Associated Press to Launch NFT Marketplace Developed by Blockchain Technology Provider

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Associated Press to Launch NFT Marketplace Developed by Blockchain Technology Provider
Associated Press to Launch NFT Marketplace Developed by Blockchain Technology Provider

As big as non-fungible tokens are in 2021, industry insiders expect 2022 to be even bigger. The introduction of the regulation could place certain restrictions on the NFT industry this year. But the Order of Big Corporations who want to join the bandwagon will definitely help it expand.

Associated Press Launches NFT Marketplace With Iconic Images

According to an announcement on January 11, The Associated Press will launch a non-fungible token (NFT) marketplace developed by blockchain technology provider Xooa. A blockchain infrastructure platform dedicated to “building a white label NFT marketplace for brands and IP owners”.

Here collectors can buy tokenized photos from global news platforms. It will feature photographs by current and former Associated Press photojournalists. As such, it chooses a digitally enhanced description of its work. The official press release added that Pulitzer Prize-winning AP images will be included.

According to the marketplace’s website, the collection will be released at various prices over several weeks from January 31st. Meanwhile, photographs by AP photojournalists on topics such as space, climate and war will appear in the developments mentioned.

The photos are embossed as NFTs on the Ethereum Layer 2 scaling network polygon. The platform will support secondary transactions with debit or credit cards as well as Ethereum payments.

Collectors of all levels will be able to seamlessly buy, sell and trade official AP digital collectibles through the Marketplace.

The blog added that It will support secondary market transactions and purchases using credit card payments as well as crypto wallets, including MetaMask, with support for Fortmatic, Binance, and Coinbase to come.

Dwayne Desaulniers, Director of Blockchain and Data Licensing for the Midland Community, noted:

“For 175 years, Associated Press photographers have documented the world’s greatest stories through gripping and poignant images that resonate to this day. ”

Zach Danker-Feldman, director of marketing at Xooa, stated that the partnership will be a strong link between the virtual and the real world.

Contradiction in Non-profitable Label

The platform has mentioned that it enables sales in the secondary market and that it charges a hefty 10% fee. That contradicts the label of the “non-profit” news organization that it carries. However, according to the AP announcement, the funds from the NFT sale will be used to fund AP journalism.

An interesting aspect indeed. In particular, take a look at how nonprofit news co-operatives charge heavy fees.

However, this is not the first time cryptocurrencies have been used. In October 2021, The Associated Press partnered with Chainlink Labs to ensure that all of its members’ data is cryptographically verified by US newspapers and broadcasters.