Photographers are taking the cryptocurrency industry by storm. With the rise of NFTs, everyone wants to get a piece of the pie.
Now there is a new way for artists to diversify their income. Not to mention the benefits this novel technology brings. In this article, I will be covering all aspects of photography NFTs. So without further ado, let’s jump right in.
Photography NFTs are unique contracts that create scarcity in the digital world.
What are photography NFTs?
Photography NFTs works the same way as other NFTs. Essentially, they are unique contracts that create scarcity in the digital world. Thanks to blockchain technology the contract is stored on a distributed ledger.
This ledger is publicly visible allowing users to verify the information. Moreover, transactions are immutable meaning they cannot be changed or deleted.
In other words, you can think of NFTs as digital certificates that guarantee authenticity. This certificate is stored in an online database. The database tracks the transfer of ownership, the minting address as well as the token ID.
In the case of photography NFTs, the corresponding metadata can include a photograph or proof of purchase
Why NFTs are good for photographers
Digital format – in most instances, photographs use a two-dimensional digital format. This allows the easy transfer of data into the blockchain. Unlike physical art, it does not require a digital conversion.
Guaranteed authenticity – traditionally photographs were printed and signed to guarantee authenticity. This came with the risk of being forged and plagiarized. However, NFTs contracts assign unique metadata to each photograph.
For instance, this could include technical details such as camera specifications, resolution, aperture, shutter speed, timestamp, and even geopositioning. This information can be verified to guarantee authenticity.
Scarcity – the total supply of photography collections can be hard coded. This creates a limited collection with guaranteed scarcity.
Royalties – NFTs allow photographers to set a royalty when minting. Simply put, a percentage for residuals can be hard-coded into the smart contract. After each subsequent sale, the artist gets a cut of the profits.
This provides a new avenue for passive income. As the popularity of their photographs grows so will their returns. Want to learn more about royalties? Click here to read my previous article.
Fractional ownership – this is the process of dividing the ownership of a single NFT. Simply put, the photography NFT gets locked in a smart contract and split into tokens. These tokens represent shared ownership and can then be traded on the open market.
This is especially beneficial for photographers with high prices as it lowers the barrier of entry. If you want to learn more about fractional NFTs, click here.
Best photography NFT marketplace
OpenSea – this is the largest NFT marketplace with over 1 million monthly users. Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea has a strong reputation in the industry.
The platform features a dedicated photography section with all the major artists. From Justin Aversano to The British Journal of Photography, this marketplace has a collection for everyone’s tastes.
Not to mention, it allows users to filter photographs by different traits, blockchains, and prices. Moreover, there is support for over 135 different payment methods. In my opinion, this is the best platform for photography NFTs.
How to create an NFT photograph
1. Connect wallet – first you need to connect your wallet to the NFT marketplace. There will usually be a wallet icon on the top of the screen. In the case of OpenSea, there is one in the top right corner. Click on it, then select the wallet you want from the dropdown menu.
2. Create your first NFT – the next step is to create your NFT. Click on the “create” button at the top of the screen. You will then be asked to upload an image. Simply drag and drop the image into the box.
You can then set the name, description, properties, supply, and the blockchain you want to mint on. Once this is completed click create and you will be prompted to authorize the transaction. Make sure your wallet is funded to cover the cost.
NFT platforms support all of the major file types. For example, on OpenSea, users can upload GIF, PNG, JPG, SVG, MP4, WEBM, GLTF, OGG, GLB, and WAV
NFT platforms support all of the major file types. For example, on OpenSea, users can upload GIF, PNG, JPG, SVG, MP4, WEBM, GLTF, OGG, GLB, and WAV.
3. Selling your NFT – The final step is to list your NFT on the market. First of all, you need to find the NFT in your wallet, open it up and then click “sell” in the top right corner. You will then be prompted to select either a fixed price or a timed auction.
Choose your preference and then specify the price and duration. It is worth noting that you will need to pay a gas fee. To reduce costs you can use a low-cost blockchain such as Solana and avoid peak times.
To learn more about NFT minting, click here.
Can you make money selling photos as NFTs?
This is entirely dependent on the artist. Ultimately, like other forms of art, it needs to have demand. This is largely down to the reputation of the artist, originality, and quality of work.
Moreover, the scarcity of the collection also affects the price. The rarer the photography NFT the more exclusive it becomes. This can increase the perceived value as people are drawn to this exclusivity and use them as a status symbol.
The future of photography NFTs
As the world becomes increasingly digitized, NFTs will only become more important. In my opinion, they will be a key component of the metaverse.
For instance, photographers will now be able to display the work in virtual galleries. This facilitates accessibility by allowing anyone to view their work almost instantaneously and from anywhere.
Not only that but they can be used as digital passports. Holding a specific photograph can grant you access to exclusive events and interact with the community.
Ultimately, this changes the dynamic between artists and fans. Overall, the opportunities for this technology are endless.
As you can see, NFT technology has created a new way for photographers to market and sell their work. Not to mention, the benefits it brings. From guaranteed authenticity to digital scarcity it’s incredible.
Although this technology is in its infancy I am extremely optimistic about its future. I hope you found this article useful and thanks for reading.
Want to learn about decentralized applications? Click here to read my previous article.