News Cooperative The Associated Press Looks to Sell NFTs of Its Photojournalists

American news agency The Associated Press (AP) recently announced that it is looking into developing an NFT marketplace with blockchain tech firm Xooa that will feature the works of its photojournalists. Through NFTs, AP hopes to allow collectors to “purchase the news agency’s award-winning contemporary and historic photojournalism” which may be purchased with digital coins that have “broad and inclusive price points.”

The marketplace will be built using the Polygon network, which is considered to have fewer negative effects on the environment compared to other blockchains. AP’s NFTs are expected to be embedded with rich metadata that will detail when, where, and how each photo was taken. Its first collection will be dropping on January 31 comprised of photos focused on “space, climate, war, and other images to spotlights on the work of specific AP photographers.”

AP follows in the footsteps of Quartz and The New York Times — both of which have already sold some of their articles as NFTs — among the journalistic organizations that are venturing into this emerging technology. The project is seen to be purely for collectors who want to “seamlessly buy, sell and trade official AP digital collectibles through the marketplace” instead of being a gateway for a possible expansion into the metaverse.

AP will allow buyers to purchase their NFTs using either credit cards or Ethereum (ETH) which they may then resell on the platform’s secondary market. The company also affirmed that funds generated from their NFT sales will be allocated to further their journalistic pursuits and that “photographers will share in all revenue collected.”

The marketplace will launch on the same day of the release of AP’s first collection — January 31. However, interested collectors may also get early access if they join the waitlist posted on the site’s landing page (AP NFT Marketplace). Users who sign up can also get bumped higher on the waitlist if they refer others to sign up as well.

Source: The Verge