Time Magazine to publish metaverse content. A Facebook angle? – General ledger information

Digital galaxy, the cryptocurrency investment manager, sponsors Time magazine to post content to the metaverse. The announcement states that the transaction used ETH cryptocurrency and that Time will hold ETH on its balance sheet. We will come back to this subject.

While Time Magazine is a big brand, it’s a standalone business owned by Salesforce founder Marc Benioff.

Benioff recently slammed Facebook (now called Meta) on CNBC and CNN, stating that the social media company has created misinformation and mistrust. In 2019, he asked Facebook is going to be dismantled.

Is it any coincidence that this news comes a few weeks after Facebook introduced its Metaverse plans and renamed it Meta?

TIME’s Metaverse Plans

The deal involves TIME creating a TIME 100 company for the Metaverse, and startups can submit applications starting today. It will also create a new weekly newsletter, “Into the Metaverse”, and host educational content on the subject.

“Over the next decade, the metaverse will become an increasingly important part of the global economy; our physical and digital realities are already becoming difficult to distinguish, ”said Mike Novogratz, CEO and Founder of Galaxy Digital.

“We look forward to partnering with TIME, an iconic brand that drives innovation, as we seek to bring readers, creators and curious into the metaverse and demystify the enormous amount of transformation that takes place there. . Galaxy subsidiary Galaxy Interactive is a major investor in Metaverse companies.

Time has been a relatively early user of cryptographic and non-fungible (NFT) tokens. In March, it sold three TIME covers as an NFT and accepts cryptocurrency for digital subscriptions.

ETH on the balance sheet – does it matter?

It’s a smart move by Galaxy Digital to incorporate the ETH element as part of the deal, and it has already made headlines on cryptocurrencies. However, the amount of ETH was not specified. Do a few tens of thousands of dollars count?

While Tesla, Square, and Micro Strategy have put Bitcoin on their balance sheets, so far most large companies are reluctant to do so. Apart from ETFs linked to Bitcoin Futures, Micro Strategy is the closest thing to a Bitcoin ETF.

The reluctance to own cryptocurrencies is due to two main reasons. First, not all large businesses have huge cash balances, which means they need to make sure the money is there when they need it. This excludes volatile assets such as cryptocurrencies. If a corporate treasurer couldn’t produce the necessary cash due to falling crypto prices, he would be fired.

But even for those with inflated bank balances, there is another reason. As Apple CEO Tim Cook said last week, “I don’t think people buy Apple stocks to gain exposure to crypto. If they want to do so, they can invest in crypto directly. However, he said he owned some himself.

Now, if these companies were to use cryptocurrencies on a daily basis, they might need to keep them on their balance sheets, which would be another story.

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