TIME Magazine will hold ether on its balance sheet as part of a deal for a metaverse newsletter with Galaxy Digital

• TIME Magazine will buy ether and produce metaverse-related content under a partnership with Galaxy Digital.
• The 98-year-old publication will add the cryptocurrency to its holdings for the first time

TIME Magazine will buy ether and produce metaverse-related content under a new partnership with crypto investment management firm Galaxy Digital.

The 98-year-old publication will add the cryptocurrency to its holdings for the first time and will launch a weekly newsletter titled "Into the Metaverse. It will also compile a TIME 100 Companies list for metaverse-related firms and feature educational resources on a new section of its website.

TIME said the transaction was financed entirely through the ethereum blockchain. Earlier this year, the magazine began accepting cryptocurrencies for digital subscription payments. It has been holding bitcoin since April after being paid in the cryptocurrency for a deal with Grayscale.

"Over the next decade, the metaverse will become an increasingly important part of the world economy; our physical and digital realities are already becoming hard to distinguish," said Mike Novogratz, CEO and Founder of Galaxy Digital, in a statement released Thursday. "We look forward to partnering with TIME, an iconic brand driving innovation, as we seek to bring readers, creators, and the curious into the metaverse and demystify the tremendous amount of transformation happening within."

TIME said the deal is the first of its kind among media companies. Financial terms weren't disclosed, but the companies told CoinDesk that it will run for about six months.

The metaverse is seen as the next iteration of the internet, featuring a virtual world for immersive experiences where people across the world can meet, play, watch, and trade.

It has gained traction this year after major companies such as Meta Platforms (formerly Facebook) and Microsoft have pivoted their focus to the internet's next iteration.

Morgan Stanley said in a note earlier this month that the metaverse is the next big investment theme and some stock sectors are already benefitting from it.