AP launches NFT market for photos at the Polygon

TL; DR fault

  • AP joins the NFT bandwagon with its polygon NFT market.
  • NFT market to trade photojournalist collections to fund AP activities.
  • The AP has already watched NFT before.

The Associated Press (AP) jumped on the irreplaceable token (NFT) trend when it announced the launch of its own NFT market to sell its award-winning photographs, including Pulitzer Prize-winning images.

The NFT market, which will go live on Monday, January 31, would host collections that include photo reports by current and former photographers, along with a selection of “digitally enhanced displays as the first set of NFT collections.

Each NFT will contain detailed metadata showing the time, date, location, equipment, and technical settings used for the photograph.

The market will be built by blockchain technology company Xoo, and NFTs will be forged on the Polygon blockchain.

Collectors will be able to buy and view various parts of the news agency’s photo report.
“For 175 years, AP photographers have captured the world’s greatest stories through captivating and moving images that still resonate today,” Dwayne Desaulniers, director of the AP for blockchain and data licensing, said in a press release.
NFTs will be marked with the time, date, location and equipment of the original photograph. The AP pointed out that as a non-profit organization, the proceeds from the sale of NFT will be financed for its journalism.

The market will support transactions and purchases in the secondary market using credit card payments and crypto wallets, including MetaMask, with support for Fortmatic, Binance and Coinbase come.

AP has already worked in the NFT market

The Associated Press has shown interest in the blockchain in the past. In October, it announced work with the Oracle network Chainlink to help developers access AP data.
In May 2021, the AP sold 10 NFT “art representations” at auction to celebrate its cult photojournalism for the past 175 years.
Pascal Taillandier, French journalist, tweeted that AP sold its first piece in the NFT market – OpenSea. The entire limited series was called “AP ARTiFACTS: The 175 Collection.

Prior to the AP, in June 2021, CNN launched The Vault, an NFT collection of top news stories from its 41-year history, on the Flow blockchain.

NFTs have been widely accepted in the past by media companies and artists eager to monetize digital content.

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