Skip to main content

The 99-year-old TIME Magazine has staked a claim to valuable real estate in the metaverse, partnering with The Sandbox, an Ethereum-based virtual world, to launch a version of the Big Apple.

The iconic media brand unveiled its new product, labeled "TIME Square," along with a new NFT collection called TIMEPieces during NFT.NYC earlier this month. TIME President Keith Grossman said TIME Square is expected to offer novel experiences to NFT holders, including exclusive access to events, screenings and talks organized by TIME.

The metaverse is estimated to be a growing $5.5 billion sector, according to CoinGecko.

Valued at $1.1 billion, The Sandbox is one of the world's largest metaverse projects. Last year, a plot of virtual land got sold for $4.3 million to metaverse developer Republic Realm, setting a new record for digital land sales in the space.

Scroll to Continue

Recommended for You

Many analysts say TIME's move into the metaverse heralds good opportunities ahead. “The more mainstream brands we can get transitioning into Web3, the quicker we can reach mass adoption,” Kieran Warwick, co-founder of metaverse game Illuvium, told The Defiant. “[P]artnering with The Sandbox is massive news for anyone in the space.”