TimePieces NFTs by TIME Magazine launched on Thursday (September 23rd). The 4,676 NFTs, which were made in collaboration with 40 artists, sold out in a minute. Each NFT cost 0.1 ETH and now on OpenSea, the floor is 0.82 ETH. Additionally, users experienced high gas fees and people have thought that bots were involved in many purchases. Once minting was complete, there were 700 holders.
About the TimePieces NFTs
TimePieces NFTs are the second drop from TIME Magazine. In their first drop, they sold 3 iconic magazine covers as NFTs, they sold for $435,000 at auction. They’ve also had other involvements in NFTs, like their collaboration with cool cats. Undoubtedly, with their second collection, they have expanded. There were 4,676 pieces that were launched. The artwork was created by 40 artists. The collection was titled ‘Build a Better Future’ and the name reflects the message they were trying to put across. You can view the full gallery of TimePieces NFTs here, including the artists who made them.
On the topic of NFTs, TIME’s president, Keith A. Grossman said:
“TIMEPieces celebrates the work of artists, which has been a core aspect of the TIME brand for nearly 100 years. The artists for the genesis collection of TIMEPieces come from a group organized by TIME Creative Director D.W. Pine. TIMEPieces is our latest foray into NFTs, this time with the goal of also fostering community, loyalty and rewards.”
About the Drop
The minting took place on Thursday, September 23rd at 12PM EST. Each NFT cost 0.1 ETH, which was $315 at the time. Those who purchased a TIMEPieces NFT gained access to a lifetime membership to Time.com, among other perks. The gas prices were of course high, given the nature of a first come first serve drop. By the same token, there seemed to be a large number of bots used to obtain these NFTs. This is not the first time we’ve seen bots used on NFT drops, but they still haven’t reached the levels of other industries, like sneakers for example. TIME has yet to comment on the difficulties that came with the mint of the TimePieces NFTs, but we may see a statement in the near future.
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