Time magazine launched a new NFT collection dubbed "TIMEPieces" Thursday, offering "unlimited access" to its website through 2023. All 4,676 tokens, each priced at 0.1 ETH tied to digital artworks, were sold in minutes. But the sale also clogged the Ethereum blockchain, with buyers spending almost four times as much on transaction fees as they did on the NFTs themselves. "The Hash" hosts react, discussing the implications for a historic American institution getting involved in the NFT space.
-
- 1
Francisco Gimeno - BC Analyst The Ethereum blockchain gets problems yet when big sales like this one "TIMEPieces" NFTs happened. The transactions fees being also a huge problem by the way. We hope this is getting better in the next future! Otherwise, wile Ethereum is the up to now undisputed leader, other financial blockchain based options may be used for NFT business. Interesting that Time magazine itself expressed that after the sale they had to learn yet a lot about NFTs and its consequences for the new digital economy and world.