The Associated Press (AP) has delved deeper into the non-fungible token (NFT) hype by launching its own marketplace. The world’s largest news agency announced this news in a press release on January 10 that it intends to build an NFT marketplace. The platform is intended solely to sell AP’s own NFTs. The marketplace is scheduled to launch on January 31st.
According to the press release, AP hired blockchain company Xooa to develop the platform. It is also said to be based on Polygon, a sidechain scaling solution for Ethereum. The AP’s reason for the decision to build the marketplace on Polygon was that it was environmentally friendly. At launch, the marketplace will offer a wide range of images, including those that have won the Pulitzer Prize.
The AP intends to deploy the first NFTs over a number of weeks from 31 January. The NFTs will cover a range of themes, including war, climate and space. According to the news media, photos from photographers like Emilio Morenatti and Oded Balilty will be part of the first NFT drops. This is not the first time the Associated Press has wanted to launch its own NFTs. As we previously reported, AP had auctioned off an NFT collection at Binance’s Marketplace.
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Each NFT should contain detailed metadata
The organization added that each NFT will contain metadata about the images it represents. In particular, the metadata will contain information about the date, time and location of each image. In addition, they will include data about each camera used and their settings that photographers use when taking the picture.
In a comment on this progressive move, the news agency said:
For 175 years, AP photographers have captured the world’s greatest stories in gripping and gripping images that resonate today. We are proud to use Xooa’s technology to offer these tokenized images to a rapidly growing global audience of NFT photo collectors.
According to the AP, the prices for the NFTs will vary. The news agency added that it will use the proceeds from each sale to finance itself. This gives you an opportunity to support factual and objective journalism, the AP said. The agency assumes that collectors can easily buy, trade and sell the NFTs through the marketplace.
AP also works with other blockchains
Unlike other marketplaces that only accept payments in crypto, the AP platform will allow both crypto and credit card payments for secondary market transactions. Among the crypto wallets that the marketplace will support is Metamask. However, work is underway to integrate support for Binance, Fortmatic and Coinbase.
This is not the AP’s first entry on web3: last October, the news media partnered with oracle provider Chainlink Labs to run a Chainlink node. As part of this agreement, the AP began using Chainlink oracles to cryptographically sign sports and election data, enabling the AP’s 15,000+ partner agencies to verify that the information is in fact correct.
In addition, the AP used blockchain encyclopedia Everipedia to announce the prediction that Joe Biden would win the U.S. presidential election.