Reports said that blockchain and nonfungible tokens (NFTs) are changing the publishing industry. Web3 has become the most sought-after investment sector of 2022, as use cases for NFTs, the Metaverse and other blockchain applications come to fruition.
It has been reported that the publishing industry has begun to use Web3 technologies to transform traditional models. For example, the textbook publishing giant Pearson recently announced plans to use NFTs to track digital textbook sales to capture revenue lost on the secondary market.
However, Time magazine, which was founded 99 years ago, has also been using NFTs to create new revenue streams, along with a sense of community within the publishing industry.
Keith Grossman, the president of Time, said that the magazine is demonstrating the new possibilities of engagement that Web3 brings to the publishing industry.
“Web3 can evolve one's brand in a world where individuals are moving from online renters to online owners, and privacy is beginning to move from platforms to the individual.”
The report said that most renowned magazine publishers in the industry to host an NFT gallery, Grossman explained that Time has dropped nearly 30,000 NFTs to date. He added that these have been collected by over 15,000 wallet addresses, 7,000 of which are connected to Time.com to remove the paywall without having to provide personal information.
“Along the way, the TIMEPiece community has grown to over 50,000 individuals.”
Grossman explained that in September 2021, Time launched a Web3 community initiative known as TIMEPieces. This project is a digital gallery space hosted on the NFT marketplace OpenSea, which has brought together 89 artists, photographers, and even musicians.
“The number of TIMEPiece artists has grown from 38 to 89. It includes the likes of Drift, Cath Simard, Diana Sinclair, Micah Johnson, Justin Aversano, Fvckrender, Victor Mosquera and Baeige, to name a few.”
Likewise, the more important aspect of this growth lies within the distinction of “audiences” vs. “communities.” According to Grossman, very few people in the publishing sector distinguish between these two groups, yet he noted that Web3 provides a “tremendous opportunity for those willing to explore this oversight.” For instance, Grossman explained that an audience simply engages with content for a moment.
He pointed out that a community aligns around shared values and is provided with the opportunity for constant engagement.
“Healthy ‘communities’ have moats making them harder to disrupt or circumvent. However, they take a lot of work to develop and nurture. The long term benefit of a community is stability — and publishing is anything but stable.”
Moreover, other sectors of the publishing industry are starting to employ NFTs for this very reason. For example, Royal Joh Enschede, a 300-year-old Dutch printing company, is entering the Web3 space by providing its clients with an NFT platform for “crypto stamps.”
Gelmer Leibbrandt, the CEO of Royal Joh Enschede, said that the postage stamp and philately world is very traditional, noting that nonfungible tokens will allow for expansion.
“The crypto stamp opens up a global market that will appeal not only to the classic stamp collectors but also to collectors in their teens, twenties and thirties who buy, save and trade NFTs. This is naturally very appealing for our main customers — over 60 national postal organizations worldwide.”
Leibbrandt also pointed out that linking physical objects with their digital counterparts offers customers additional features. While he noted that crypto stamps are just the beginning of Royal Joh Enschede’s Web3 journey, he explained that the company has started developing “notables,” which are meant to rival secure printed banknotes.
Thus, he explained:
“Through the use of special printing techniques, we can add, among other things, augmented reality, which in turn provides access to special online promotions and a communication platform. Notables are unique and the NFT element can be used as a collector’s item, along with a means of payment in the Metaverse.”