The Associated Press will shift its photojournalism into NFTs

NFTs exploded in popularity during the first two years of the pandemic, and it doesn’t look like they’re going away any time soon. One of the latest organizations to get into this frenzy is the Associated Press (AP), which will begin selling its “award-winning contemporary and historical photojournalism” as non-fungible tokens on January 31. The news agency has teamed up with blockchain technology provider Xooa to develop a marketplace for NFTs, which will debut with an initial batch that will be released in the coming weeks after launch.

AP’s initial collection includes digitally enhanced Pulitzer Prize-winning images across categories, such as space, climate, and war. Each one will include the original metadata of the photo showing the time and date it was taken, its location, and the equipment and settings the photographer used to take the photo. The agency says that the market will allow people to buy, sell and trade tokens, which can be purchased using credit cards and crypto wallets. The proceeds it will earn from sales will then be used to fund its operations. One of the biggest controversies surrounding NFTs is that they have an enormous environmental impact. The AP says its NFTs will be minted on the Polygon blockchain, which is designed to consume less power than its peers.

Whether the AP successfully sells its photos for the kind of money it hopes to earn remains to be seen. Adidas made $23 million for its first drop in NFT, but Ubisoft hardly sold anything when it launched its tokens. Another company said to be looking to open its own market is GameStop, which (according to The Wall Street Journal) recently formed a cryptocurrency division to work on the project.

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