Press agency AP is going to sell NFTs of news photos on its own marketplace

The Associated Press news agency will sell NFTs of current and historical news photos through an NFT marketplace. Mining of the NFTs will be done from the end of this month on the polygon blockchain, which is compatible with ethereum.

In addition to the photo itself, the NFTs also contain metadata about time, location and used equipment and settings, AP reports. With the nft marketplace, the news agency says it focuses on collectors, who can trade the photos as rare digital objects in this way.

AP and Xooa, the company that operates the marketplace, share a fee of 10 percent of each transaction, so that the project should generate money for the news agency. The photographer whose photo is traded also receives a percentage, but it is unknown exactly how much.

Mining of the NFTs will start at the end of this month. They are on polygon, a blockchain that is compatible with ethereum and has, among other things, lower ‘gas fees’ than the original ethereum blockchain. The NFTs are for sale from 31 January. AP has previously offered a single news photo via OpenSea. Competitor Getty Images is also considering getting into NFTs.