Time Magazine has formed a partnership with The Sandbox, an Ethereum-based metaverse, in order to create a digital setting that is modeled after New York City, the city that is considered to be the biggest apple of them all.
Kieran Warwick, one of the co-founders of Illuvium, commented to The Defiant that the company’s intention to collaborate with The Sandbox as part of their “double down on their metaverse endeavor” was “great news for everybody in the field.” “The sooner we are able to achieve mass adoption, the more well-known brands we will be able to transition to web 3.”
On June 21, as part of the celebration for NFT.NYC, the collaboration was officially put into motion. As part of Time’s New Frontiers Territory (NFT) program, TIMEPieces, the region will make its premiere on a fake plot of land in The Sandbox. TIME Square is the obvious choice for the name of the new development.
TIMEPieces will be a hub for online socializing, artistic expression, and commercial activity; as such, the company has launched an open call for architectural designs to be submitted for consideration
The Sandbox is the third largest metaverse endeavor, with an estimated market worth of 1.1 billion dollars. Republic Realm, the company that developed Sandbox, broke the record for the most expensive transaction involving the purchase of digital land in November when it paid Atari $4.3 million to purchase a piece of virtual real estate.
TIMEPieces NFT holders will be given virtual access to discussions, events, and screenings of TIME Studios works, as stated by the President of Time, Keith Grossman. This will allow TIMEPieces NFT holders to partake in unique experiences, as stated by Grossman.
The news is incredibly promising for a sector that is failing with everything else in bitcoin, despite the fact that everything else is also hurting. According to CoinGecko, after reaching their all-time highs in November 2021, the majority of metaverse projects have seen a value reduction of more than ninety percent of their initial investment.