TIME magazine collaborates with multiple artists to release NFTs, with OpenSea's daily trading volume second only to CryptoPunks.

The iconic American news magazine "TIME," founded in 1923, announced on the 22nd that it would release 4,676 blind box NFTs. These blind boxes feature works from over 40 collaborating artists. After going on sale at midnight on the 23rd, they quickly sold out, causing a surge in Ethereum Gas Prices.

TIME Magazine NFT: TIMEPieces

TIMEPieces is a group of artists organized by TIME Magazine's Creative Director, DW Pine, a quarter of whom have created covers for TIME Magazine. The works include photography, illustrations, and paintings. Over 40 artists were invited by TIMEPieces to create works with the theme of "Building a better future."

Each NFT blind box is priced at 0.1 ETH, with a maximum purchase limit of 10 per wallet address. Collectors who own a TIMEPiece have unlimited access to TIME.com and exclusive benefits such as exclusive event invitations, privileges for collectors with multiple NFTs, and more.

These 4,676 pieces each have their own uniqueness:

• Single artist special red edge treatment: 37 pieces per edition
• Dual artist special red edge treatment: 18 pieces per edition
• TIME Build A Better Future special red edge treatment: 1 piece per edition
• Single artist: 370 pieces per edition
• Dual artist: 450 pieces per edition
• Single artist + TIME Build A Better Future: 3,700 pieces per 100 editions
• TIME Build A Better Future: 100 pieces per 100 editions

These NFTs were quickly sold out after launch and are currently circulating on the secondary market on OpenSea, with a floor price of 1.45 ETH at the time of writing. On the first day, there were over 7,000 Ether in transactions, ranking fourth for daily trades, just behind CryptoPunk.

At the time of the launch, it also led to a surge in Ethereum Gas Prices.

CNN's NFT Launch Not as Popular, What's the Difference?

CNN, the Cable News Network, launched "Vault by CNN: Moments That Changed Us" NFT on July 1, allowing viewers to collect historic moments through NFTs. By mid-August, they released seven newsworthy NFTs. However, this NFT series is based on the Flow blockchain and is not yet a mainstream NFT market. Despite being sold out, its market value and popularity are currently difficult to measure.

The launch of TIME Magazine's NFT captures several key points of popular NFTs: blind boxes, limited edition releases, setting unique rarity features, OpenSea, and Ethereum. Many traditional brands' NFT releases have brand connections and additional features and services, but these elements seem to miss the mark in the NFT market. On the contrary, the play with FOMO attributes: "blind boxes + limited edition releases + setting unique rarity features," along with choosing Ethereum and OpenSea as the blockchain for issuance and trading, align with the mainstream speculative market tactics.