Associated Press to Launch NFT Marketplace to Monetize Its Photographic Content
The NFT world has witnessed a large surge in the number of celebrities and organizations to join the train from the previous year. The Associated Press (AP), a news wire service based in the United States, is the latest news organization to join the non-fungible tokens (NFTs) marathon. The Associated Press is starting its NFT marketplace to sell its award-winning pictures, including those that have won the Pulitzer Prize.
The NFTs to be provided by AP are historically rich, starting from the historical Vietnam War to modern rallies against racial injustice. The NFTs will come with original information telling the buyer the "date, time, location, technical parameters, and equipment utilized" in taking a photograph.
The AP's first NFT collection will include photography from current and previous photographers, as well as a selection of "digitally enhanced portrayals." According to AP, its marketplace will launch on January 31, 2022. The news wire is currently not giving any form of exclusive access as no early bid has been announced. Although, the NFT marketplace provided a queue for potential buyers.
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According to the AP, the marketplace's purpose is to enable NFT collectors to buy, sell, and exchange AP's digital treasures legitimately. Furthermore, the AP will facilitate secondary market transactions using credit cards and cryptocurrencies such as Bitcoin.
The company noted that purchases might be made using cryptocurrency wallets such as MetaMask, with support for Binance and Coinbase coming in the future. The announcement also noted that while there might be variations in the price of NFT, all earnings will benefit the news agency.
The AP "Pulitzer Drop" is unique and occurs every two weeks. Drop implies the specification of the NFT collection, which is the time and price for the NFT release. The Pulitzer Drop will include Pulitzer Prize-winning photographs, and there are plans to increase the scarcity of the photographs to maintain their prominence.
