American media giant TIME Magazine this week revealed a partnership with Mike Novogratz’ Galaxy Digital and, as part of the deal, TIME will hold ETH on its balance sheet.
The partnership, announced by the magazine on November 18, will seek to educate its readers about the advent of the metaverse.
TIME Joins the Metaverse
The metaverse is a digital landscape where users can interact socially and economically. Many successful projects have created their own virtual reality world using blockchain technology and tokenomics. Two examples are Decentraland (MANA), which recently soared after the Caribbean island of Barbados announced it would build a digital embassy in its metaverse, and Sandbox (SAND), which also hit an all-time high this week after the announcement of a Play-2-Earn (P2E) metaverse event.
TIME will launch the TIME 100 Companies list, followed by a weekly newsletter titled ‘Into the Metaverse’. Galaxy will manage the list, which will feature the most promising projects and developers.
TIME‘s decision to jump into the metaverse was probably propelled by the fast-paced advancement of this technology. Two weeks ago, Crypto News Australia reported that Microsoft was set to follow Facebook (now called Meta) and will launch Mesh, its own version of the metaverse, focused on the corporate world.
Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish. We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening.
Mike Novogratz, CEO, Galaxy
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