The New York-based news agency Associated Press announced that it will be coming out with NFTs representing award-winning photos from journalists.
Collections of photography-based NFTs have emerged quite recently, with media outlets being at the forefront of putting price tags on digital versions of their photography.
In an official press release by the Associated Press, the news agency stated that it will be opening up its NFT marketplace on January 31st. The project will be powered by Xooa which is a blockchain solution platform, enabling users to create their own marketplace for NFTs.
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The Director of Blockchain and Data Licensing at the Associated Press Dwayne Desaulniers touched on the decision of turning historically relevant photos into collectibles:
"With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors."
According to the announcement, the NFTs will include selected photos that will be transformed into their digital versions, closely representing their original form. Every digital asset will be linked to "a rich set of original metadata offering collectors awareness of the time, date, location, equipment and technical settings used for the shot.”
The first batch of NFTs, starting January 31st, is said to be released periodically and minted on the Polygon protocol, with prices of NFTs yet to be announced. However, all the funds will be directed towards "factual, unbiased AP journalism."
Owners of the photography-based NFTs will be eligible to trade them on the Xooa powered marketplace which will have credit card and crypto wallet support.
In late December of 2021, Chinese news agency Xinhua announced that it will be coming out with photography-based NFTs that represent commemorative moments captured by journalists.
