In a leading development on Monday, January 10, media giant The Associated Press announced that it will launch a non-fungible token market (NFT) built by blockchain technology provider Wow.
AP’s first NFT set will launch later this month on January 31. Here, NFT collectors can purchase AP’s historic and contemporary photojournalism. The gallery will feature photographs of current and former AP journalists. In addition, it will also feature Pulitzer Prize-winning AP images.
Each of these NFTs will include a rich set of original metadata that provides collectors with vital information about the date, time, and location, as well as the equipment and technical settings used for the footage. These NFTs will highlight images of ghosts from climate, space, war, and other images. Speaking about the development, Dwayne Desaulniers, AP’s director of data licensing and blockchain said:
“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. ”
The NFT price points will vary. As the Associated Press is a non-profit news cooperative, all proceeds will go to actual, unbiased AP journalism.
Building NFTs on Polygon Blockchain
While blockchain technology provider Xooa will support the NFT market launch, the NFTs will be minted on Ethereum’s Layer 2 scalability platform. Polygon’s low fees and fast transaction processing make it an attractive platform for launching NFTs. Zach Danker-Feldman, head of market at Xoa said:
“Xooa is proud to partner with the Associated Press to launch the AP NFT marketplace. Xoa’s work with brands around the NFT and metaverse markets brings inherent scarcity and utility to collectors as well as a strong connection between the virtual and real worlds. In implementing this marketplace, an emphasis has been placed on accessibility for all types of collectors to enable them to join a community that shares a common interest in stunning photography. ”
NFT collectors will be able to seamlessly buy, sell, and trade official AP digital collectibles on this marketplace. Besides that, it will also support secondary market transactions such as purchases that involve the use of crypto wallets like Metamask.