The Associated Press Agency will be will be launching its non-fungible token (NFT) marketplace for collectors wishing to purchase his award-winning photographs taken during its 175-year history.
Blockchain firm Xooa will help the organization build an NFT market. The NFTs will be minted on the Polygon blockchain, which is a layer two solution compatible with Ethereum.
Global news agency Associated Press to launch its own NFT market
The Associated Press is ready to join the growing NFT bandwagon by launching its own NFT market. AP NFTs will launch their initial collection starting January 31. The photos that can be purchased as NFT will span a variety of categories ranging from space, weather and war to showcasing outstanding works by Associated Press photographers.
The news outlet further stated that its NFTs will be minted in Polygon, which is an “environmentally friendly blockchain” and you will understand complete information about when, how and where the photos were taken. This will include an extensive metadata file, containing information on time, location, equipment, and technical data for the buyer to access and confirm.
The Associated Press also stated that users will be able to purchase these NFTs using credit cards and crypto wallets like Metamask. The agency also revealed plans to add support for Fortmatic, Binance, and Coinbase in the near future. The agency further stated that the proceeds from the sale of NFT will be used to finance its journalistic projects.
Blockchain firm Xooa will help Associated Press build an NFT market. Founded in 2017, the company builds blockchain-based applications and NFT marketplaces in the cloud through a streamlined, easy-to-use interface.
This won’t be the first time a news agency has ventured into the NFT domain. In June 2021, a global media outlet CNN had launched its NFT collection known as “The Vault” on the Flow blockchain. Popular news media Quartz Y The New York Times They have also explored NFT’s emerging domain last year by selling copies of their articles in NFT form.
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