NFT sector is becoming popular means to tokenize items and objects of valuable memories. For example, Associated Press is recently making a move on tokenizing photographs. AP plans to launch the NFT platform for purchasing tokenized photographs through its global news marketplace.
The AP photojournalists will create an initial NFTs collection which will include different subjects’ photographs like space, war, and climate. The website for the platform reports that the release will be through some weeks beginning from January 31 and at varying prices.
Polygon, the Ethereum layer-two scaling network, will undertake the minting of the photographs as NFTs. Also, the NFT platform will allow secondary transactions through the use of credit and debit cards and ETH payments.
Xooa, a blockchain infrastructural project, is building the photography NFT platform. Xooa specializes in developing white-label NFT platforms for IP owners and brands.
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Xooa’s head of marketplaces, Zach Danker-Feldman, stated that his company’s collaboration with AP provides a strong link between the natural world and the virtual one.
Benefits For New AP NFT Holders
Furthermore, MetaMask, a crypto wallet provider, is supported, having future collaborations on the cards with Binance, Coinbase, and Fortmatic. More expected features for its NFT holders will inculcate new content concepts, withdrawals to other marketplaces, off-chain benefits, and social media capabilities.
Additionally, there will be a Pulitzer Drop fortnightly that will involve Prize-winning photographs of Pulitzer. Also, each NFT will have detailed metadata for the photograph. These include time, location, date, photograph’s technical settings, and equipment.
AP announced that funds from the sales of the NFT would be used for the AP journalism funding. Associated Press is a non-profit news company that has existed for 175 years and operates from New York City. The firm accommodates secondary market sales by charging as high as 10% as its fee.
The firm’s recent development of an NFT platform is not the first to deal with blockchain technology. For example, the AP had a partnership with Chainlink Labs in October 2020 to enable cryptographic verification of all the data of its newspaper and broadcaster members within the United States.
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Also, in 2020, the company employed the EOS and Ethereum blockchains to publish the results of the presidential elections. In addition, it collaborated with Civil, a blockchain-based journalism inauguration to support its moves in tracking content usage and provide security for intellectual property rights.
Besides the Association Press, other companies have within the journalism industry that has indicated their interest in using blockchain technology.
One of them is CNN, which is 2021, launched its NFT project tagged ‘Vault by CNN: Moments That Changed Us.’ The collection comprises tokenized historical moments captured from the company’s history of 41 years.
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