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On January 10, 2022, the Associated Press (AP), an American nonprofit news cooperative founded in 1846, announced that the news agency is launching a marketplace for non-fungible tokens (NFTs). The AP NFT marketplace is built on the Polygon blockchain network by distributed ledger technology provider Xooa.
The Associated Press announces the launch of the NFT market
The Associated Press, a 175-year-old news cooperative, has revealed that the group is launching an NFT marketplace using the Polygon blockchain network. According to the AP announcement, the NFT marketplace established by Xooa will allow NFT collectors to collect the news agency’s iconic photojournalism. AP’s new Polygon-based NFT marketplace will launch on January 31, 2022.
Dwayne Desaulniers, director of blockchain and data licensing at AP Community, explained that the nonprofit news cooperative is pleased to showcase the organization’s Pulitzer Prize-winning images from current and former AP photojournalists. “Each NFT will contain a rich set of raw metadata, allowing collectors to understand the time, date, location, equipment and technical settings that were taken,” the Associated Press press release states.
“For 175 years, Associated Press photographers have documented the world’s biggest stories through gripping, poignant images that still resonate today,” Desaulniers said in a statement Monday. “With Xooa’s technology, we are proud to make these tokenized works available to the rapidly growing global audience of photographic NFT collectors.”
Proceeds from NFT marketplace sales will be used to fund AP News
While the initial launch will begin on the last day of January, AP said the series will be released within a few weeks and that “the price points of NFTs will vary.” Proceeds from NFT sales will be repurposed to fund “True and Unbiased Associated Press News.” Owners of AP NFT images can also sell them on the secondary market after the initial sale, according to The Associated Press. The Associated Press also detailed that people can buy NFTs using cryptocurrencies or credit cards.
The Associated Press announcement further emphasized that the Polygon blockchain is more “green” than other blockchain networks. Zach Danker-Feldman, head of marketing at Xooa, said on Monday: “In this market deployment, the focus is on accessibility for collectors of all types to enable them to join a group interested in stunning photography. Community.”
What do you think of AP’s launch of the NFT marketplace? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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