The American news magazine and publisher TIME Magazine announced its partnership with Galaxy Digital – leading financial services and investment management firm on a mission to educate audiences about the metaverse.
As part of the collaborative strategy, TIME Magazine will open a weekly newsletter and TIME 100 Companies, which features educational content about the rapidly expanding metaverse and Web3 space.
The newsletter will be attached to a section of 100 most influential people across the globe published each year.
Commenting on the exciting move, CEO of Galaxy Investment Partners Mike Novogratz said:
“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. “We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within.”
Galaxy Meets TIME
Under the partnership, the New York media giant will hold Ethereum on its balance sheet. It’s not the first time that TIME’s deals have been conducted using cryptocurrency.
TIME has teamed up with Grayscale Investments since April; and accepted Bitcoin as payment.
Galaxy’s co-founder and partner Sam Englebard shared his insights about the firm’s plan, saying:
“Before we can build the metaverse, we need to define it, since, today, the word connotes vastly different things to different people. 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.”
The Tables Have Turned
Whether you agree or disagree, Mark Zuckerberg’s ambition to transform Facebook into the Metaverse has rocked mainstream and public media.
Facebook was not the first to lay the framework for the metaverse concept, but it has ultimate control over its development. As a result, while Facebook is under fire, it has piqued the curiosity of media outlets and those interested in the metaverse.
TIME Magazine used a portrait of Mark Zuckerberg on the cover of its November issue to send a message to Facebook. An icon depicting the uninstall dialog box with the query “Delete Facebook” and two options “Cancel” or “Delete” covered the CEO’s mouth.
TIME used a photo of CEO Mark Zuckerberg as the cover photo for its latest issue because Facebook has become the center of attention following the publication of the secret history of this social network by Frances Haugen, a former Facebook Product Manager.
He accused Facebook of harming children, dividing ethnicities, and undermining democracy. Frances Haugen also confirmed that Facebook prioritizes revenues over user interests.
Many observers see TIME’s cover photo as a call to delete the Facebook app from users’ smartphones.
The tables have now been turned. TIME got on board.
Lots of corporations, businesses, and individuals have taken the first steps toward creating the virtual space, thereby opening up a world of opportunities and laying the groundwork for the next generation of the Internet.
The Metaverse Won’t be Built in a Day
Play-to-earn gaming plays a significant role in making the idea of Metaverse approachable. For the first time, a complete economic system has been integrated into a digital world, starting with NFT exchange across gaming platforms.
The metaverse is unlikely to be here any time soon. Connections between the metaverse and the real world is also one of the biggest concerns.
As more tech giants join the space the growth of metaverse is a near certainty. One wonders where the decentralized solutions are in this race to build an online world?