Time Magazine Launches First NFT Magazine News Organization Entering NFT Is Good or Bad for the Media?

In fact, NFT has appeared as early as 2014, but at that time NFT was only a niche technology known by a small number of people. Who would have thought that a few years later, under the background of the epidemic, and with the successful auction of Beeple’s astronomical $69.3 million NFT works, NFT has rapidly grown into a popular technology and entered the mainstream.

NFT seems to have become synonymous with fashion, trend, and novelty. From fashion to art, from music to movies, from physical items to digital content, all industries suddenly began to flock to this emerging field, wanting to take a piece of the pie. The traditional news industry has also begun to “test the waters”.

Major news organizations enter NFT

Journalism is a special industry, and the news organization itself is a recorder. For news organizations, “exclusive content” is the biggest advantage of news media. Different news organizations have their own unique copyrighted content, which gives them a natural advantage in launching NFTs without falling into copyright disputes.

In March last year, after Beeple sold its sky-high price NFT works, “New York Times” writer Kevin Roose subsequently auctioned an NFT-related column article published in the “New York Times” in the form of NFTs. , which eventually sold for $560,000. At the same time, the US “Time” magazine auctioned three of its magazine covers as NFTs.

Then in September, the American “Time” magazine once again stepped into the NFT field and launched a series of NFT works called “TIMEPiece”, which consists of 4,676 works by 40 artists from all over the world. ETH, as soon as it was put on the shelves, this series of works was sold out in a few minutes, and it also caused a short-term congestion of the Ethereum network.

Just on March 23 this year, Time magazine launched a more blockbuster NFT project. It launched a fully decentralized NFT. Time magazine and chose Ethereum founder Vitalik Buterin as its magazine cover. .

Created in partnership with LITDAO, this NFT allows holders to read the full content of the magazine through an interactive NFT. In the end, the NFT airdrop was given to the “TIMEPiece” NFT holders and Genesis LIT community wallet holders previously launched by “Time” magazine.

Time Magazine Launches First NFT Magazine News Organization Entering NFT Is Good or Bad for the Media?

TIME NFT Magazine featuring Vitalik Buterin on the cover

Last June, CNN launched an NFT project titled “Moments that Changed Our History,” which covers representative historical moments that CNN has reported on in the past.

In January of this year, the old news agency The Associated Press also launched a photojournalism NFT platform.

Looking at the country, with the wind of NFT blowing to the world, a NFT boom has already begun in China.

The South China Morning Post, one of the most famous English-language newspapers in Hong Kong, announced the launch of an NFT platform “ARTIFACTS” in July last year. The platform will publish NFTs of important historical moments reported by the South China Morning Post for 118 years, including individual news stories, pictures, newspaper covers, videos and audio clips. The South China Morning Post hopes to bring more transparency to the traditional publishing industry in this way.

Time Magazine Launches First NFT Magazine News Organization Entering NFT Is Good or Bad for the Media?

South China Morning Post’s NFT platform ARTIFACTS

On December 24 last year, Xinhua News Agency launched a series of news NFTs, which recorded numerous precious historical moments in 2021 reported by Xinhua News Agency.

In February of this year, the Shanghai Securities News launched a series of NFTs on the “Major Historical Moments of the Shanghai Securities News”.

The benefits of entering NFTs for news organizations

Incoming NFTs, for whatever purpose, must ultimately be profitable. So what impact does the entry of NFTs by news organizations have on traditional journalism?

Jarrod Dicker, vice president of business at The Washington Post, said:

The value of NFTs is to bring ownership back to the medium and give individuals and the work they create more value, in addition to being able to monetize, control the use, licensing and distribution of content.

First of all, for most news organizations, the most direct impact is the increase in content monetization .

A large part of the revenue of the traditional news industry comes from advertising. In the era of digital payment, many news media have opened up paid subscription models to support their news careers, but for news media, it may not be enough.

The launch of NFT means a relatively faster content monetization process and an easier way to obtain revenue.

Whether it’s an outright sale or an auction, news organizations that launch NFTs can quickly and directly reap the proceeds that can be used to support journalism. Plus, it’s likely to motivate journalists to edit high-quality journalism.

Second, news works are presented in the form of NFT, and the content value is greatly highlighted . When a news work is sold as an NFT, it can even reach a state of “in short supply”. To a certain extent, this further reflects the value of the news work. For news works, its collection value and commemorative significance will also be greatly highlighted.

Third, as the South China Morning Post said, the launch of NFT projects may bring greater transparency to the traditional publishing industry , thereby changing the trust crisis faced by the media to a certain extent.

Fake news and misinformation are flooding the Internet, and reports that lack credibility continue. The way to launch NFT may promote the professionalism of media practitioners to a certain extent and ensure the integrity of their entire editing process for news works.

Fourth, the connection between news organizations and users is strengthened . NFTs give ownership of news works, and NFTs generally have quantitative restrictions. This ownership and “limited” characteristics allow users to have a “control” and “a sense of belonging”.

In addition, as a digital asset, NFT actually brings a status symbol to users.

News, as a special industry, usually has a weak connection with users. The launch of NFT by news organizations brings users a unique digital experience. When users purchase NFT news works, it reflects their status as loyal users of the media. In effect this creates a connection.

Another point is community building. As mentioned above, the connection between media and users is usually relatively weak, and media organizations can use NFT to build their own communities. The aforementioned Time magazine is a good example.

“TIMEPiece” NFT holders have actually formed a community. Time magazine airdropped the NFT magazine to the community, which is an act of community building, which strengthens the connection between the media and loyal users.

challenges

In fact, for the relatively special industry of news, issuing NFTs may damage the credibility and authority of the media itself.

The news media generally has a neutral image in the eyes of the public, and when the media starts to launch NFTs, it means that the media organization has also become a part of this chain of interests, so when faced with negative events, will the news organization still uphold rigorous, Is it fair to look at these events and report them? This may be questioned by the public.

In addition, the current threshold for news organizations to launch NFT is still relatively high, and it will take some time for the general application of NFT technology. At present, the news organizations that launch NFTs are basically relatively large news organizations in the industry, and have high reputation and prestige. It is relatively difficult for small and medium-sized media to launch NFTs.

When paper newspapers faced the predicament of extinction, electronic newspapers and magazines appeared; when television was no longer an indispensable choice for more and more people, news short videos and online news live broadcasts appeared.

This also reflects from a certain perspective that the integration of traditional media and new things is an inevitable process, so in the context of “everything can be NFT”, it is perhaps not surprising that news and NFT technology are combined.

Of course, no matter how a news organization engages in innovative integration of technology, content should always be its primary guarantee.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/time-magazine-launches-first-nft-magazine-news-organization-entering-nft-is-good-or-bad-for-the-media/
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