The use cases of non fungible tokens (NFSts) has over the short span of time added uncountable possibilities and use case from artists to brands all over the world. It takes a new turn as TIME magazine recently built community in the decentralized platforms on web3 for their contents.
Traditionally, in Web2 individuals rents company owned in other words centralized platforms at a cost of their privacy – exchange personal data. Web3 which is built on blockchain technology has given greater controls to individuals to protect their privacy tangling their way in decentralized platforms built around web3 – retaining complete privacy.
TIME magazine in a virtual meeting with investors, hosted by Bank of America said, it has created a decentralized community based platform and offers content in exchange for digital currencies. At a time when more brands are exposing their books to digital currencies, the publication house said it hold BTC and ETH in its balance sheet.
More brands in various industries across sectors would increasingly incorporate NFTs into their marketing strategies and drive more engagement, according to a note by Bank of America. This would accelerate complete “incognito” mode for individuals surfing through web3 platforms bringing an end to third party cookies.
Media giants including Fortune, Rolling Stone, The Economist and Vogue recently have launched NFTs of past magazine covers but TIME has taken the next step by transforming NFT buyersinto loyal customers and community members by turning NFTs into loyalty cards with perks.
Late last year, TIME has launched TIME Pieces on Ethereum blockchain which included four NFT collections which had put artists in the crypto industry and provided purchase of NFTs with perks like free access to TIME’s website as well invitations to exclusive events.
Besides, although being anonymous TIME.com gets valuable data on what articles the users read tacking user Walter address.At the same time, NFT artists receive a percentage of all revenue generated from primary and secondary sales of their creations in perpetuity, exemplifying how smart-contract enabled NFTs can provide artists with royalty streams and bring them into the TIME community.