Former TIME magazine president Keith Grossman has made a significant impact on the media industry by introducing an NFT collaborative project called TIMEPieces to the near-century-old publication. In a recent exclusive interview with Fortune, Grossman told his journey toward establishing the project.
Grossman, known for his roles at Wired and Bloomberg, saw the potential of NFT technologies in 2020 when he realized the value of his digital identity. In March 2021, Grossman and his team launched a 1:1 collectible NFT project at TIME, followed by the introduction of TIMEPieces in September of the same year.
Grossman, who has a passion for art, technology and media, found the NFT space to be a perfect fit. He became an avid collector, appreciating the works of artists such as Cath Simard, Victor Mosquera and Fvckrender.
The decision to bring TIME into the NFT space and launch TIMEPieces was a collaborative effort involving Grossman, its legal team and its creative director. The success of their initial foray into Web3 was evident when TIME accepted 34 different cryptocurrencies for digital subscriptions within a month.
Grossman immersed himself in the NFT community, learning from influential figures like ThankYouX, Dave Krugman and JN Silva. These conversations led to the realization of blockchain technology’s power and inspired the creation of TIMEPieces.
Surprisingly, Grossman did not require approval for funding TIMEPieces. Due to their significant business on the SuperRare platform, when the platform transitioned to a decentralized autonomous organization (DAO), Grossman and his team converted their $RARE tokens to $ETH, which funded the launch of TIMEPieces.
Digital art for the good of humanity
Grossman’s journey in the NFT space extends beyond just TIME. He believes in the potential for NFTs to be used for good, highlighting examples like UkraineDAO and RELI8F, which leveraged the technology to make a positive impact. He has collaborated with artists to launch “Artists for Peace,” an initiative supporting relief efforts for Ukraine.
“Within 48 hours we raised nearly $400K, which went to humanitarian aid in Ukraine,” the former TIME president told Fortune correspondent Anna Tutova.
Addressing the recent decline in NFT trading volume, Grossman emphasized that TIMEPieces was built on values rather than prices or trading. The engagement and growth of the community were more significant metrics for him.
He believes that while art and collectibles will continue to exist in the NFT space, the technology’s broader opportunities lie in memberships and business efficiency.
In a surprising career move, Grossman departed TIME magazine to take on the role of president of enterprise at MoonPay, a crypto payments unicorn. His decision stems from a belief in the transformative power of Web3 technologies and a desire to shape the industry’s future.
MoonPay, under Grossman’s leadership, has partnered with renowned brands such as Universal Studios, Nike, Alo Yoga and Christie’s. Their future plans revolve around mainstreaming blockchain technology’s adoption by highlighting its unique and enhanced experiences.
The payment company emphasizes the importance of compliance, consumer protection and creating a safe environment for businesses. It has made significant investments in legal frameworks and recently hired a chief legal officer to evolve alongside the ecosystem.
As the crypto industry evolves, Grossman and MoonPay prioritize establishing trust and the sector’s long-term prosperity.