The Associated Press (AP) announced on Monday that it is working with blockchain technology provider Xooa to create a marketplace for non-fungible tokens (NFTs).
The news agency says the marketplace will provide the ability to purchase digital versions of the work of photojournalists who work and have worked with it. There are photos that won Pulitzer Prizes in particular.
The proceeds will be donated to the AP press organizations and the marketplace will officially open on January 31.
For collectors
Dwayne Desaulniers, Associated Press director of blockchain and licensing, explains that with Xooa’s technology, the agency will be able to offer tokenized works “to a rapidly growing global audience of photography NFT collectors. “.
“For 175 years, AP photographers have immortalized the world’s greatest stories through gripping and poignant images that continue to resonate today,” he adds.
Thanks to NFT technology, buyers will have access to a wealth of information on when and where the photo was taken, as well as the technical parameters and equipment used.
Exchange or sell photos
According to the AP, photos of the first batch, which launches on January 31, will focus on space, climate, war, and more. The Polygon blockchain will be used.
The price of each work will vary, depending on the AP. The marketplace will further give buyers the option to trade or sell the photos they buy in the marketplace, which will accept credit cards as well as crypto wallets. Eventually, it will also support Fortmatic, Binance and Coinbase.
Zach Danker-Feldman, head of marketplaces at Xooa, says their work “offers an inherent rarity and utility to collectors, as well as a powerful connection between the virtual world and the real world.”
“As part of the deployment of this marketplace, the emphasis has been placed on accessibility for all types of collectors, in order to give them the means to join a community that shares their interest in amazing photographs. “
This is not the AP’s first foray into blockchain technology. In October, the agency signed an agreement with Chainlink that will allow AP data to be delivered and sold to applications running on various blockchains. This data includes U.S. election results, economic data, sports match results, and corporate financial data.
“Chainlink technology is the ideal way to provide smart contract developers around the world with direct, on-demand access to reliable AP economics, sports and racing data,” said Dwayne Desaulniers in October. “Working with Chainlink allows this information to be compatible with any blockchain. Open source software is reliable, secure, and widely used on major blockchain networks. “
Source: ZDNet.com