Another traditional giant enters the Associated Press to launch the NFT market

The acronym “NFT” for non-fungible tokens is currently the buzzword of the future. We’ve heard that term many times over the past 12 months. Relevant professionals predict that in 2022, the market for NFTs will be even larger.

This year, increased regulation may impose certain restrictions on the non-financial trading industry. However, the addition of large companies has helped the further development of the NFT market.

The Associated Press is about to release an NFT marketplace built by blockchain technology provider Xooa . This is a blockchain infrastructure platform dedicated to building a “white label NFT marketplace” for brands and IP owners.

Here, collectors will be able to purchase NFT-enhanced photos from global news platforms, shot by AP photojournalists and optionally digitally enhanced re-creations. The official announcement of the Associated Press pointed out that “Pulitzer Prize-winning Associated Press pictures will also appear in this NFT market.”

The collectibles will be released at various prices over a few weeks starting January 31st. Meanwhile, photos by AP photojournalists on topics such as space, climate and war will appear.

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The pictures will be minted as NFTs on Ethereum’s Layer2 network Polygon, which will support secondary transactions using debit or credit cards, and collectors of all levels will be able to seamlessly buy, sell and trade official Midland through the marketplace Social digital collectibles.

“It will support secondary market transactions, Crypto wallets and credit card payments, which will be supported by MetaMask, Binance and Coinbase.”

At the same time, the NFT marketplace will also help collectors understand the time, date, location, equipment and technical settings of the shooting .

Dwayne Desaulniers, Director of Blockchain and Data Licensing at AP Community, said: “For 175 years, AP photographers have documented the world’s important news with gripping images that still resonate today. With Xooa’s technology, we Proud to offer these NFT creations to the fast-growing global NFT collectors of enthusiasts of photography.”

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Zach Danker-Feldman, head of marketing at Xooa, believes the partnership will be “a powerful link between the virtual and real worlds.”

The platform has mentioned that it will allow secondary market sales and will charge a hefty 10% fee. That’s a far cry from the “non-profit” news organization label it puts on. However, according to the AP announcement, funds from the NFT sale will be used to fund AP journalism .

That being said, this is not the first time the AP has embraced Crypto technology. In October 2021, The Associated Press partnered with Chainlink Labs to ensure that any data on its U.S. newspaper and broadcast members would be verified by Crypto.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/another-traditional-giant-enters-the-associated-press-to-launch-the-nft-market/
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