The metaverse remains one of the most intriguing technological concepts of this day. Several companies have formed partnerships to conduct projects with the metaverse. TIME Magazine, one of the most popular media companies in the world, has become the latest to join the trend.
Earlier this week, the media house cemented a partnership with blockchain gaming platform The Sandbox to develop a virtual rebuild of New York City.
The Big Virtual Apple
According to the partners, TIMEPieces, the non-fungible token (NFT) initiative set up by TIME Magazine, will launch a space on The Sandbox. Inspired by The Big Apple, the space will be dubbed TIME Square.
TIMEPieces has sent out an open invitation to architects for design submissions for the space. As they explained, the land plot is expected to be a location for hosting virtual events across multiple fields, including commerce, events, and art.
Keith Grossman, the President of the TIME corporation, said that TIME Square would offer unique experiences to holders of the TIMEPieces NFTs, offering virtual access to events, discussions, and screenings of projects from TIME Studios – the company’s movie and documentary developer.
The Sandbox has had quite a whirlwind period over the past few months. Coasting off the popularity of NFTs and the metaverse, the platform has become one of the most resilient brands in digital media.
Back in March, The Sandbox was named among TIME’s 100 Most Influential Companies. The platform was recognised for its contributions to the metaverse and the new frontier of human interaction, as well as its infusion of concepts like NFTs into this future.
Last week, The Sandbox partnered with Lionsgate Studios – one of the most prominent entertainment brands – to bring some of Lionsgate’s titles straight into the metaverse.
According to reports, Lionsgate is looking to build Action City – an area in The Sandbox that will feature some of the studio’s biggest action blockbusters. These will include 2019’s “Hellboy”, Sylvester Stallone’s “Rambo: Last Blood”, and all movies in the “The Expendables” franchise.
All of the content in Action City will enable players in The Sandbox to create their unique experiences with established and new characters and worlds. Players can fit their 3D avatars with items based on these movies’ properties and deploy them as they see fit.
Mainstream Media’s Affinity with NFTs
This development also underscores what seems to be a growing affinity for NFTs from mainstream media.
Earlier this year, the Associated Press announced that it would launch a marketplace to sell NFTs representing works from some of its prominent photojournalists. The marketplace, built by a company called Xooa, will provide a way for collectors to purchase the Associated Press’ award-winning photojournalism, with the news agency claiming that it would release virtual tokens at “broad and inclusive price points”.
The Associated Press also pointed out that the marketplace will be built on the Polygon network, touting Polygon for its eco-friendly blockchain operation. Recently, Polygon’s developers announced that they had achieved carbon neutrality, offsetting the network’s carbon footprint since it launched.
The New York Times also made headlines in the NFT space last March, selling the chance to own the first published article from the publication. The NFT sold at $560,000, making the Paper of Record one of the most successful media houses to make a foray into the NFT space.
So far, NFTs have provided a great way for media houses to make money off some of their most iconic works. Whether photojournalism or milestone pieces, these media houses have found a great way to monetise their content and grow their audience.
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