Associated Press Diversifies, Set To Launch Blockchain Marketplace For Photojournalists

The number one American news agency, the Associated Press, has indicated interest in the new blockchain industry. With its latest announcement to partner a blockchain technology company, Xooa, the AP is set to launch a marketplace where its photojournalists can sell digital versions of their collectables known as non-fungible tokens (NFTs) in the crypto parlance.

Set to debut on Monday, January 31, 2022, collectors would now be free to buy the news agency’s award-winning contemporary and historic photojournalism works.

According to a AP’s press statement, the initial wares will feature photos of both current and former photojournalists as well as a selection of digitally-enhanced depictions of their work. Pulitzer Prize-winning AP images will be included too.

In excitement, Dwayne Desaulniers, AP Director of Blockchain and Data Licensing stated: “For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today.”

“With Xooa’s technology, we are proud to offer these tokenised pieces to a fast-growing global audience of photography NFT collectors.” Desaulniers said.

Reportedly, each e-asset will include a rich set of original metadata informing collectors  when, where, and how the photos were taken including the equipment and technical settings used for the shots.

NFTs will range from space, climate, war and other images to spotlights on the work of specific AP photographers.

On pricing and where the proceeds would be ploughed back, the AP said, NFTs price points will vary and proceeds shall go back into funding factual, unbiased AP journalism.

Prime Business Africa learnt, the NFTs will be minted on the Polygon blockchain, which is an environmentally friendly, Ethereum-compatible layer two solution. Collectors at all levels will be able to buy, sell and trade the official AP digital collectibles, seamlessly. Notably, it will also support secondary market transactions and purchases using credit card payments as well as crypto wallets.