The Associated Press agency will be launching its non-fungible token (NFT) marketplace for collectors who wish to purchase its award-winning photographs that were taken during its 175-year history.
The blockchain firm Xooa will assist the organization in building an NFT marketplace. The NFTs will be minted on Polygon blockchain, which is an Ethereum compatible layer two solutions.
Global news agency Associated Press will launch its own NFT marketplace
Associated Press is all set to join the growing NFT bandwagon by launching its own NFT marketplace. AP NFTs will release its initial collection starting from January 31st. The photographs that can be purchased as NFTs will span diverse categories ranging from space, climate, and war, to exhibiting prominent works of Associated Press photographers.
The news outlet further stated that their NFTs will be minted on Polygon, which is an “environment-friendly blockchain” and will comprise full information concerning when, how, and where the pictures were taken. This will include an extensive metadata file, which will contain information regarding the time, location, equipment, and technical data for the buyer to access and confirm.
Associated Press also stated that the users will be able to purchase these NFTs by using credit cards as well as crypto wallets such as Metamask. The agency also revealed plans to add support for Fortmatic, Binance, and Coinbase in near future. The agency further stated that the proceeds earned through the sale of NFTs will be utilized for funding its journalistic undertakings.
Blockchain firm Xooa will assist Associated Press in building an NFT marketplace. Founded in 2017, the company builds blockchain-powered apps and NFT marketplaces on the cloud via a streamlined and easy-to-use interface.
This will not be the first time when a news agency has ventured into the NFT domain. In June 2021, global news outlet CNN had launched its NFT collection known as the “The Vault” on Flow blockchain. Popular news outlets Quartz and The New York Times have also explored the emerging NFT domain last year by selling copies of their articles in the form of NFTs.
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefits