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News Agency Associated Press to Launch NFT Marketplace for its Award-Winning Photos

Pulitzer Prize-winning photo of a Jewish settler challenging Israeli security officers in the West Bank settlement of Amona will be among the first NFTs. (AP Photo/Oded Balilty)

Pulitzer Prize-winning photo of a Jewish settler challenging Israeli security officers in the West Bank settlement of Amona will be among the first NFTs. (AP Photo/Oded Balilty)

The AP NFTs will be minted on the 'Polygon blockchain', which is an environmentally friendly, Ethereum-compatible layer two solution.

Global news agency The Associated Press (AP) has announced the launch of its own non-fungible token (NFT) marketplace built by blockchain technology provider Xooa. The NFT store will allow collectors to purchase the news agency’s award-winning contemporary and historic photojournalism, the company announced. The AP NFT store will debut on January 31. NFTs are gaining popularity worldwide since early last with the most expensive artwork ‘Everydays: The First 5000 Day’ by digital artist ‘Beeple’ was sold for $69 million. NFTs are essentially unique and non-interchangeable units of data backed by blockchain technology. It could be files like photos, videos, audio, or even a tweet.

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In a release, AP notes that the initial collection will feature photographs by current and former AP photojournalists and a “selection of digitally enhanced depictions of their work." Some Pulitzer Prize-winning AP images will be included.

AP NFT Market Place: What to Expect

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Additionally, the prices of AP NFT collectables will vary. The proceeds will go back to improve its reporting. NFTs will range from space, climate, war and other images to spotlights on the work of specific AP photographers. They also will include a set of original metadata offering collectors awareness of the time, date, location, equipment and technical settings used for the shot.

Speaking more about the development, Dwayne Desaulniers, AP director of blockchain and data licensing, said, “For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today." Zach Danker-Feldman, Xooa’s head of marketplaces also lauded the development and said the company will work with brands around NFTs.

The AP NFTs will be minted on the ‘Polygon blockchain’, which is an environmentally friendly, Ethereum-compatible layer two solution. Collectors of all levels will be able to seamlessly buy, sell and trade official AP digital collectables through the marketplace. The market will support secondary market transactions and purchases via credit card payments and crypto wallets like MetaMask. Support for Fortmatic, Binance, and Coinbase will come in future.

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first published:January 11, 2022, 12:09 IST