Though they’re all the rage in some circles, NFTs are still a mystery to many, and they’re certainly not the kind of thing you might expect a 176-year-old news organization to embrace. But the Associated Press, the venerable agency whose worldwide news coverage features millions of iconic photos, is getting into NFTs, or nonfungible tokens – digital assets that can be collected and are managed on the blockchain.
Tech expert Omar Gallaga says AP’s push into NFTs is about earning money from its photos.
Highlights from this segment:
– Though an NFT is a digital file, it is sold as a one-of-a-kind object. They can include photos, videos, documents or other kinds of electronic files.
– The AP has partnered with a firm called Xooa to sell NFTs of iconic photos. They will be part of the Ethereum blockchain on the Polygon platform, which is said to be less damaging to the environment than other blockchains where cryptocurrency is mined.
– NFTs generate revenue not only when they’re sold initially, but when resales occur.
– Other media companies, including The New York Times and Quartz, have already gotten into NFTs. Many well-known commercial brands, like the NBA and Taco Bell, have done it, too.