The Associated Press is launching an NFT marketplace this month, mining a trove of photos to fund its news business | Currency News | Financial and Business News
- The Associated Press is launching an NFT marketplace at the end of January.
- Xooa, a technology firm, will work with the news agency to mint and release NFTs of AP photography.
- Proceeds from the marketplace will go toward funding the organization’s journalism.
The marketplace will be built by blockchain technology firm Xooa, which works with brands on metaverse and NFT strategy. The initial collection of NFTs will be released over a period of several weeks.
Collectors will be able to purchase and view various pieces of the news agency’s photojournalism.
“For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” said Dwayne Desaulniers, AP director of blockchain and data licensing in a press release.
The NFTs will be marked with the time, date, location, and equipment used for the original photo. The AP noted that as a not-for-profit organization, proceeds from the NFT sales will fund its journalism. Many photos taken by Associated Press photojournalists have won awards, including the Pulitzer Prize.
“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,” said Zach Danker-Feldman, Xooa’s head of marketplaces, in a press release.
The marketplace will offer buying, trading, and selling of AP digital collectibles, and also support transactions completed in secondary marketplaces. The press release noted that the NFTs will be minted on the Polygon blockchain.
“With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors,” Desaulniers said.