In a press release, The Associated Press (AP) announced that it would be launching a non-fungible token (NFT) marketplace built by blockchain technology provider, Xooa, where collectors can purchase award-winning contemporary and historical photojournalism from the news agency. .
The initial collection to be released over a period of weeks starting January 31, 2022 will include photographs of current and former AP photojournalists and a selection of digitally enhanced representations of their work.
This will include Pulitzer Prize-winning AP footage. AP has so far won 54 Pulitzer Prizes. The Pulitzer Prize is a prize for achievement in newspapers, magazines, online journalism, literature, and musical composition in the United States.
NFTs will range from space, weather, war and other imagery to spotlighting the work of specific AP photographers.
The market, built by Xooa, a service that facilitates the creation of NFT markets and other cloud-based blockchain applications, is intended to symbolize some of the best photography produced by AP photographers to NFTs.
“With Xooa’s technology, we are proud to offer these token coins to a rapidly growing global audience of NFT photography collectors.”
– Dwayne Desaulniers, AP Director Blockchain and Data Licensing
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According to AFP, each NFT will include a rich set of original metadata providing collectors with knowledge of the time, date, location, equipment and technical parameters used for the shot.
Collectors of all skill levels will be able to seamlessly buy, sell, and trade official AP digital collectibles on the marketplace. It will support secondary market transactions and purchases using credit card payments as well as crypto wallets, including MetaMask, with support for Fortmatic, Binance and Coinbase (NASDAQ:COIN) coming soon.
The NFTs will be minted on the Polygon blockchain which is an eco-friendly layer 2 solution and compatible with Ethereum.
Founded in 1846, AP is one of the world’s leading and most prestigious media brands, distinguished by coverage of some of the world’s biggest events.
Its photography division is syndicated by media brands around the world, including in Africa.
With more than half of the world’s population consuming AP content daily, it’s worth watching the value that NFTs can add to brand work.
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