The auction includes the famous 1966 cover and a newer version of the 2017 cover, as well as an entirely new cover that hasn’t actually appeared in the magazine.
The covers are available for sale individually or as a group on the SuperRare cryptocurrency market, With bids continuing until Wednesday evening.
A minimum price is set of 10 Ethereum coins, or roughly $ 18,000 per case.
NFT tokens are based on blockchain technology to verify that someone owns a piece of digital art.
Buyers usually have limited rights to display artwork digitally, but the actual creative rights generally remain with the artist.
The tokens bubble burst over the past month, culminating in the sale of NFT from Beeple for $ 69 million.
As the bubble burst, brands were quick to make money from the hype, as Pringles sold a box of digital chips, and Pizza Hut sold digital chips.
Fast food company Taco Bell and US toilet paper brand Charmin sold NFT branded products and donated the proceeds.
Although these were purely marketing businesses, selling a Time magazine cover doesn’t seem far-fetched, as it’s a quick way to make money and get some attention from the magazine.
Time has not indicated whether the proceeds will be donated or whether they will offset the environmental impact of the sales.