CNN, Time, and Forbes are among the media giants that have recently joined the non-fungible token (NFT) craze to monetize their digital media. NFTs are unique digital assets authenticated on blockchain technology, making them rare and valuable. These media companies have embraced NFTs to create a digital ownership experience for their audiences, allowing them to own exclusive content, such as photographs, videos, animations, and even tweets.
CNN’s NFT Media Artwork
CNN sold its first NFT media artwork for over $150,000 in June 2021. The artwork, “A History of the World,” was created by renowned artist Trevor Jones and represented a 1/1 edition of the artwork. The owner of the NFT has exclusive access to a special edition of the artwork and an invitation to a private event with Jones.
Time Magazine’s NFT Covers
Time Magazine auctioned off three unique covers from its iconic “TIME100 Most Influential People” issue as NFTs on the SuperRare marketplace, with the highest bid reaching over $500,000. The NFTs include a special edition of the magazine cover signed by the featured person, as well as exclusive video content.
Forbes’ NFT Cover
In May 2021, Forbes sold an NFT representing the cover of its “Crypto’s Promise” issue for over $800 on the OpenSea marketplace. The NFT included exclusive content, such as interviews with cryptocurrency leaders and influencers.
New Revenue Stream and Engagement
The use of NFT media creates a new revenue stream for media companies and allows them to engage with their audiences in a more interactive way. By creating exclusive ownership experiences, media companies can create a sense of community and loyalty among their audience, leading to long-term customer relationships.
The experiences of CNN, Time, and Forbes demonstrate the potential of NFTs to create a unique ownership experience for digital media, and the trend is likely to continue as more media companies explore this new frontier. The adoption of NFTs is an exciting development in the media industry that presents new opportunities to monetize digital content and engage with audiences.