‘NFT’ stands for non-fungible token which is currently the buzz word for the future. At least the buzzword we’ve heard over and over again over the past 12 months. As in 2021 for non-fungible tokens, industry players expect an even bigger 2022 for it. The introduction of regulation could place certain limits on the NFT sector this year. But the string of large corporations looking to jump into the race will help it expand regardless.
Increasingly applied
The Associated Press will launch a non-fungible token market (NFT) built by blockchain technology provider Xoa. A blockchain infrastructure platform dedicated to building a “white label NFT marketplace for brands and IP holders.”
Here collectors will be able to purchase encrypted photos from the global news platform. It will feature photography sections by current and former AP photojournalists. Thereby, it will feature a series of enhanced digital depictions of their work. “Pulitzer Prize-winning AP images will be included,” the official press release added.
Starting January 31, the collection will be released for several weeks at varying prices, according to the marketplace’s website. Meanwhile, photographs on topics such as space, climate and war from AP photojournalists will be featured in the aforementioned development.
Here is one of them:
Source: AP
The photos will be generated into NFTs on Ethereum’s layer two scaling network, Polygon. The platform will support secondary transactions using debit or credit cards and payments in Ethereum.
Support: Collectors of all levels will be able to seamlessly buy, sell, and trade official AP digital collectibles through 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 coming soon.” blog added.
Ergo, provides collectors with an awareness of the time, date, location, equipment, and technical settings used for the footage.
Everything is good here
Dwayne Desaulniers, AP’s Director of Data Licensing and Blockchain noted:
“For 175 years, AP photographers have captured the world’s greatest stories through compelling and poignant images that continue to resonate today. With Xoa’s technology, we are proud to offer these encrypted works to a rapidly growing global audience of photographic NFT collectors. ”
Head of markets at Xooa, Zach Danker-Feldman, says the partnership will serve as a “powerful connection between the virtual and real worlds”.
Nonprofit…?
The platform mentioned that it will allow secondary market sales and it will charge a hefty 10% fee. This left the ‘non-profit’ news agency facing its trademark. However, according to an announcement from the AP, money from the sale of NFTs will go back to funding AP journalism.
Indeed an interesting aspect. Especially looking at how a non-profit news partnership is charging a large fee.
Having said that, this is not its first experience with cryptocurrencies. In October 2021, AP partnered with Chainlink Labs to ensure all data from its US broadcaster and newspaper members will be cryptographically verified.