{"id":50107,"date":"2021-09-24T14:05:29","date_gmt":"2021-09-24T11:05:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50107"},"modified":"2025-09-02T16:11:55","modified_gmt":"2025-09-02T13:11:55","slug":"time-magazine-sells-a-new-collection-of-4676-nfts","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/time-magazine-sells-a-new-collection-of-4676-nfts\/","title":{"rendered":"TIME Magazine sells a new collection of 4,676 NFTs"},"content":{"rendered":"<p>TIME Magazine released a new collection of 4,676 non-fungible tokens (NFTs) offering &#8220;unlimited access&#8221; to its site through 2023. It was named TIMEPieces.<\/p>\n<p>Each digital item cost 0.1 ETH (~$312). <a href=\"https:\/\/etherscan.io\/token\/0xdd69da9a83cedc730bc4d3c56e96d29acc05ecde\">The sale<\/a> ended in minutes and was accompanied by anomalous Ethereum network fees. Buyers inflated the fee to gain priority for the transaction.<\/p>\n<p>A user going by the handle Banterlytics noted that 22 addresses, which paid for minting 10 NFTs (worth 1 ETH each), spent 10-20 times more on gas fees than the amount spent.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">22 accounts paid 10ETH + in gas to mint 10 Time Pieces NFTs <a href=\"https:\/\/t.co\/p5bzNBxH80\">https:\/\/t.co\/p5bzNBxH80<\/a> <a href=\"https:\/\/t.co\/zuXrlsdXJM\">pic.twitter.com\/zuXrlsdXJM<\/a><\/p>\n<p>\u2014 Banterlytics (@banterlytics) <a href=\"https:\/\/twitter.com\/banterlytics\/status\/1441099407638753289?ref_src=twsrc%5Etfw\">September 23, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A co-host of the NFT-focused podcast Two Bored Apes, going by the alias Zeneca, wrote that even his experience, budget and willingness to pay gas fees over $10,000 did not help him acquire the TIME collectible.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Shout out to all that tried and failed and are now feeling the FOMO for the Time drop. Even with months of experience navigating gas wars, a war chest, and pumping 5k+ priority fee and 10k+ max fee, I didn\u2019t get through. There\u2019ll be another opportunity next week \ud83e\udd0e<\/p>\n<p>\u2014 Zeneca_33 \ud83c\udf4c (@Zeneca_33) <a href=\"https:\/\/twitter.com\/Zeneca_33\/status\/1441074061363142662?ref_src=twsrc%5Etfw\">September 23, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Presumably, some users used automated bots to purchase. This led to the concentration of tokens in a limited set of wallets. According to Etherscan, the top 100 of nearly 2,000 addresses own more than 25% of the TIMEPieces.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/5Pcd6xd84WvRexA042o77hahIq44gWHkNDSo85SUVaW3PGgzXEUjyJ-HN3CdgWLHfELgEJy8iL3ScMMWkfn9IVe9akjBc8_yjVIKaMWcjlaFyeibfGgL2ZXjRiXluZucLn5WkruE=s0\" alt=\"TIME Magazine released a new collection of 4,676 NFTs\"\/><figcaption>Data:<a href=\"https:\/\/etherscan.io\/token\/tokenholderchart\/0xdd69da9a83cedc730bc4d3c56e96d29acc05ecde\"> Etherscan<\/a>.<\/figcaption><\/figure>\n<p>TIME President Kate Grossman told CoinDesk that the distribution of tokens was &#8220;not ideal&#8221;.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I think we&#8217;ve learned a lot about gas in general. There are things you can&#8217;t control in this space&#8221;, he said.<\/p>\n<\/blockquote>\n<p>Grossman explained that as part of bot-suppression efforts there was a limit of 10 NFTs per address. However a buyer could operate multiple wallets.<\/p>\n<p>The NFT sale was blind \u2014 users did not know which particular tokens they would receive.<\/p>\n<p>The NFT collection is released under the slogan Building a Better Future and is based on works by more than 40 artists from around the world.<\/p>\n<p>At the time of writing, the most expensive token had sold for 69 ETH (~$215,300).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/SVXIPL05qZPJjsJeZsM8gk9gHLIWGB6BgsE0aJktkybD1ANayRKRs_Vw8pSQsj2ONiwKwXoPeK1kM-HT_NVt8mddsxTH8lnY6IHYa8kmO9Wk3bz4-hhbTlyA3zjJVbrFzQY01hMG=s0\" alt=\"TIME Magazine released a new collection of 4,676 NFTs\"\/><figcaption>Data: <a href=\"https:\/\/opensea.io\/collection\/timepiece-community?collectionSlug=timepiece-community&#038;search[sortAscending]=false&#038;search[sortBy]=LAST_SALE_PRICE\">OpenSea<\/a>.<\/figcaption><\/figure>\n<p>Back in March 2021, <a href=\"https:\/\/forklog.com\/en\/news\/time-magazine-sells-three-nft-covers-for-241-eth\">sold as non-fungible tokens<\/a> three covers.<\/p>\n<p>Later, the magazine began <a href=\"https:\/\/forklog.com\/en\/news\/time-begins-accepting-cryptocurrency-for-subscription-payments\">accepting cryptocurrency<\/a> as payment for subscriptions, and also signed an advertising deal with Grayscale Invesments, under which the company <a href=\"https:\/\/forklog.com\/en\/news\/grayscale-to-pay-time-in-bitcoin-for-a-series-of-videos-about-the-crypto-industry\">paid the publication in Bitcoin<\/a>.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener\">VK<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TIME Magazine released a new collection of 4,676 non-fungible tokens (NFTs) offering &#8220;unlimited access&#8221; to its site through 2023. It was named TIMEPieces.<\/p>\n","protected":false},"author":1,"featured_media":50108,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1213,1610],"class_list":["post-50107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-nft","tag-time"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50107","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=50107"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50107\/revisions"}],"predecessor-version":[{"id":50109,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/50107\/revisions\/50109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/50108"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=50107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=50107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=50107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}