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NFT photography platform powered by Polygon to launch by Associated Press

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A first drop of the NFT will feature award-winning images from AP photojournalists on subjects such as space, climate, and war.


A first drop of the NFT will feature award-winning images from AP photojournalists on subjects such as space, climate, and war.

The Associated Press (AP) is developing a nonfungible token (NFT) marketplace allowing collectors to buy tokenized photographs from the global news platform.

A collection of NFTs will first include photographs from AP photojournalists about topics such as space, climate, and war. They will be released over several weeks starting on Jan. 31 for varying prices, according to the marketplace’s website. As NFTs, the photographs will be mined on Ethereum's Polygon layer-two scaling network. Payments will be made using debit cards and credit cards, and the platform will support transactions in Ethereum.

The marketplace is being built by Xooa, an infrastructure platform that specializes in building "white-label NFT marketplaces for brands and IP owners.".

Zach Danker-Feldman, head of marketplaces at Xooa, said the "partnership would tap into the real and virtual worlds"

Future collaboration with Fortmatic, Binance, and Coinbase will also be supported, in addition to the crypto wallet provider Metamask. Additional company's other upcoming feature plans are "withdrawals to other marketplaces," "social media capabilities," "original content concepts," and "off-chain benefits" for NFT holders. A "Pulitzer Drop" will be held every two weeks, featuring Pulitzer Prize-winning images. Detailed metadata related to each photograph will be included in the NFT such as the time, the date, the location, and the equipment and settings used for the photograph.

In an announcement from the AP, it was reported that funds from NFT sales would be used to fund AP journalism. The Associated Press is a not-for-profit news cooperative based in New York. While the platform will allow secondary market sales, it will charge hefty fees of 10%.

Also Read - Adidas Earns $23 Million from its first Ethereum NFT Drop

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