For over 175 years, the Associated Press has been a go-to source for news and images. On Monday, the AP announced its entry into the non-fungible token sector with a new marketplace.
What Happened: The Associated Press is launching a NFT marketplace powered by blockchain technology provider Xooa. Collectors will be able to purchase photography NFTs on the marketplace.
The marketplace and first AP NFTs will launch on Jan. 31. According to AP, the first photographs launched as NFTs will feature current and former AP photojournalists, including Pulitzer Prize-winning images.
Price points for the NFTs have not been announced as of Monday. The AP Is a not-for-profit news cooperative and proceeds from the NFTs will go back into the company’s funding for “unbiased AP journalism.”
“For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,” AP director of blockchain and data licensing Dwayne Desaulniers said.
Collectors will be able to buy, sell and trade the AP digital collectibles through the new marketplace, which will support credit card payments and crypto wallets including MetaMask. Fortmatic, Binance and Coinbase Global COIN wallets will be supported in the future.
The AP NFTs will be minted on the Polygon MATIC/USD blockchain, which is named as an environmentally friendly, Ethereum ETH/USD compatible Layer 2 solution.
Related Link: How To Buy NFTs
Why It’s Important: The Associated Press is one of the most trusted sources for news, which could make the NFT marketplace well received by those in the NFT market and newcomers to the space. The AP reports that more than half the world’s population sees AP journalism every single day, bringing incredible name brand recognition to the platform.
The ability to use credit cards for payments could also attract new NFT collectors to the NFT marketplace.
The launch of NFTs using photographs by the AP follows a similar plan that Getty Images is pursuing. Getty Images announced a SPAC merger with CC Neuberger Principal Holdings II PRPB valuing the company at $4.8 billion.
Getty said it plans to utilize its copyrighted images and intellectual property for an NFT opportunity, which the company has “yet to exploit,” according to CEO Craig Peters.
“You think about the NFTs as the monetization of culture,” Peters said.
Getty supplies images to Dapper Labs, the company behind the popular NBA Top Shot NFTs. Getty has deals with the NBA, FIFA, MLB, NASCAR, CBS, NBC Universal, Bloomberg, BBC, Sky News and the Olympics among its more than 50 premium partners.
MATIC Price Action: MATIC is down 4.15% over 24 hours at $2.03.
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