One of the world’s most famous magazines, TIME magazine launched its own NFT collection.
The rising interest of fans and collectors in NFTs is what inspired TIME to come up with its own NFT collection. The NFT collection is called the “TIMEPieces” and has attracted a lot of attention in the crypto world.
Diving further into the details, around 4,676 of these TIME Magazine tokens are present overall. Basically, NFTs are digitally designed audio, video, or image, attached to a blockchain. The fans of the magazine bought all of these tokens in just a few minutes!
The arrangements were made to initiate the sale of the NFTs at a specific time, and the buyers would have to be ready. But, the sale put a heavy strain on the Ethereum network, and it got congested. There was a lot of chaos on the network, which made people furious.
Buyers paid high fees for the TIME Magazine NFTs
The analysis by Datatracker reveals that the buyers spent about four times more on each sale. For example, on-chain data showed that there was a TIME Magazine NFTs buyer who ordered 10 TIMEPieces. For this transaction, the buyer had to pay as much as $70,000!
There is an entire process that goes on when such high-profile drops occur. Some people use automated bots to buy huge chunks of supplies, later selling them for higher returns.
The reason behind such exorbitant fees is also related to something called “priority fees.” These are the fees a buyer pays so that the miners get an incentive to prioritize the transaction verification of the person that pays the greater fee. Hence, such high fees paid for the TIME Magazine NFTs also include the priority fee.
Buyers don’t know what they bought!
The TIME Magazine NFTs are currently pointing to a red-colored TIME Magazine logo which isn’t much. The President of the TIME Magazine, Keith Grossman, announced that the reveal would occur at 6 pm Eastern. Only then will the buyers know what they have bought.
They will have to refresh the metadata on the OpenSea platform to have a look at what they’ve paid for and if it was worth it.
Grossman was one of the first to comment on the high gas fees. He said that such exorbitant rates were “not ideal” and that he learned many things from this NFT drop. Grossman further explained that he limited the number of NFTs that an address could mint to remove bots.