What Are NFTs? & How NFT Impact Photography?
Sell your pictures!
Non-fungible tokens, or NFTs, are one-of-a-kind digital assets based on blockchain technology. Music snippets, movies, animations, digital artwork, photographs, or even a ticket to a particular event, such as a movie, may all be used. NFTs are noteworthy because they demonstrate ownership.
Stuart Haber and W. Scott Stornetta invented blockchain technology in 1991. Their goal was to develop a system that allowed document timestamps to exist without being tampered with in any manner. Fast forward to 2008, when Satoshi Nakamoto (or perhaps a group of individuals) iterated on the original idea and used the blockchain as a public record for Bitcoin cryptocurrency transactions.
What’s the point of collecting NFTs?
Can’t NFTs be downloaded or duplicated many times if they’re digital files? What is the point of purchasing a single NFT?
The intrinsic value connected with acquiring an NFT for a collector is that they are supporting an artist whose work they appreciate. If you possess one on the blockchain, you may benefit from flipping or selling an NFT on the secondary market. The collector isn’t the only one who will profit from this deal. It’s simple to monitor since it has a unique identity and a blockchain record of the job.
The artist, moreover, profits every time their NFT changes hands. ‘I receive 10% of every future sale till the end of time, so that’s pretty amazing!’ said photographer Trey Ratcliff to DPReview. For the NFT’s owner, it’s a very easy procedure. They look at the NFT, click sell, enter a price they’re willing to take, and wait for bids. Ratcliff’s newest collection, ‘Beautiful Cities of the World,’ earned $250,000 in the first three hours after its debut.
What does it mean to be a photographer if you have an NFT?
You’ve undoubtedly seen Reuben Wu’s work in a recent commercial or print ad for Audi, Apple, or IBM. The singer and professional photographer is also a PhaseOne camera ambassador. ‘The commercial aspect of photography, client-based work, has provided the majority of my income.’ It’s something I’m very thankful for, as well as privileged and fortunate to have received. Because of my effort, I’ve been able to attract these customers.’
Is photography a viable business?
Anyone who believes NFTs are a passing trend hasn’t seen some of the recent action after Beeple’s record sale earlier this year. Every day, millions of dollars in ETH change hands, or wallets, from the Bored Ape Yacht Club to CryptoPunks. While price floors, or the very minimum entry fee, for these whimsical drawings are reaching the tens of thousands of dollars, Justin Aversano and Alejandro Cartagena have started a new trend in photography. It stresses the importance of narrative above everything else.
Moving ahead with NFTs in photography
NFTs are the way of the future in terms of art acquisition. You may put your collection on show in virtual galleries for everyone to see. Curators have discovered fresh talent and introduced them to a new audience.
Karene Baptiste discusses why she began minting NFTs. Her artwork portraying intimate family stories has attracted top collectors. ‘I was able to get inside the space due to Diana Sinclair, who, like myself, is a member of Black Women Photographers.’ She described how there was a place for women in the crypto art world, and she persuaded me of the possibilities.’
When it comes to learning what’s feasible with NFTs, we’re still in the early stages. While some photographers have had success in the area, Trey Ratcliff cautions that “it seems to be very hit or miss.” I would suggest testing it out on a few other markets to see how it works.’
