The popularity of NFTs skyrocketed over the first two years of the pandemic, and it doesn’t appear to be slowing down and The Associated Press (AP) is the latest organization to join the trend, announcing that it will begin selling its “award-winning contemporary and historic photojournalism” as NFTs on January 31.
AP to begin selling NFTs built by Xooa
The media company collaborated with blockchain technology firm Xooa to create a marketplace for its NFTs, which will debut with an initial set of items to be released throughout the coming weeks after launch.
“The initial collection will feature photography by current and former AP photojournalists and a selection of digitally enhanced depictions of their work. Pulitzer Prize-winning AP images will be included,” according to the report shared by AP.
The program is designed to allow consumers to purchase and sell the tokens, which may be paid for using credit cards and crypto wallets. Then, the agency will use the income it generates from the sales to support its operations. The main debate surrounding NFTs is their potential environmental impact. That is why, Polygon, a system designed to use less power than other blockchains, will be the platform on which AP’s NFTs are produced.
The AP is not the only company to enter the NFT market. In December, NFT studio RTFKT purchased by Nike and the famous gaming studio, Ubisoft, introduced in-game NFT collectibles for Ghost Recon Breakpoint.