The non-profit news agency Associated Press (AP) is the latest traditional institution to show interest in non-fungible tokens (NFTs).
The AP says that it is unveiling an NFT marketplace that will feature images that the news agency’s photographers have captured for nearly two centuries.
The first AP NFTs will be made available at the time of the launch later this month, with the initial collection to be released over several weeks.
“The marketplace and first NFTs are set to debut on Monday, Jan. 31.
The initial collection will feature photography by current and former AP photojournalists and a selection of digitally enhanced depictions of their work.
Pulitzer Prize-winning AP images will be included.”
The subjects covered by the photos to be made available as NFTs will include Pulitzer Prize-winning photographs on a range of topics, from war to climate to space.
The NFTs will be minted on the Polygon blockchain, a layer-2 scaling solution that aims to offer faster and cheaper transactions.
According to the AP, the proceeds from the sale of the NFTs will go towards funding “factual, unbiased AP journalism.”
Prices of the various NFTs that will be made available will vary and buyers will be able to pay using mainstream means as well as with cryptocurrencies. The AP says that the supported wallets will include MetaMask and Fortmatic while support for crypto exchanges Binance and Coinbase will come later.
“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.”
The AP’s NFT partner and technology provider in the initiative is blockchain technology firm Xooa.
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