The new AP collection will introduce works from current and former AP photojournalists, a selection of digitally enhanced depictions of their work, and a unique selection of Pulitzer Prize-winning pictures.
The Association’s minted images relate to space, climate, war, and others. In addition, each NFT will be delivered with the image’s rich set of original metadata, meaning that winning bidders will own the image’s “time, date, location, equipment, and technical settings,” as well, according to the press release.
“For 175 years, AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today,”explains Dwayne Desaulniers, AP director of blockchain and data licensing.
So what exactly is the AP doing?
This isn’t the first time the AP has played around with NFTs. Last year, it auctioned off 10 “artistic representations” of some of its most famous images through OpenSea, the world’s largest NFT marketplace, as “AP ARTiFACTS: The 175 Collection”.
This time around, the AP is actually building its own marketplace (in collaboration with a company called Xooa) to sell NFTs that “feature photography by current and former AP photojournalists and a selection of digitally enhanced depictions of their work”.
Associated photojournalism press own nft marketplace
There will be virtual queues to buy NFTs as they’re released by AP, with “Pulitzer Drops” containing more limited-edition NFTs happening every two weeks — the FAQ says these particular images will “have increased scarcity to preserve their status.” Buyers will be able to resell those NFTs on the site’s secondary market.
AP says that the proceeds from the NFTs’ sale will be used to fund its journalistic endeavors. It’ll also get revenue whenever they’re resold on its marketplace — the FAQ says there’s a 10 percent fee associated with reselling, and Xooa spokesperson Lauren Easton told The Verge in an email that the two companies would share that fee.
Press is the latest to enter the NFT market by launching its own marketplace to sell NFTs of its photojournalists.
The Associated Press (AP) is building the marketplace in collaboration with a blockchain tech firm Xooa and the NFTs will be minted on the Polygon blockchain.
Scheduled to be launched on January 31, the initial collection on the marketplace will include an array of photos ranging from space, climate, war, among other areas of interest. The collection will also feature some works that won the Pulitzer Prize, in addition to digitally enhanced depictions of photographers’ work.
Moreover, each NFT on the marketplace will include detailed information about the work that will show the date, location, time, camera settings, and other technical details used for the photograph.
To buy the NFTs, buyers need to pay either using credit cards payments or Ethereum.
That said, selling an NFT on the secondary market—which Xooa supports—can financially benefit both the NFT owner and the original creator/artist of the work (in this case, likely the AP itself, not the photographer).
Why is the AP doing this?
From the press release:
“’For 175 years AP’s journalists have recorded the world’s biggest stories, including through gripping and poignant images that continue to resonate today,’ said Dwayne Desaulniers, AP director of blockchain and data licensing. ‘With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.‘
The two quote clauses seem like a bit of a non-sequitur to me, to be honest.
In this photo illustration, a NFT sign is seen on a smartphone. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)
PHOENIX – There’s been a lot of talk about NFTs lately on the internet, and many people may have questions about what it stands for.
Here’s a primer for those who want to know more.
So, what are NFTs?
According to the Merriam-Webster Dictionary, NFTs, or non-fungible tokens, are unique digital ID that cannot be copied or substituted.
The tokens, according to the dictionary, are recorded in a blockchain, which is a digital paper trail of sorts that is stored on computers across the internet.
With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.”
Every two weeks, Pulitzer Prize-winning photographs from AP photojournalists will go on sale. All profits from sales will be used to fund the nonprofit agency’s newsgathering efforts.
The NFTs will rely on Polygon, a secondary scaling network using Ethereum, which has comparatively lower energy consumption and faster speeds.
NFTs have recently exploded in popularity, with Google searches for the term now eclipsing that for crypto. Data from market researcher DappRadar highlighted that NFT sales surged to $21 billion last year, thanks to increased interest during the pandemic.
Meanwhile, an NFT of the first tweet made by Twitter founder Jack Dorsey sold in 2021 for $2.9 million.
According to a December 2021 article by The Guardian, the global market for NFTs hit $22 billion in 2021.
What are some of the problems, risks associated with NFTs?
According to the Twitter for OpenSea, which describes itself as ‘the world’s first and largest NFT marketplace,’ they have seen a misuse of their free minting tool.
“Over 80% of the items created with this tool were plagiarized works, fake collections, and spam,” read a tweet made on Jan. 27.
The marketplace was recently embroiled in controversy over their decision to limit the use of their free minting tool. The decision has since been reversed.
Plagiarism of artwork for the minting of NFTs is also considered to be a problem.
It says its first collection, launching January 31st, will include NFTs featuring photos of “space, climate, war and other images to spotlights on the work of specific AP photographers.”
AP isn’t the first journalistic enterprise to use or express interest in NFTs. Quartz and The New York Times have sold copies of their articles as NFTs, and Getty Images’ CEO Craig Peters said in December that there’s “a real opportunity” for the company when it comes to NFTs. We probably won’t see people debating whether to get a Getty or an AP NFT anytime soon, though, as the former seems to be taking a more wait-and-see approach, with Peters saying that he didn’t feel the need to race into the space.
It is used to certify authenticity and ownership.
Non-fungible, according to the Amazon AWS website, is a term that can be used to describe things that are valued differently, based on their unique attributes and scarcity.
“One such example of this is baseball cards, where each individual baseball card is assigned a unique value depending on its attributes such as edition number, design, player, and rarity,” read a portion of the website.
This stands in opposite to things that are fungible, as people can exchange a fungible asset for another, knowing the value is exactly the same.
“A practical example of a fungible asset is the U.S.