This chapter focuses on the World Press Photo, a non-profit organization which organizes the largest and arguably most prestigious press photo competition in the world, yearly awarding dozens of prizes, which work as crucial institutional mechanisms of production and circulation of cultural value. Awards are relevant within such scarcely institutionalized fields as photojournalism, since they can raise value problems for jurors, winners, and observers. It is the whole vision of the cultural field—its meanings, values, and indeed objects—that is at stake in prizing. In the digital age, competitions and awards do not just reveal how news photographs are evaluated, but also what a digital news photograph actually is, or at least what nowadays it is legitimately supposed to be. This chapter mainly draws on an archival analysis of the last twenty years of the WPP awards and in-depth interviews with jurors, experts, and winning photojournalists.