The Associated Press (AP), a global news agency, has announced the launch of its own non-fungible token (NFT) market. Blockchain technology provider Xoa will build this. The NFTs are being offered to collectors purchasing the news agency’s award-winning historical and contemporary photojournalism.
The Associated Press is one of the largest news agencies in the world, with more than 175 years of operation. It has an extensive collection of photographs and records spanning history.
When will it be released?
In a statement, the AP noted that the NFT will be released on January 31 and will be distributed over several weeks with topics ranging from highlights of the work of specific AP photographers.
What features will it have?
The first set of NFTs will cover space, climate, war, and others. It will feature photographs of current and former AP photojournalists and a curated selection of digital depictions that enhance their work. Pulitzer Prizes, prestigious journalism awards, winning photographs will also be included in the NFT.
Each NFT will have metadata with the photo’s time, location, date, device, and technical settings. Prices for these NFTs will vary, and with AP being a Non-Profit news cooperative, every penny earned from selling NFTs will go toward funding its journalism, the company announced.
Will be minted on Polygon Blockchain
While Xoa will support AP’s NFT launch, it will be minted on the Polygon Blockchain. It is eco-friendly and has low fees with a quick transaction process. Buyers will purchase NFT using their credit card or Ethereum. MetaMask (a software cryptocurrency wallet used to interact with ethereum) will be the first wallet to be supported, but there are plans to add support for others, AP said.
AP- Not the first media house to issue NFT
NFT is growing in popularity among people and businesses as a fun way to raise money. AP is not the first media enterprise to issue NFTs. Before the AP, Quartz and The New York Times sold copies of their articles as NFTs. Getty Images CEO Craig Peters also expressed interest in NFTs last December.
But given the size and rich history of the organization, AP’s NFT may be the biggest effort yet from a news business.