the Associated press, Where PA, announced that he was launching a marketplace to sell NFTs of his photojournalists’ work in conjunction with a company called Xooa. He presents his foray into NFTs as a way for collectors to “buy the news agency’s award-winning contemporary and historic photojournalism” and says the virtual tokens will be released at “broad and inclusive prices” (although it’s hard to tell what kinds of prices the dealers will want on the PA Marlet).
The outlet claims that its system will be built on the “environmentally friendly” Polygon blockchain and that NFTs “will include a rich set of original metadata” to tell buyers when, where and how the photos were taken. He says his first collection, launched Jan. 31, will include NFTs featuring photos from “space, climate, war and other images to highlight the work of some. PA photographers.
PA is not the first journalistic company to use or express an interest in NFTs. Quartz and The New York Times have sold copies of their articles as NFTs, and Getty Images CEO Craig Peters said in December that there is “a real opportunity” for the company when it comes to NFTs. We probably won’t see people debating whether to get a Getty or a PA NFT anytime soon, though, as the former seems to take a more wait-and-see approach, with Peters saying he hasn’t felt the need to run into space. So far, however, this appears to be one of the biggest NFT-related efforts of a major news source.
He does not seem PA tries to sell their NFTs as a metaverse link (either as part of a virtual museum or as decorations in an online accounting office), as other media executives in the music industry might be interested to do it. Its ad and FAQ make no mention of the Metaverse (aside from mentioning that Xooa is also working with brands on “metaverse strategies” in the “About Xooa” section), and the project seems entirely aimed at collectors who wish, as the press release put it, “to buy, sell and trade transparently PA digital collectibles on the market.
Buyers will be able to pay for market NFTs using credit cards or Ethereum – PA says MetaMask will be the first wallet supported, but there are plans to add support for more. There will be virtual queues to buy NFTs as they are released by PA, with “Pulitzer Drops” containing more limited edition NFTs occurring every two weeks – the FAQ states that these particular images “will be increasingly scarce to preserve their status.” Buyers will be able to resell these NFTs on the site’s secondary market.
PA says the proceeds from the sale of NFT will be used to fund his journalistic efforts. He will also get income whenever they are resold in his market – the FAQ says there is a 10 percent fee associated with the resale, and Xooa spokeswoman Lauren Easton said The edge in an email that the two companies would share these costs. (The transaction fees, or gasoline fees, for which Ethereum is infamous, shouldn’t increase the price of sales too much, as they are significantly lower on Polygon.) Easton also told us that the “photographers will share all the income. perceived ”, but did not specify what their cut would be.
PA says its market is slated to open on Jan. 31, but appears to offer some sort of early access program; Marketplace landing page says you can get on a waitlist and you can get ‘priority access’ and higher rank on the waitlist if you recommend others to join . If you are the collector type PA target with these offers (or if you are interested in how this type of market works), it is worth reading the FAQ carefully – it explains how Xooa plans to add support to move NFTs to other markets, talks about how the drops will work and has tons of details about the marketplace, account system, and seller verification processes.