The Associated Press (AP) announced on Monday that it is collaborating with blockchain technology company Xooa to build a marketplace for non-fungible tokens (NFT).
According to the news agency, the marketplace will allow users to purchase digital editions of work by current and former AP photojournalists, including images that have won Pulitzer Prizes.
The revenues will be returned to the AP’s news organizations, and the marketplace will formally start on January 31 with its first NFTs.
According to Dwayne Desaulniers, AP’s director of blockchain and data licensing, they will be able to offer tokenized works “to a fast-growing global audience of photography NFT collectors” via Xooa’s technology.
“For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” said Desaulniers. The buyers will gain access to a trove of information about when and where the photo was taken as well as the technical settings and equipment used, he further added.
According to the Associated Press, the images in the first batch, which will be released on January 31, will cover space, climate, war, and other topics. They will be minted on the Polygon blockchain.
As per the AP, the cost of each work will vary. The platform will also allow consumers to trade or sell the images they purchase through the marketplace, which will accept credit cards as well as cryptocurrency wallets. It will also eventually support Fortmatic, Binance and Coinbase.
Zach Danker-Feldman, Xooa’s head of marketplaces, said their work “provides inherent scarcity and utility for collectors as well as a powerful connection between the virtual world and the real world.”
“Xooa is proud to work with The Associated Press to launch AP’s NFT marketplace. In this 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,” Danker-Feldman added.
This is not the first time the AP has dabbled in blockchain technology. They reached an agreement with Chainlink in October to supply and sell AP data to applications running on multiple blockchains. The data includes AP US election race predictions, economic statistics, sports event results, and corporate financials.