DUBAI: The Associated Press has announced that it will launch its own non fungible token marketplace built by blockchain technology provider Xooa, where the news agency’s photojournalism work may be purchased.
The marketplace and first NFTs will debut on Jan. 31 and will be minted on the Polygon blockchain.
The initial collection will feature photography by current and former AP photojournalists and a selection of digitally enhanced depictions of their work, including Pulitzer Prize-winning images.
“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’s director of blockchain and data licensing, in a statement.
Each NFT will come with a set of metadata including the time, date, location, equipment and technical settings used for the shot.
The AP Marketplace will feature a queue line; those interested can join 30 minutes before new NFTs drop and wait in the virtual waiting room. When users get to the front of the queue, they will enter a different virtual room where they can purchase an NFT if there are any available.
The marketplace also supports secondary market transactions so buyers can sell their NFTs through the same marketplace for their asking price, although there is a 10 percent fee on secondary market sales.
AP said that as a “not-for-profit news cooperative, proceeds go back into funding factual, unbiased AP journalism” and that “collectors of all levels will be able to seamlessly buy, sell and trade official AP digital collectibles through the marketplace.”
Each NFT piece will be priced differently, making it more accessible to collectors, but AP has not released any more details on pricing yet.
“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 (AP) 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,” he added.
