In support of journalism, Associated Press to build NFT marketplace on Polygon

The marketplace will debut on January 31.

In support of journalism, Associated Press to build NFT marketplace on Polygon

There is a frenzy among brands and companies to enter the exponentially growing NFT industry, and the Associated Press (AP) is joining the fray with a marketplace full of award-winning photo NFTs.

In addition to featuring Pulitzer Prize-winning photos as well as "digitally enhanced depictions" of photographers' works, the marketplace will debut on January 31.

Xooa, a blockchain infrastructure firm, designed Polygon, a sidechain scaling solution for Ethereum, as the platform for the not-for-profit news cooperative's marketplace.

The AP will drop its first images over the coming weeks, covering topics such as war, climate change, and space exploration. The first waves of images will include work by photographers such as Emilio Morenatti and Oded Balilty.

In addition to the shots themselves, NFTs will contain detailed metadata about them. Besides containing date, time, and location information, the metadata includes information regarding the equipment, camera setting, and location where the image was taken.

Dwayne Desaulniers, AP's director of blockchain and data licensing, states that "for 175 years, our photographers have captured the world's biggest stories through gripping, poignant images. As a result of Xooa's technology, we are able to offer these tokenized items to a rapidly expanding global community of collectors of photography NFTs."

With Polygon, you can perform transactions much faster and cheaper than on Ethereum. As part of AP's marketplace, credit card payments and crypto payments will also be supported, and secondary market sales will be allowed. Funds will be used to support "unbiased, factual AP journalism," according to the press release.

The market for NFTs is growing in the photography segment. An NFT is essentially a receipt for a unique digital item, whether it's an image, a video file, a video game item, or something else.

Justin Aversano and Isaac “Drift” Wright have also been successful in selling their photos as NFTs, according to DappRadar, and the market has swelled to $22 billion in trading volume in 2021.

AP isn't introducing itself to the broader blockchain market for the first time here. In October, the Associated Press partnered with blockchain oracle maker Chainlink Labs to operate a Chainlink node, which could provide cryptographically-signed data that couldn't be altered.

Chainlink is expected to be used for data such as sports scores, election results, and company financial reports by the AP.

An Associated Press report from November 2020 estimated that Joe Biden would win the U.S. presidential election using blockchain encyclopedia Everipedia.

According to Everipedia, "in an era of misinformation, the need for verifiable information has never been greater. This is why the results of the US elections are going to be published cryptographically on the blockchain."