Associated Press launches NFT Marketplace

The Associated Press news agency is launching a marketplace for non-fungible tokens (NFTs) starting January 31, showcasing its “award-winning contemporary and historic photojournalism.”

The partnership with blockchain technology company Xooa allows users to buy, sell and trade NFTs using crypto wallets or traditional credit cards. The first collection will feature digitally enhanced work by AP photojournalists, covering themes such as space, climate and war. Each NFT will display the original metadata of the photograph, including location, equipment, camera settings, and the time and date the photo was captured.

“For 175 years, AP photographers have recorded the world’s greatest stories through gripping and poignant images that continue to resonate today,” said Dwayne Desaulniers, AP Director of Blockchain and Data Licensing. “With Xooa’s technology, we are proud to offer these symbolic pieces to a rapidly growing global audience of NFT photography collectors. “

Every two weeks, the Pulitzer Prize-winning photographs of AP Photojournalists will go on sale. All proceeds from the sales will be used to fund the nonprofit agency’s information gathering efforts.

NFTs will build on Polygon, a secondary scaling network using Ethereum, which has comparatively lower power consumption and faster speeds.

NFTs have recently exploded in popularity, with Google’s searches for the term now eclipsing that of crypto. Data from the DappRadar market research highlighted that NFT’s sales jumped to $ 21 billion last year, thanks to increased interest during the pandemic. Companies like Coca Cola and Gucci have embraced NFTs, as have brands like Adidas, Ubisoft, and more recently GameStop, which has launched its own cryptocurrency division to focus on developing an NFT market.

Last year, more than 28 million wallets exchanged NFTs, a significant increase from just 545,000 wallets in 2020, according to figures from DappRadar.

NFT’s sales last year were almost equivalent to the amount of money the World Bank handed out to buy Covid-19 vaccines or that countries pledged to decarbonize charcoal at COP26 in 2021, according to Reuters.

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