One of the most popular global media companies, TIME Magazine, has inked a partnership with the metaverse platform The Sandbox to develop a virtual rebuild of New York City. The two entities unveiled the collaboration at the NFT.NYC event earlier this week.
TIMEPieces, a non-fungible token (NFT) initiative set up by TIME Magazine, will launch a space on The Sandbox inspired by the Big Apple, being dubbed TIME Square.
TIMEPieces is inviting architects to create and submit designs for the space. The virtual arena will host virtual events across multiple fields, including commerce, events, and art.
Keith Grossman, the President of the TIME corporation, remarked that TIME Square would offer unique experiences to TIMEPieces NFT holders, providing access to events, discussions, and screenings of projects from TIME Studios, the company’s movie, and documentary arm.
The Sandbox has had a remarkable run of growth over the past few months. The platform has capitalized on the rising popularity of the metaverse and NFTs to become one of the most resilient brands in digital media.
It was named among TIME’s 100 Most Influential Companies in March. The Sandbox was recognized for its initiatives to advance the metaverse and revolutionize human interaction for the future.
Last week, The Sandbox had announced a collaboration with Lionsgate Studios, a leading global entertainment brand, to bring some of the latter’s titles into the metaverse. Reportedly, Lionsgate is looking to create ‘Action City,’ an area within The Sandbox metaverse to feature some of the studio’s most prominent action blockbusters, including 2019’s Hellboy, Sylvester Stallone’s Rambo: Last Blood, and movies from The Expendables franchise.
Moreover, another leading media giant, The New York Times, had recently made headlines in the NFT space. It sold the first published article from the publication as an NFT for $560,000, making the Paper of Record one of the most successful media houses to enter the NFT space.
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