TIME — the media company behind the nearly 100-years-old magazine — is expanding its footprint in the crypto market through a partnership with Mike Novogratz's Galaxy Digital to deliver more content on the metaverse to its readers.
TIME announced on Thursday that it would launch the TIME100 Companies Metaverse category, joining a family of lists produced by the firm highlighting the most influencial companies and people in the world across industries. The new list, which will be commissioned by Galaxy, will feature builders in the metaverse — a corner of the market that's captured the attention of the broader public since Facebook announced it would change its name to Meta.
As part of the partnership, TIME will host educational resources on its website and launch a new metaverse-focused newsletter. It will lean on Galaxy's in-house metaverse expert for insights.
TIME's latest foray into the metaverse speaks to the degree to which virtual-based worlds could bring new ways for media companies to engage with their audiences, according to Galaxy.
"Today it is hard to image the impact the metaverse will have on commerce, content, or community," a Galaxy spokesperson noted in an email to The Block. "One thing we know is that immersive virtual worlds will eventually impact every sector of the economy."
Today, blockchain-based metaverses like Cryptovoxels and Decentraland allow users to congregate virtually and hold events. In the future, TIME could funnel content through those types of channels.
"As we think about our own evolution into the metaverse over time - especially as we look toward our 100th Birthday in 2023 - our goal will be to provide experiences that meet the expectations within the ecosystems rather than simply replicating what people know in the physical world," TIME president Keith Grossman told The Block.