In a press release, the Associated Press (AP) has announced it will will launch a non-fungible token (NFT) marketplace built by blockchain technology provider, Xooa, where collectors can purchase the news agency’s award-winning contemporary and historic photo-journalism.
The initial collection to be released over a period of weeks from 31st of January 2022 will feature photography by current and former AP photo-journalists and a selection of digitally enhanced depictions of their work.
This will include Pulitzer Prize-winning AP images. AP has, so far, won 54 Pulitzer Awards. The Pulitzer Prize is an award for achievements in newspaper, magazine, online journalism, literature and musical composition within the United States.
The NFTs will range from space, climate, war and other images to spotlights on the work of specific AP photographers.
The marketplace, been built by Xooa, a service that makes it easy to build NFT Marketplaces and other blockchain applications on the cloud, is intended to tokenize some of the best photography that have been produced by AP photographers to NFTs.
“With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.”
– Dwayne Desaulniers, AP Director of Blockchain and data licensing
According to AFP, each NFT will include a rich set of original metadata offering collectors awareness of the time, date, location, equipment and technical settings used for the shot.
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 (NASDAQ: COIN) to come.
The NFTs will be minted on the Polygon blockchain which is an environmentally friendly, Ethereum-compatible layer 2 solution.
Founded in 1846, AP is one of the leading and prestigious media brands globally, standing out for the coverage of some of the top global events.
Its photography division is syndicated by media brands across the world, including Africa.
With more than half the world’s population consuming AP content daily in passing, it is worth watching out the value that NFTs may add to the brand’s work.