- The Associated Press is building an NFT marketplace to debut its most breathtaking images captured throughout its 175-year history.
- The leading American news agency has partnered with Xooa, a platform that helps developers to build NFT marketplaces quicker.
- AP director of blockchain and data licensing, Dwayne Desaulniers said proceeds will be reinvested in the agency’s journalism.
Global news agency Associated Press on Monday announced that it was launching a non-fungible token (NFT) marketplace in conjunction with the blockchain platform, Xooa. AP is repurposing some of its most iconic photos to debut in the first phase of the collection launch on Jan. 31.
Digital art collectors will be able to purchase Pulitzer Prize-winning AP images alongside other historic photojournalism collectibles. AP director of blockchain and digital licensing, Dwayne Desaulniers said the company will use Xooa’s blockchain platform to offer tokenized collections to a fast-growing global audience of photography NFT collectors.
“For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” he added.
Each photography collection will be accompanied by the primary metadata of an NFT providing collectors with information about “the time, date, location, equipment and technical settings used for the shot.”
The initial rollout debuting at the end of January will include photojournalism of events including war, the climate and space, among others.
The pricing will vary from one non-fungible token to another, with the proceeds channelled back to fund the news agency’s journalism.
The NFT marketplace will take collectors back in history, allowing them to peruse through photojournalism NFTs of interest, buy and trade within the platform.
The platform will also support both Fiat and crypto transactions allowing users to purchase collections using credit/debit cards, as well as, crypto wallets like MetaMask, with Formatic, Binance and Coinbase set to be added later.
AP has opted for the more energy-efficient blockchain platform Polygon (MATIC), a layer-2 platform built on the open-source ecosystem, Ethereum network.
Commenting on the partnership, Xooa’s head of marketplaces, Zach Danker-Feldman said the platform has prioritised ease of accessibility to allow all types of collectors to join the community.
“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,” Danker-Feldman highlighted the blockchain company’s vision for the emerging world of non-fungible tokens and the metaverse.
Stay up to date: