Big names have been diving into NFTs like they’re heated swimming pools in winter time, and another name has just announced its entrance. The Associated Press (AP) announced that it’s starting an NFT marketplace of its own.
Here’s what’s going on:
AP Announces NFT Marketplace Launch
In the announcement, AP said that its marketplace will center around the sale of NFTs of its photojournalists’ work. To make this possible, the company has partnered with Xooa.
The AP said that the NFTs will give collectors a way to purchase its “award-winning contemporary and historic photojournalism.” Moreover, the company said that the NFTs will be made available at broad and inclusive price points. However, it’s important to keep in mind that once AP sells them, there’s no telling what owners will want to charge on the secondary market. So, that inclusive price point may disappear quickly.
Following a trend seen in recent projects, AP decided to build its platform on the Polygon blockchain. Why? Well, Polygon is an environmentally friendly option that requires far less energy consumption for the blockchain to do what it does. Moreover, the blockchain offers far lower cost access to the NFTs than would be possible if they were built on the Ethereum blockchain.
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Moreover, AP said that the assets it releases will include a rich set of original metadata. As a result, buyers will know when, where, and how the photos they own were taken.
The first collection up the company’s sleeve is expected to launch on January 31st. AP said that the collection will include photos of space, climate, war, and other images to spotlight on the work of specific AP photographers.
If you’re interested in buying an NFT, you’ll want to act quickly as collections like these tend to sell out quickly. However, you won’t have to buy ETH to prepare. Sure, you will be able to purchase pieces of the collection using ETH, but you’ll also have the ability to purchase assets from the collection using your credit card.
If you don’t get in on the first drop of AP NFTs, don’t worry. The company said there will be “Pulitzer Drops” containing more limited-edition collectibles happening every two weeks.
Finally, the company said the proceeds from the sale of bits in the collection will be used to fund its journalistic endeavors. This includes both the sale price, and the 10% royalty AP has put on the collection. Both AP and Xooa will take their piece of that fee. Moreover, photographers will share in the revenue generated.
Big Names In Media Continue to Jump In
AP isn’t the first media and journalism company to dive into the NFT industry. In fact, both Quartz and The New York Times have already sold NFTs of their own. Let alone moves that CNN, Fox, and several others that are getting involved.
The Bottom Line
The bottom line here is that NFTs are likely to continue to soar in popularity as more massive brands get involved. Whether you’re interested in sports, video games, news, culture, or a wide range of other topics, chances are that you’ve seen an NFT you might be interested in.
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