After making various dabbles into non-fungibles through its community initiative TIMEPieces, TIME is now looking at implementing an NFT strategy for all future subscriptions to its infamous magazine.
The change in distribution structure will see all subscriptions be migrated into TIMEPiece NFTs, where from there, users will be given verified subscription rights, as well as the ability to own their data. The latter here relates to the worries of the company’s president Keith Gross, who has issued his concern that consumers are being transformed into mere product ‘renters’ that are being used to extract data from.
Although appearing sound on the surface, the innovative concept inevitably comes with some doubt, most pivotally in terms of pricing. This is because the concept is essentially already underway, as four previous TIMEPiece NFT drops, which collectively have an average asset price of $1,000, already provide holders with magazine subscription rights and exclusive invitations to specific events. In comparison, those using crypto to purchase a digital subscription of the magazine (something which began back in March) only have to pay $24.
For now, Gross, as well as the company as a whole, are yet to attribute a pricing structure to the new concept. However, we could perhaps assume that it will be on the hefty side of things given that Gross has tried to defend the $1,000 price tag of TIMEPiece NFTs by stating that such assets establish a stronger relationship with the magazine as opposed to simply buying it via fiat or crypto.