As part of its collaboration with crypto-investment firm Galaxy Digital, TIME Magazine is set to feature Ethereum (ETH) on its balance sheet. This collaboration will allow the popular media publication to educate its readers about the metaverse through a newsletter dubbed “Into the Metaverse.”
TIME Magazine Becomes First Media Organization To Add ETH To Balance Sheet
According to a press release by the company, the media publication maintained its focus on crypto and Web3, carrying out all the transactions in ETH, thereby becoming the first major media organization to do so.
Even as TIME is set to hold ETH on its balance sheet for the first time, the payment did not just come to be. This payment comes after TIME started accepting crypto payments for its digital subscriptions back in April 2021 as the brand continues to establish its foothold in the cryptocurrency industry.
Meanwhile, TIME Magazine is set to also launch a TIME 100 Companies list for metaverse, along with the newsletter. The list will include all companies whose works are helping the blockchain and crypto-space to become more accessible, and then the companies that provide solutions towards the improvement of the metaverse sector.
Ether is not the only crypto feature on TIME’s balance sheet though. The cryptocurrency will be joining Bitcoin — which was paid for a top deal with another investment management firm, Grayscale, back in April.
Growing Interests In Digital Assets
Recall that back in March, TIME released a set of three TIME covers as non-fungible tokens NFTs at an auction, including the very first cover ever designed.
Although, TIME magazine’s Ethereum holdings has never been tried before in the world of media, many institutional investors are currently eyeing the network as a potentially viable investment asset. As of this moment, Ether now features on the balance sheets of investment firm Galaxy Digital, Hive blockchain, and crypto-exchange Coinbase.
And seeing as most of these are arguably some of the biggest companies operating in the crypto-space, then the importance of the foray of TIME magazine into ETH cannot be overemphasized.