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TIME Magazine's "The Computer in Society" NFT Fetches $210,000 from Justin Sun

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Wed, 03/31/2021 - 14:44
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Alex Dovbnya
An extremely prescient TIME Magazine cover is now owned by "crypto whiz" Justin Sun
TIME Magazine's "The Computer in Society" NFT Fetches $210,000 from Justin Sun
Cover image via www.instagram.com
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Tron CEO Justin Sun has just taken to Twitter to announce that he has bought TIME Magazine's iconic "The Computer in Society" cover as a non-fungible token.

It set him back 117 ETH ($209,736) on Ethereum-powered NFT marketplace SuperRare.

Sun will put the token in his recently announced JUST NFT Fund and issue the cover as a TRC-721 token on the Tron blockchain.

As reported by U.Today, the controversial cryptocurrency entrepreneur came out as an underbidder at the Christie's auction of Beeple's "The First 5,000 Days" NFT. The third-most-expensive artwork sold by a living artist was purchased by cryptocurrency investor Vignesh Sundaresan (a.k.a. "Metakovan").

Later, Sun did manage to snatch another Beeple NFT, "Ocean Front," for a "modest" $6 million, but the sale generated little to no media buzz.

NFTs—which can be issued on a blockchain as an image, video or audio—have captured the attention of business leaders, celebrities and everyone who is trying to make a quick buck on the latest crypto craze.

Sun is also bidding 600,000 TRX ($38,622) on a new Lindsay Lohan single, "Lullaby," that was released as an NFT.

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TIME's iconic covers

"The Computer in Society" was the very first TIME cover devoted to the computerization of the workplace. When it was published on April 2, 1965, there were only 22,500 computers throughout the U.S. Today, over 89 percent of households have a computer, which makes it an integral part of almost everyone's everyday life.

TIME
Image by time.com

On March 22, the magazine released three covers as NFTs ("Is God Dead?," "Is Truth Dead?," and "Is Fiat Dead?"). The last one was created specifically for the auction to reflect the rise of cryptocurrencies and their threat to government-issued fiat currencies.

Since releasing the collection, TIME has already sold nine digital covers, including "Amateur Photographer" (Nov. 2, 1953) and "Space Exploration" (Jan. 19, 1959). The oldest one, "World & Friend," dates back to May 15, 1950.

TIME's interest in crypto seems to extend far beyond NFTs. The magazine is currently seeking a chief financial officer who is "comfortable" with Bitcoin.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.