The Associated Press has revealed that it is launching a non-fungible token (NFT) marketplace, where some of the agency’s most iconic photographs will be available as NFTs, which collectors and enthusiasts can purchase. Blockchain technology provider Xooa will build the marketplace.
AP’s marketplace and the first batch of NFTs are set to debut on January 31st.
Details Of The Collection
The first collection on the marketplace will feature photographs by former and current photojournalists from AP, with a selection of digitally enhanced depictions of their photos. The collection will also include Pulitzer Prize-winning AP images.
Each NFT will also include metadata, which will help collectors to know the time, date, equipment, location, and any technical settings that have been used for the photo.
Speaking about the collection, AP Director of blockchain and data-licensing, Dwayne Desaulniers, commented,
“For 175 years, AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today. With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.”
A Diverse Collection Of NFTs
The initial collection will be released in a phased manner over a few weeks, starting from January 31st. The NFTs will cover several photos from different fields such as war, climate, space, and other images that will bring the works in focus. Price points for different NFTs will also vary, with proceeds going back to funding AP and its journalism.
Details Of The Marketplace
The NFT marketplace will enable collectors to buy, sell, or trade official AP digital collectibles. It will also support secondary transactions and credit card purchases, along with crypto wallets such as MetaMask. The marketplace will also support Coinbase, Binance, and Fortmatic in the near future. All NFTs will be minted on Polygon, a Layer-2 solution compatible with Ethereum.
Speaking about the marketplace, Xooa’s head of marketplaces, Zach Danker-Feldman, stated,
“Xooa is proud to work with The Associated Press to launch AP’s NFT marketplace. Xooa’s work with brands around NFTs and metaverse marketplaces provides inherent scarcity and utility for collectors as well as a powerful connection between the virtual world and the real world. In this marketplace deployment, emphasis has been placed on accessibility for all types of collectors to empower them to join a community that shares their interest in stunning photography.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.