NFT Photographers and NFT Photography – All You Need To Know About
What Is NFT in the Context of Photography?
You might think that NFT photography is a completely new phenomenon in the rapidly developing technology market. However, such a phenomenon as NFT has existed since 2014. The history of photography technology spans two centuries – the first photographic image was taken in 1822.
Perhaps the main advantage of photography is that it makes art more accessible. Nevertheless, photographs did not devalue, but on the contrary, increased interest in the fine arts provides income for many photo artists. Now, with the advent of new technology, they have an additional opportunity to earn money. For example, any photographer can earn more than one thousand dollars for one photo. How? Through NFTs.
NFT is a digital certificate for owning a unique web asset. Imagine that you have come to an art gallery – all the works posted here belong to it. Visitors are not prevented from looking at them, clicking on something for memory, and maybe even trying to redraw in their notebook. But the originals will continue to be on display at the museum.
The NFT model is similar: tokens do not prevent the copying of web content, but only secure ownership rights in the network (read – gallery). All relevant information is stored inside the blockchain, a giant database.
In the virtual world, NFTs are replacing securities. Each object acquires a unique dossier: the date of creation, information about the owner and his actions. Photos, screenshots, twitter posts, contracts, and even buildings – NFTs are now tied to digital art, real estate, virtual objects, and more.
It turns out that you can earn money on them. Transactions for the purchase and sale of virtual certificates are carried out in Ethereum (ETH) tokens – the second most popular cryptocurrency after BTC. There are several ways to withdraw virtual money, we are talking about the most popular – exchangers. Special platforms allow you to sell crypto and send money to a bank card or payment system like PayPal.
We choose a reliable exchanger and indicate the required amount of cryptocurrency that we want to withdraw. The machine will recalculate the amount, for example, in dollars and indicate the address the money will be transferred to. The whole process takes from 10 to 15 minutes, the commission sum depends on the particular cryptocurrency, its reserves and other factors. If you have problems, do not hesitate to ask technical support for help.
In addition to the digital object itself (in our case, a photo), you will need a wallet in the Ethereum system and registration on special platforms that work with NFTs. These include Rarible, Mintable or OpenSea. Users upload works to the platform in different formats and then think over the name and description of future tokens.
It would seem that you can choose a picture on your phone, link it to a token and auction it off for 10 million. But this market does not work like this: the entry price must be adequate and arouse interest among other market participants. For example, you can claim that after selling a token, you are going to save endangered species of animals in Africa and there are not enough funds to implement the plan. You will have money, and the person who pays for the token will feel like a part of the team.
Why The Circle of NFT Photographers Is Still Narrow?
The NFT hype is bringing famous and obscure creators to the marketplace where they can profit from NFT images through digital currencies. Many photographers are developing an enviable activity in the NFT market and have already created completely unique pieces of art. Some photographers have gone so far as to present themselves as purely NFT creators. However, the circle of NFT photographers is relatively narrow so far.
Imagine that we are talking about a photographer who takes pictures of beautiful girls. For example, such as Jenya Dobrov. This talented Ukrainian artist specializes in adult photography. His works are bought by people who are attracted by the exquisite beauty of the images and the opportunity to decorate the walls of their own apartments. Of course, some buyers may be seduced by the famous name, or they expect that investment cost will be more than compensated. However, by and large, the motivation is a pure love of art. Therefore, in general, the demand for such works is still small.
The main fear is the collapse of the entire NFT market. The technology itself is likely to survive, but it is unknown if there will be buyers.Creating and maintaining a successful business is not easy – you need to constantly maintain a flow of customers. The NFT market is no different from any other in this respect. To create a brand and strengthen your position, you need to work hard. Those who want to go in this direction should be prepared for the pitfalls.
It is possible that the global NFT trend will expand and embrace new creators, including photographers. There is also the possibility that this industry will transform into something new. The value of images in the JPEG file format can drop to zero. Now, there are investors who are making solid profits from the most popular tokens – the rarest ones – but there is no guarantee that one day, when the hype subsides, they will not restore their business relations with traditional finance players.
What Problems Do NFT Photographers Face?
The dimension of cryptocurrencies and non-fungible tokens is full of contradictions and problems. The media is constantly criticizing the level of power consumption required to produce ETH, despite the talk of better sources of mining and minting coming up soon. In addition, speculation and baseless accusations are common in these circles.
While the authorities in different countries create new revenue laws, and the costs associated with the use of NFTs grow, their owners may face problems in the physical world. Although some community members even believe that the JPEG images they buy are tax-exempt, any IRS will tax their NFT profits, as it does with other profits. If you consider purchasing JPEGs online as an extension of your business, you should consult with a tax professional.
Imagine, that someone passes off my photos as their own, and now they make money from sales. How to deal with it? Alas, you will have to figure it out through the administration of the platform – the legislators of many countries still do not regulate the sale and transfer of tokens in any way.
Look for a way to prove your authorship. However, this state of affairs cannot be permanent. The regulators of the leading countries will soon attempt to regulate the turnover of NFTs in order to protect persons involved in transactions with non-fungible tokens.
What the Future May Hold For NFT Photography?
While skepticism about NFTs is often baseless, the field is far from being perfect. It has development potential. For it to be realized, we need a more sustainable business model and real-world value. Then serious collectors and large investors will come to it. Technology use cases are literally endless, which does not negate the problems. In addition, new artists are entering the industry, making it problematic for potential collectors to find real talent.
Photography enriches human life. It is not likely that people will start sending NFT images of their children to grandparents, but non-fungible tokens will certainly find their niche in the world of arts. The creators of NFT photos are innovative thinkers, highly motivated and creative. Combination of such qualities is doomed to success.
Artists who make large photographic images complain that their creations are eventually reduced in size and "cut" in such a way as to fit into tiny squares on social media sites. They hope that these tokens will be eventually transformed into large-scale art installations in major art galleries. Sooner or later we'll see it.