Associated Press plans to launch Polygon-based NFT marketplace

Associated Press is launching a marketplace to sell some historical photographs as NFTs.
Associated Press is launching a marketplace to sell some historical photographs as NFTs. Image from freepik

Key Takeaways:

  • Associated Press to launch a Polygon-minted NFT marketplace for its award winning photos.
  • Meanwhile, MATIC prices fell nearly 29% since Jan 1

NEW DELHI (CoinChapter.com) — The Associated Press (AP) news agency is launching a Non-Fungible Token (NFT) marketplace, where collectors can buy award-winning photographs taken during the agency’s 175-year history.

AP has roped in Xooa, a platform-as-a-service that helps users build NFT marketplaces regardless of expertise, to build the marketplace. In addition, the news agency would mint its NFTs on the Ethereum-compatible layer two solution Polygon.

The initial collection of NFTs will feature photographs from current and former AP photojournalists, with AP’s Pulitzer Prize-winning images included in the mix. However, Pulitzer NFTs would be rare and take place one day every two weeks.

The marketplace would allow collectors to buy, sell, and trade AP’s digital collectibles. Moreover, it would also support secondary market transactions. The marketplace would accept payment with credit and debit cards and crypto wallets such as MetaMask.

For 175 years AP’s photographers have recorded the world’s biggest stories through gripping and poignant images that continue to resonate today. With Xooa’s technology, we are proud to offer these tokenized pieces to a fast-growing global audience of photography NFT collectors.

said Dwayne Desaulniers, AP director of blockchain and data licensing

The news agency plans to add support for Fortmatic, Binance, and Coinbase. As per AP’s announcement, the NFTs would include information about ‘the time, date, location, equipment, and technical settings‘ used while taking the original image.

Also Read: Polygon quietly upgrades network to save $24B worth of MATIC from ‘critical’ bug.

The Associated Press stated they would release the initial collection of NFTs over a period of weeks starting Monday, Jan 31.

Meanwhile, Polygon MATIC Price Charts

Polygon’s native token MATIC jumped over 10% on Jan 11, going from $2.04 to reach $2.25 before prices pared. Immediate resistance near the Polygon token’s 26-day EMA and 50-Day MA trendlines, at $2.24 rebuffed MATIC’s uptrend.

MATIC prices continue to move in their five-month-long ascending channel pattern. Jan 11’s jump means MATIC took bullish cues from Polygon’s involvement in the Associated Press’s upcoming project. Moreover, if MATIC continues its uptrend, the next target for the Polygon token would be near $2.5.

Polygon MATIC Price Charts
MATICUSD daily chart with MACD. Source: Tradingview.com

On the other hand, if traders look to cash in on MATIC’s Jan 11 jump, bulls would try to rally above immediate support at $2.03. Furthermore, the ascending channel’s support line and MATIC’s 100-day MA line form a key support level near $1.9.

Recommended: Polygon (MATIC) faces a 50% gain, but bears are up for battle.

The ascending support has been tested several times since Jul 22 but remains unbroken. Meanwhile, bars on momentum oscillator MACD’s histogram are contracting, indicating that the MACD line (difference between 12-day and 26-day EMA) moves up towards the MACD signal line (9-day EMA of MACD).

The contracting bars forecast a weakening grip of bears on MATIC prices.

MATICUSD daily chart with RSI.
MATICUSD daily chart with RSI. Source: Tradingview.com

The relative strength index for the Polygon token is in the neutral regions, clocking 47.78 in the daily timeframe. MATIC is currently bullish across the medium and long-term time horizons.

At the time of writing, MATIC was trading at $2.21, up 6.52% on the day.

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