Associated Press to turn photojournalism into NFT

NFTs exploded in popularity in the first two years of the pandemic, and it doesn’t look like they’re going away anytime soon. One of the latest organizations to jump into the craze is the Associated Press (AP), which start selling his “award-winning contemporary and historic photojournalism” in non-fungible token form on January 31. The news agency has partnered with blockchain technology provider Xooa to develop a market for its NFTs, which will debut with a first collection to be released in the coming weeks after launch.

AP’s initial collection includes digitally enhanced Pulitzer Prize-winning images in categories such as space, climate and war. Each will include the image’s original metadata that shows the time and date the shot was taken, its location, and the equipment and settings the photographer used for the shot. The agency says the market will allow people to buy, sell and trade the tokens, which can be purchased using credit cards and crypto wallets. The proceeds from its sales will then be used to finance its operations. One of the biggest controversies surrounding NFTs is that they have a huge environmental impact. AP says its NFTs will be created on the Polygon blockchain which was designed to consume less power than its counterparts.

It remains to be seen whether AP will successfully sell his photos for the kind of money he hopes to make. Adidas made $ 23 million for its first NFT drop, but Ubisoft hardly sold any when it launched its own tokens. Another company that is reportedly looking to open its own market is GameStop, which (according to The Wall Street Journal) recently formed a cryptocurrency division to work on the project.

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