New York, USA: News agency the Associated Press (AP) is all set to launch a non-fungible token (NFT) marketplace.
Blockchain technology provider Xooa has built the new NFT photography marketplace for AP, which will go live on Jan 31, 2022.
NFT collectors can purchase the news agency’s award-winning contemporary and historic photojournalism from its upcoming AP NFT market, said the news agency in a release.
The initial collection will feature photography by current and former AP photojournalists and a selection of digitally enhanced depictions of their work. AP will include its Pulitzer Prize-winning images as well.
“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.
“With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors,” added Desaulniers.
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.
The initial collection will be released over a period of weeks beginning Jan 31. NFTs will range from space, climate, war and other images to spotlights on the work of specific AP photographers.
NFT price points will vary. As a not-for-profit news cooperative, proceeds go back into funding factual, unbiased AP journalism.
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 to come.
The NFTs will be minted on the Polygon blockchain, which is an environmentally friendly, Ethereum-compatible layer-two solution.
“Xooa is proud to work with The Associated Press to launch AP’s NFT marketplace. 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,” said Zach Danker-Feldman, Xooa’s Head of Marketplaces.
“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,” added Feldman.