TIME to Add Ether to its Balance Sheet as part of Metaverse Partnership with Galaxy Digital
TIME has partnered with digital asset manager Galaxy Digital to launch the newly created TIME100 Companies Metaverse category, covering those building a virtual future.
For the first time, TIME will also hold ETH on its balance sheet as part of this partnership. Trading at $4,170, ETH is up 475% so far this year.
Galaxy Digital will pay for this deal in Ether, which as per the announcement, marks the first time a major media organization has accepted ETH as payment.
Earlier this year, TIME first announced that it has started accepting BTC as a form of payment for its digital subscriptions to further expand in the crypto space. In March, TIME sold three of its covers as NFTs at auction.
Now, it is taking up the metaverse in partnership with Mike Novogratz’s Galaxy, under which a new weekly TIME newsletter, ‘Into the Metaverse,’ will be published to “demystify the tremendous amount of transformation happening” into this virtual world.
“Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish,” said Novogratz, CEO, and founder of Galaxy Digital.
TIME will also host additional educational resources on the topic via its new Learning page, slated to launch in December.
“Before we can build the metaverse, we need to define it, since, today, the word connotes vastly different things to different people,” said Sam Englebardt, general partner of Galaxy Interactive, an offering of Galaxy Digital.
“So, with our partners at TIME, our first objective is to create a shared lexicon and understanding of the idea and the opportunities that are emerging as we become an increasingly digital species and continue (and accelerate) our ongoing journey from the physical to the virtual world.”