One of the most famous and oldest weekly newspapers in the world, the American Time magazine, put up three of its covers in the form of NFTs for auction on the SuperRare platform. The covers are sold individually or collectively. The magazine did not specify what the proceeds will be used for.
An NFT token is a blockchain-based certificate that confirms the ownership of digital art. Unlike most digital currencies, NFTs are not fungible. That is, each token is a unique digital asset.
Among the lots is the iconic Time cover "Is God Dead?" It was released in April 1966. This was the first cover of the edition that features text only, which caused a heated discussion among readers because, during those years, almost all Americans were deeply religious.
The second lot is the cover that says, "Is Truth Dead?" It was created in April 2017 and is dedicated to the first year of former US President Donald Trump's presidency.
Cover with the words "Is Fiat Dead?" was created specifically for the auction. This lot is dedicated to cryptocurrencies that are an alternative to the fiat currency model. Fiat currency is a legal tender (dollars, pounds, euros), the value of which is set by the government.
At the same time, the auction is not the end. Time President Keith Grossman announced that the magazine would begin accepting cryptocurrency as payment for subscriptions within the next 30 days. The company is also looking for a new Chief Financial Officer (CFO) who will, among other things, work with cryptocurrency.
As Time notes, cryptocurrencies like bitcoin defy today's daily money rates due to a fixed price limit. Over the past year, the popularity of the NFT market has grown rapidly. Some of this is explained by the fact that celebrities, bloggers, and other famous people started paying attention to NFTs, and because NFTs can provide transparent proof of ownership of digital objects. The hype around NFT or non-fungible tokens is updating new highs every day.