The Associated Press (AP) has announced that it will soon launch a non-fungible token (NFT) marketplace where “collectors” can purchase selections from its modern and historic library of photojournalism.
AP is building the marketplace in conjunction with blockchain provider Xooa and intends to launch the platform on January 31, and the collection will be released over a period of weeks. The organization says the initial collection that will be offered will feature photography by current and former AP photojournalists (including Pulitzer Prize-winning photos) as well as a selection of what it describes as “digitally enhanced depictions of their work.”
AP dipped its toe into NFTs in May of 2021 when it launched 10 through a collaboration with Everipedia and OpenSea. Clearly, the organization saw that endeavor as a success as it has decided to dramatically increase its efforts in the crypto space.
“For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” Dwayne Desaulniers, AP’s director of blockchain and data licensing, says. “With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.”
AP says that each NFT will include the set of original metadata that it hopes will entice collectors who want to see the time, date, location, equipment, and technical settings used to create the photos. The content of the photography will range from space, climate, war, and other images that the organization says will put a spotlight on the work of specific AP photographers.
The storied press organization says that the prices it will seek for its NFts will vary, but that as a not-for-profit news cooperative, any funds it collects as the result of the sales will go back to funding “factual, unbiased AP journalism.”
One major concern with NFTs has been their environmental impact, but the AP says its NFTs will be minted on the Polygon blockchain, which it claims is an “environmentally friendly, Ethereum-compatible layer two solution.”
Of note, AP isn’t just planning to mint and sell NFTs, but control the process through the custom marketplace. The organization says that its goal is to allow for collectors to buy, sell, and trade official AP digital collectibles through that marketplace and it will also support secondary market transactions and purchases using credit card payments as well as crypto wallets, including MetaMask, with support for Fortmatic, Binance, and Coinbase down the line.
Image credits: Background of header photo licensed via Depositphotos.