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The initial NFT drop will include award-winning photographs of subjects such as space, climate and war from AP photojournalists.
The Associated Press (AP) is launching a nonfungible token (NFT) marketplace where collectors will be able to purchase tokenized photographs from the global news platform.
The initial collection of NFTs will include photographs of subjects such as space, climate and war from AP photojournalists. They will be released over several weeks starting on Jan. 31 for varying prices, according to the marketplaceâs website.
The photographs will be minted as NFTs on Ethereum layer-two scaling network Polygon. The platform will support secondary transactions using debit or credit cards and payments in Ether (ETH).
The marketplace is being built by Xooa, a blockchain infrastructure platform specializing in building âwhite-label NFT marketplaces for brands and IP owners.â
Zach Danker-Feldman, head of marketplaces at Xooa, said the partnership will serve as a âpowerful connection between the virtual world and the real world.â
Crypto wallet provider MetaMask is also supported, with future collaborations with Fortmatic, Binance and Coinbase on the cards. Additional upcoming features will include âwithdrawals to other marketplaces,â âsocial media capabilities,â ânew content conceptsâ and âoff-chain benefitsâ for NFT holders.
Once every two weeks, there will be a âPulitzer Drop,â which will include Pulitzer Prize-winning photographs. Each NFT will include the photographâs detailed metadata, such as the time, date, location, equipment and technical settings used for the photograph.
According to an announcement from the AP, funds from the NFT sales will go back into funding AP journalism. The Associated Press is a 175-year-old nonprofit news cooperative based in New York City. Although the platform will allow secondary market sales, it will charge a hefty 10% fee.
Related: CNN selling historic news âmomentsâ as NFTs
This is not the news agencyâs first foray into blockchain technology. In October 2021, The AP partnered with Chainlink Labs to ensure any data from its United States newspaper and broadcaster members would be cryptographically verified.
In 2020, the AP used the Ethereum and EOS blockchains to publish the results of the presidential election. Furthermore, in 2018, it partnered with blockchain-based journalism startup Civil to facilitate its plans to track content usage and secure intellectual property rights.
The AP is not the only news organization showing interest in the potential uses of blockchain in the journalism industry. In June 2021, CNN launched its NFT project âVault by CNN: Moments That Changed Us.â The collection tokenized a series of historic ânews momentsâ from the news companyâs 41-year history.
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