Time’s Bot-Fueled NFT Drop Highlights Limits With the Market

The publisher still believes in the NFT revolution

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Last Thursday, Time Magazine sent out a release flagging that its initiative, a randomized drop of non-fungible tokens of original works by more than 40 artists, broke records by selling out all 4,676 pieces in two minutes. 

The kicker is that a lot of that speed was down to rampant bot activity. 

This—plus the quick surge in demand sending gas fees soaring—highlights snags in the NFT craze as many buyers weren’t able to make their purchase.

Despite these hiccups, since Thursday, these NFTs have produced more than $26.2

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