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The world’s largest news agency The Associated Press (AP) is preparing to launch an NFT marketplace exclusively for collectors who can purchase encrypted photos collected from the organization.
AP’s NFT marketplace is being built by blockchain technology company Xoa and works will be created on top of the Polygon blockchain. The initial collection will include photographs covering topics such as space, climate and war from AP photojournalists.
They will be released in a few weeks, starting January 31, at various prices. Each NFT will include detailed metadata showing the time, date, location, equipment, and technical settings used for the photo.
The Associated Press will launch a non-fungible token (NFT) marketplace built by blockchain technology provider @XooaUSA, where collectors can purchase the news agency’s award-winning contemporary and historic photojournalism. https://t.co/QEpio6byaw #Xoah #NFT pic.twitter.com/pUMa5ioxcv
— The Associated Press (@AssociatedPress) January 10, 2022
Head of markets at Xooa, Zach Danker-Feldman, said the partnership will serve as a powerful connection between the virtual and real worlds. According to an announcement from the AP, money from the sale of NFTs will go back to funding the organization.
“With Xoa’s technology, we are proud to offer encrypted work to a large global audience of NFT photography collectors.”
The Associated Press is a 175-year-old news agency based in New York City. With more than 4,000 administrative, media and editorial staff working in more than 200 offices around the planet, AP is one of the world’s largest sources of news.
In addition, the Associated Press has received more than 40 Pulitzer Prizes over the decades. If in the US, we have the Oscar for film, the Grammy for music, then Pulitzer is considered one of the most prestigious and prestigious awards in the field of journalism.
This is not AP’s first foray into blockchain technology. In 2020, AP used the Ethereum and EOS blockchains to announce the results of the US presidential election. AP previously partnered with blockchain-based journalism startup Civil to facilitate plans to track content usage and secure intellectual property rights in 2018.
However, besides AP, there have been many other popular news agencies showing interest in the potential applications of blockchain in journalism. For example, CNN kicked off its NFT project in June 2021, with the theme “Vault by CNN: Moments That Changed Us,” which encodes a series of historic news moments from a 41-year development. of the company.
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