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At the beginning of this week, Time Magazine announced it was auctioning three of its covers as non-fungible tokens (NFTs), one of the latest media companies leaning into the hype around digital collectibles and cryptocurrency.
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The three covers were auctioned on digital artworks marketplace SuperRare for $435,000, last night. Time President Keith Grossman told Adweek this is an extension of Time’s existing cover story business, which is a seven-figure business line.
Time designed its first NFT cover, Is Fiat Dead?, for its March 25, 2021 issue.
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