September 23, 2021, was a bumpy day for TIME Magazine and its president, Keith Grossman.
TIME had just “dropped” an ambitious NFT initiative called TIMEPieces, a collection of over 4,600 individual NFTs highlighting the work of 40 artists.
This was not TIME’s first foray into NFTs, but it was its boldest. As Keith Grossman shared in an announcement on TIME.com the day before:
….the release of TIMEPieces marks the first time a major media brand has taken on a Web3 approach toward building community and using this technology as an innovative extension of our current Digital Subscription efforts.
Unfortunately, the NFT drop had not gone smoothly. When the drop went live, minting activity thrashed the Ethereum network, creating a “gas war” and slowing down the entire Ethereum ecosystem. Grossman and the TIMEPieces team were shocked when the entire collection sold out immediately.
On the other side, many people who had hoped to mint a TIMEPiece were left disappointed, and unhappy minters poured into their Discord server and candidly complained on Twitter.
Grossman, who joined TIME in July of 2019 after stints with Bloomberg Media, Ars Technica, and Wire, came with a mission to revive the nearly 100-year old brand. Launching a major NFT project was not part of his initial plan. A combination of Grossman’s personal passion for crypto, Web3 values and a lingering global pandemic pushed TIME to take the bold action of plunging itself into the Web3 community.
For TIME, the launch was about much more than selling art. The NFT itself featured artists and creators selected by TIME, and it also promised its holders immediate access to TIME Magazine’s website through a digital, non-custodial crypto wallet, exclusive experiences and an instant community of other TIMEPieces holders.
The direct fiscal results? TIME has earned more than $10 million in profit from its Web3 initiatives as of late April 2022.
The value of a loyal and engaged community? Priceless.
Beyond TIME Magazine: A Path to Web3 for Companies and Brands
Companies and brands are starting to create and embrace Web3 initiatives and projects, recognizing Web3’s potential to deepen relationships with their brand and build communities, not just consumers.
A brief list of global brands who have launched or are planning Web3 products include:
- Nike and its acquisition of RTFKT Studios
- Adidas’ Into the Metaverse that links digital asset ownership with access to exclusive physical merchandise
- Starbucks who is planning to leverage NFTs to link coffee, community and the concept of a “third place” for coffee drinkers
If we could be the “fly on the wall” (or Zoom background) of any major brands’ marketing discussions, it’s not unreasonable to guess that Web3 is on their agendas.
According to tech columnist, Kara Swisher, “There’s not one business that’s not going to be affected by (web3),” Swisher said. “Just like the web, just like mobile.”
What worked for TIME may not be the path for other companies and brands.
As more companies, marketers and brands make plans to enter Web 3.0, they are facing serious challenges. Traditional marketing platforms and analytics don’t cut it in the Web3 world when it comes to building and analyzing Web3 products and communities.
Sgnal Empowers your marketing, product, and brand teams to make faster, better Web3 decisions.
We are passionate about empowering brands and businesses with the tools, knowledge, and insights they need to thrive in the rapidly-evolving landscape of Web3.
Follow us on Twitter and connect with us on LinkedIn.