The Associated Press has announced plans to launch its own NFT marketplace, releasing some of the American non-profit news agency’s award-winning photographs as digital collectibles to the highest bidders.
The marketplace will be built by blockchain technology provider Xooa, and the launch and release of the first NFTs is set for Monday, Jan. 31.
“For 175 years, AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” Dwayne Desualniers, AP director of blockchain and data licensing, is quoted in a press release. “With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors”.
NFTs, which stands for Non-Fungible Token, have taken the world by storm, creating a new source of income for digital artists, fashion houses, sports teams and other companies who’ve gotten in on the digital asset revolution.
By purchasing an NFT, a person owns legal rights to the digital asset and can sell or trade it at any time in hope’s of making a profit. This does not always mean, however, that the NFT owner also owns the physical version of the asset—in this case, AP’s original photograph.
The AP’s first photography NFT collection will be released over a period of weeks, beginning Jan. 31. NFT categories will range from space to climate, war and other images captured by AP photographers during the last few decades.
A Pulitzer Prize-winning photograph of a Jewish settler challenging Israeli officers in the West Bank of Amona; originally taken on Feb. 1, 2006; will be among the first NFTs available for purchase on the AP’s marketplace.
Anyone who wishes to collect AP NFTs will have an equal opportunity to buy, sell and trade official AP digital media through the marketplace. The marketplace will support secondary market transactions and payments, such as credit card payments as well as cryptocurrencies.
The NFTs will be minted on the Polygon blockchain, chosen by the AP for its environmentally-friendly and Ethereum-compatible properties.
“Xooa is proud to work with The Associated Press to launch AP’s NFT marketplace,” says Xooa Head of Marketplaces Zach Danker-Feldman. “Xooa’s work with brands around NFTs and metaverse marketplaces provides inherent scarcity and utility for collectors, as well as a powerful connection between the virtual world and the real world. In this marketplace deployment, emphasis has been placed on accessibility for all types of collectors to empower them to join a community that shares their interest in stunning photography.”
To see more of the AP NFTs up for grabs and learn more about the new marketplace, visit apmarket.xooa.com.