The Associated Press is establishing a non-fungible token (NFT) platform for collectors to buy images shot over the course of the news organization’s 175-year history. In conjunction with a firm named Xooa, the Associated Press, or AP, has officially launched a platform to buy NFTs of its photojournalists’ work. It describes its move into NFTs as a way for collectables to “purchase the news agency’s award-winning modern cultural and historic photojournalism,” and it promises that the virtual tokens will be published at “broad and inclusive price points” (though it’s difficult to predict what kinds of price increases distributors will want to see on the AP marketplace).
Insights On The Topic
According to the news organisation, the system will be based on the “environmentally friendly” Polygon blockchain, and the NFTs will “feature a full collection of original metadata” that will tell customers when, when, and how the images were shot. Its inaugural collection, which will debut on January 31st, will contain NFTs with shots of “space, environment, conflict, as well as other images to concentrate on the work of certain AP photographers,” according to the company.
The Associated Press isn’t the first news organisation to employ or exhibit interest in NFTs. Quartz and Indeed the New York Times have each sold NFTs of their stories, while Getty Images CEO Craig Peters remarked in December that NFTs are a “serious possibility” for the firm. People won’t be arguing whether to acquire a Getty or an AP NFT any time soon, since the former appears to be adopting a more cautious approach, with Peters stating that he didn’t feel compelled to dash into space. So far, this appears to be one of the most significant NFT-related initiatives by a major news organisation.
Tiny Little Details
Other news organizations in the music business may be interested in selling their NFTs as a multiverse knot (as either part of an exhibition or as embellishments in an online accounting office), but it doesn’t appear like AP is doing so. Its announcement and FAQ article makes no mention of the metaverse (with the exception of a mention in the “About Xooa” section that Xooa also works with brands on “metaverse strategies”), and the project appears to be entirely aimed at collectors who want to “seamlessly buy, sell, and barter official AP digital knick-knacks through the marketplace,” as the press release puts it.
Buyers will be capable of paying for NFTs on the market with credit cards or Ethereum – according to AP, the MetaMask wallet will be the first to allow NFTs, but there are plans to expand support for additional wallets in the future. There will be virtual lines to buy NFTs as they’re released by AP, with “Pulitzer Drops” containing more restricted NFTs occurring every two weeks — according to the FAQ, these images will “have continued to increase scarcity to maintain their status,” and buyers will be able to resell them on the site’s secondary market.
The revenues from the sale of the NFTs will be used to finance AP’s journalistic initiatives, according to the news organisation. It’ll also make money if they’re resold on its marketplace – the FAQ states that resale fees are 10%, and Xooa representative Lauren Easton confirmed The Verge in an email that two firms would split the cost. (The transaction costs, or “gas” fees, that Ethereum is known for shouldn’t add more and more to the price of sales on Polygon because they’re substantially smaller.) Easton also stated that “photographers will share in all income received,” but did not define what percentage of that revenue they would get.
The Associated Press claims its marketplace will open on January 31st, but it appears to be providing some type of early access programme; the marketplace’s main page says you may join a queue and gain “priority access” and a higher queue ranking if you invite people to sign up. If you’re the type of hoarder AP is aiming for with these offerings (or if you’re curious about how this form of the marketplace will work), the FAQ is well worth reading — it goes over how Xooa plans to add support for moving NFTs to other marketplaces, how drops will work, and a lot more about the marketplace and account system.