The Associated Press Is Starting Its Own NFT Marketplace For Photojournalism (theverge.com) 21
The Associated Press, or AP, has announced that it's starting a marketplace to sell NFTs of its photojournalists' work in collaboration with a company called Xooa. The Verge reports: It's billing its foray into NFTs as a way for collectors to "purchase the news agency's award-winning contemporary and historic photojournalism" and says that the virtual tokens will be released at "broad and inclusive price points" (though it's hard to tell what types of prices resellers will want on the AP marketplace). The news outlet says its system will be built on the "environmentally friendly" Polygon blockchain and that the NFTs will "include a rich set of original metadata" to tell buyers when, where, and how the photos were taken. It says its first collection, launching January 31st, will include NFTs featuring photos of "space, climate, war and other images to spotlights on the work of specific AP photographers."
Buyers will be able to pay for NFTs from the market using either credit cards or Ethereum -- AP says the MetaMask will be the first wallet supported but that there are plans to add support for others. There will be virtual queues to buy NFTs as they're released by AP, with "Pulitzer Drops" containing more limited-edition NFTs happening every two weeks -- the FAQ says these particular images will "have increased scarcity to preserve their status." Buyers will be able to resell those NFTs on the site's secondary market. AP says that the proceeds from the NFTs' sale will be used to fund its journalistic endeavors. It'll also get revenue whenever they're resold on its marketplace -- the FAQ says there's a 10 percent fee associated with reselling, and Xooa spokesperson Lauren Easton told The Verge in an email that the two companies would share that fee. Easton also told us that the "photographers will share in all revenue collected," but didn't specify what their cut would be. The NFT marketplace is set to open on January 31st, but you can get on a waitlist now to get "priority access" and a higher waitlist ranking if you refer others to sign up.
Buyers will be able to pay for NFTs from the market using either credit cards or Ethereum -- AP says the MetaMask will be the first wallet supported but that there are plans to add support for others. There will be virtual queues to buy NFTs as they're released by AP, with "Pulitzer Drops" containing more limited-edition NFTs happening every two weeks -- the FAQ says these particular images will "have increased scarcity to preserve their status." Buyers will be able to resell those NFTs on the site's secondary market. AP says that the proceeds from the NFTs' sale will be used to fund its journalistic endeavors. It'll also get revenue whenever they're resold on its marketplace -- the FAQ says there's a 10 percent fee associated with reselling, and Xooa spokesperson Lauren Easton told The Verge in an email that the two companies would share that fee. Easton also told us that the "photographers will share in all revenue collected," but didn't specify what their cut would be. The NFT marketplace is set to open on January 31st, but you can get on a waitlist now to get "priority access" and a higher waitlist ranking if you refer others to sign up.
Why Not? (Score:1)
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Hey, how about an NFT on these copyright-free paintings -- to commemorate Tulip mania: ??
https://www.pinterest.com.au/p... [pinterest.com.au]
More on Tulip-mania: https://www.investopedia.com/t... [investopedia.com]
"The rage among the Dutch to possess [tulip bulbs] was so great that the ordinary industry of the country was neglected, and the population, even to its lowest dregs, embarked in the tulip trade."
This shit needs to end (Score:3)
We've gotten to the point where they're not even bothering to pretend NFTs grant ownership of anything. "Here's a token with cool metadata on it, have fun with your digital collectible!"
Is the AP really that hurt for cash?
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To be fair to AP, if I had a bunch of idiots willing to give me cash for some metadata, I'd have a hard time resisting indulging them too.
Interest on NFTs (Score:2)
Apparently, the people most interested on NFTs are the people building NFT platforms (and getting a sale fee). Apart from them, it benefits no one else.
Welp (Score:2)
Antiquated journalism providers are undoubtedly overturning rocks, as we type-speak, looking for new revenue streams to keep the business solvent. It certainly doesn't mean this latest craze, the NFT, is any less crazy as a shit house rat.
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Antiquated journalism providers
Antiquated as compared to what, facebook journalism?
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Antiquated journalism providers
Antiquated as compared to what, facebook journalism?
Indeed. The new threshold of journalistic excellence.
How the frack did we manage to turn the 8th wonder of the modern world, interconnectivity to all the compiled knowledge of mankind, into this??
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How the frack did we manage to turn the 8th wonder of the modern world, interconnectivity to all the compiled knowledge of mankind, into this??
The problem is that so many people are incredibly stupid. When you connect them all together, you suddenly hear them.
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I've had a blind spot to this phenomenon, previously.
I had a buddy explain to me years ago, that if you'd never had 20/20 vision, you'd never be able to understand the perspective of folks who saw less than what you saw.
I understand it better now, but not without incredible trepidation.
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They were pretty much put out of business by not jumping this newfangled internet bandwagon thing. Let 'em make some dough on the latest fad.
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as those non gay, bleak futur3. In year contract. TCP/iP stack has
You forgot to mention Nazis or how the internet is broken now.
You heard it here first (Score:2)
Ownership (Score:2)
So NFT's still allow everybody to own a copy of the image, right?
It's just that somebody can pay extra to "own" own it (whatever that means)?
Yay. Another BS scam. (Score:2)
Since most journalism these days is worthless, they may as well try a side hustle.
As usual, slashdot is full of morons on crypto (Score:2)
Lots of "this is BS" and "fools and money" comments...
NFTs are basically the missing link in the smart contract ecosystem for representing real world ownership of assets. This is going to be huge for copyright claims. With smart contracts on NFTs, small content publishers are going to get a lot of automated help against bigger players.
Want an example? Let's say this marketplace blows up and the AP requires those downstream of the AP to install content enforcement mechanisms that integrate with the blockchai
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You make a mistake thinking you buy rights to photos. All I see is you are buying rights to metadata loosely connected with photos. It's not like you can use those photos after buying NFT.