According to a Twitter statement, Time Magazine will begin accepting ApeCoin, an Ethereum-based token released by the founders of the Bored Ape Yacht Club collection of non-fungible tokens, in the coming weeks.
Last April, the venerable publication made it possible to pay for digital subscriptions with Bitcoin and other cryptocurrencies such as XRP, Ether, and Dogecoin.
Time Magazine similarly auctioned off some of its most iconic covers as non-fungible tokens a year ago. After partnering with Grayscale, a subsidiary of Digital Currency Group, it also committed to hold Bitcoin on its balance sheet.
The 98-year-old journal published its debut issue as an NFT earlier this week. Vitalik Buterin, co-founder of Ethereum, adorned the cover. The programmer expresses his primary concerns about the crypto business in a wide-ranging interview, warning that it might become into a dystopia dominated by evil overzealous people.
On Thursday, the much-discussed cryptocurrency was airdropped to the owners of the Bored Ape Yacht Club – ApeCoin
It has also begun to trade on major cryptocurrency exchanges like Binance and Coinbase. During the first few hours of trade, the token went crazy, rising to $39.40 before plummeting to $8.90.
The bitcoin market is still quite volatile. According to CoinMarketCap data, it has down 25.23 percent in the last 24 hours and is currently trading at $10.42. The Ethereum-based token is presently worth $2.9 billion, making it the 46th most valuable cryptocurrency by market capitalization.
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