of the three covers together selling for 35 ETH. The listings gained considerable attention from those within the mainstream media, including founder of The Street Jim Cramer.

Artist behind Obama ‘Hope’ poster auctions NFT

Shepard Fairey, the artist behind former U.S. president Barack Obama’s “Hope” campaign poster, is selling an NFT called “Obey Ideal Power”. The sale goes live on Superrare on March 29, at 1pm EDT.

Fairey intends to use this and other artforms to “raise awareness for the important political and social issues of our time.” He suggests power is not all bad, as it can also be used to benefit and uplift people as well as oppress them. The sale is part of a collaboration between SuperRare and a company called Verisart, which provides ownership certificates for blockchain-based assets.


Tagged : / / / / / / / / /
Bitcoin (BTC) $ 26,468.09 0.70%
Ethereum (ETH) $ 1,845.34 0.80%
Litecoin (LTC) $ 88.14 1.67%
Bitcoin Cash (BCH) $ 111.85 0.20%