TIME magazine's NFT collection sells out in one minute, bot activity suggested

advertisement

TIME magazine’s launch of an NFT collection did not go smoothly on Thursday. 

Not only did the collection of 4,676 NFTs sell out in one minute, users experienced gas prices reaching 9,000 gwei for a rapid transaction. When minting finished, there were roughly 700 holders of NFTs. 

Anish Agnihotri, a researcher at Paradigm, claimed that bots were at play. “Any NFT drop that is First Come First Serve is bound to experience the same level of bot activity and push the auction into the gas markets,” Agnihotri said on Twitter. “Additional on- or off-chain information only makes botting easier.”

TIME magazine announced their NFT collection, called TIMEPiece, yesterday. The collection held over 4,676 works from 40 artists. In regards to why the magazine chose to release the art collection as NFTs, TIME president Keith A. Grossman wrote

“TIMEPieces is our latest foray into NFTs, this time with the goal of also fostering community, loyalty and rewards. While many of the NFT drops that have happened to date within the media space have focused on high-end single editions or multiple versions of collectables, the release of TIMEPieces marks the first time a major media brand has taken on a Web3 approach toward building community and using this technology as an innovative extension of our current Digital Subscription efforts.” 

The minting took place on Thursday, September 23 at noon ET. The cost to mint each NFT was 0.1 ETH, and those who owned a TIMEPiece obtained a lifetime membership to Time.com and other perks.

TIME has not commented on the activity that occurred during the minting process as of press time.

For more breaking stories like this, make sure to subscribe to The Block on Telegram.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The Era of dFMI for Institutional Digital Asset Markets

Post-trade in capital markets today operates primarily based on provision of balance-sheet to off-set counterparty risk, either directly or indirectly, via settlement agents, CCPs and CSDs etc.  The issues with this ‘hub and spoke’ model are well known, including the resulting massive duplication of data, bifurcated processes, concentration of risk and subsequent deployment of capital and resources that could be better utilized. 
Read Full Story
Sponsored Post

Retail traders are here to stay, says eToro's US CEO

On this episode of The Scoop, eToro's newly appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon and how eToro plans to capitalize on growing the business across cryptocurrencies and stock trading.
Read Full Story
Jan 26, 2022, 4:23PM UTC
More