TIME Magazine will acquire Ethereum and produce metaverse-related content as part of a new partnership with crypto investment firm Galaxy Digital. Here are the details.
The 98-year-old magazine will add cryptocurrency to its holdings for the first time and launch a weekly newsletter titled “Into the Metaverse.” It will also compile a TIME 100 Companies list for metaverse related companies.
TIME said the transaction will be funded entirely through Ethereum. Earlier this year, the magazine began accepting cryptocurrencies for digital subscription payments. It has been holding Bitcoin on its balance sheet since April, after receiving payment in cryptocurrency for a deal with Grayscale.
Mike Novogratz, CEO and Founder of Galaxy Digital, said on Thursday, “Over the next decade, the metaverse will become an increasingly important part of the world economy; “It is already getting harder to distinguish our physical and digital realities.”
TIME said the deal was the first of its kind among media companies. Financial terms were not disclosed, but the companies told CoinDesk the deal will take about six months.
The metaverse, which offers a virtual world for immersive experiences where people from all over the world can meet, play, watch and trade, is seen as the next update of the internet. This year, big companies like Meta Platforms (formerly Facebook) and Microsoft have shifted their focus to the next update of the internet. Morgan Stanley said in a note earlier this month that the metaverse is the next big investment theme, and some equity sectors are already taking advantage of it.