Photojournalism also needs NFT, and the Associated Press even supports the “stand”

2021, known as the first year of NFT, has passed. We have seen all kinds of strange products, and we have gradually become accustomed to "everything can be NFT".

Recently, The Associated Press, which has a history of 175 years, also announced its entry into NFT . It is not to sell any works, but directly set up an NFT news photography market "AP's NFT marketplace".

▲ The opening countdown.

The NFT marketplace, built by blockchain technology provider Xooa, will open with the first NFTs on sale on January 31st, where collectors can purchase AP's award-winning contemporary and historical photojournalism.

The first batch of NFTs covers space, climate, war and other fields of photography, some of which have won the Pulitzer Prize. They are minted on the Polygon blockchain, and each NFT contains raw metadata including when, where, equipment and technical settings were taken.

▲ One of the photos taken by NFT. Image from: AP

The Associated Press said the NFTs will be released at a "broad and inclusive price range" suitable for "amateur and professional collectors."

The head of the Xooa market said that the AP's NFT market focuses on "accessibility" and welcomes collectors of all types to jointly promote a community that shares photography interests.

That being said, the scarcity of NFTs may be what buyers value most. Unsurprisingly, NFTs for Pulitzer-winning works are more expensive, and the Associated Press has intentionally increased their scarcity, with only being released every two weeks, and the most active collectors may get priority access to these NFTs.

▲ One of the photos taken by NFT. Image from: AP

Interested parties must be at least 18 years old and have an AP Marketplace account. AP NFTs can be purchased with credit and debit cards, as well as with Ethereum, or traded on the secondary market with crypto wallets such as MetaMask.

So, what is the specific buying process like?

The Associated Press will list NFTs for sale at specific times through “drops .” NFT drop refers specifically to the release of a new NFT project, which contains information such as date, time, and minting price.

▲ Picture from: The Verge/Alex Castro

Within the first 30 minutes of the official start, buyers click “Join the Drop” and enter a virtual waiting room, where they are assigned to a random spot in the queue.

Each NFT has an edition number associated with it, representing the order in which it was minted on the blockchain. When buyers purchase NFTs from the drop, they will receive a random version number to ensure fair distribution.

If the NFT is not obtained during the drop, the transaction can also be carried out on the secondary market of AP Marketplace.

NFT owners can mark NFTs as "for sale", and other users can browse and buy all available NFTs in the secondary market.

▲ Picture from: cyberscrilla

Of course, buying NFTs in the secondary market may mean a higher price than the offering price.

Although the Associated Press said its market is scheduled to open on January 31, it also has an early access channel. Interested parties need to sign up for a waitlist, and if you persuade others to join, you can also get a higher waitlist ranking.

It is worth mentioning that the Associated Press is a non-profit news cooperative, and the proceeds of the NFT market will be used to fund the Associated Press News. Whenever an NFT is resold, AP takes a 10% fee from it and shares the money with Xooa, photographers.

Dwayne Desaulniers, director of blockchain and data licensing at Midland Community, said in the statement:

For 175 years, Associated Press reporters have documented the biggest stories around the world, with exclusive, historic and stunning visuals that still resonate today. Leveraging Xooa's technology, we're proud to make these tokenized works available to the fast-growing global collection of photographic NFTs.

The Associated Press is not the first institution to take an interest in NFTs, whether in the news media or the photography world.

▲ Picture from: Quartz

In March 2021, the foreign media Quartz sold the first NFT news article for $1,800, and the sale proceeds were donated to the Lauren Brown Scholarship of the International Women’s Media Foundation.

In the same month, the first New York Times article distributed in the form of NFTs sold for about $560,000, enough to pay for two thousand years of New York Times digital subscriptions, and was also donated to charity.

Getty Images, an American image trading company, is also watching NFTs, with its CEO telling Bloomberg , “You can think of NFTs as a monetization of culture, a passion for sports, fashion, celebrities, music, everything — that’s what we’re talking about for us. It's a real opportunity."

Vision China officially launched the digital collection trading platform "Yuan Vision" on December 26, 2021. The platform's first work is "I Want to Go to School" shot for Project Hope, priced at 199 yuan per piece, limited to 10,000 copies, and will be released in the first release. Sold out after 40 minutes.

Up to now, the NFT market of the Associated Press is the most daring attempt of NFT in the press. It has directly built an NFT trading platform and an NFT community around photography. As the largest news agency in the United States and even the world, its recognition of NFT may affect the future of the press.

Grapes are not the only fruit.

#Welcome to pay attention to the official WeChat account of Aifaner: Aifaner (WeChat: ifanr), more exciting content will be brought to you as soon as possible.

Love Faner | Original link · View comments · Sina Weibo