Unlike other sectors like digital arts or even games, photography is still largely unexplored as a potential NFT. But that doesn't mean there's no worth in it.

Photography NFT

With the rise of digital currency, many new types of digital goods have been circulating more rapidly than before. Things like art, photos, and videos are now gaining more popularity as an investment and valuable goods. This is possible not just by selling the art as it is, but also by turning it into a blockchain-based digital asset called Non-Fungible Token (NFT).

Contents

 

Photograph as Non-Fungible Token

NFT or Non-Fungible Token is gaining popularity nowadays. If you look at Nifty Gateway, OpenSea, Rarible, SuperRare, and other NFT marketplaces, you'll see that drawings and animations occupy the majority of the NFT. The photography is unusual, and it may not have existed as NFT. However, given the current excitement surrounding NFT, it is probable that photography will soon play a role in NFT.

NFT stands for producing image ownership. So, selling NFT stands for selling images whose ownership is confirmed by the information in the blockchain.

For photographers, NFT can be a fantastic opportunity because it is uncharted territory in the multibillion-dollar NFT market. It is relatively easy to enter and will undoubtedly increase in value in the future years as the sector grows more congested. Photography NFT offers fascinating and constantly increasing options, and if you're a photographer, you may not want to miss out on this fantastic chance.

 

Successful Photography NFT Projects

  • Twin Flames, an Ethereum NFT picture series by Justin Aversano that includes 100 images of different sets of twins photographed throughout the world, is highly sought after. It was part of the "Photographs" show at Christie's in New York. Snoop Dogg and Gary Vee, two well-known NFT collectors, own Twin Flames NFTs, one of which sold for 506 ETH ($1.9M at the time). On OpenSea, the collection currently has a floor price of 90 ETH.

  • FocusMarket, a new marketplace for photography NFT based on the Bitcoin blockchain, is one of the first organizations to arrange a virtual photographic market. The Web2 photography business was estimated to be worth $150 billion in 2021. This value exemplifies the possibilities of photography in the virtual world.

  • In 2021, a photograph of supermodel Emily Ratajkowski was sold in a Christie's auction for $175,000. Note that the photograph itself is not what is worth that much. It is rather the receipt of the photograph that people put their money into. Once you're an NFT photographer, your images are going to be available to the public and you can post them anywhere you want, even once they are sold. This gives photographers more freedom to their own works and is proving to be a great way to generate profit from photographs.

 

3 Most Asked Questions Regarding Photography NFT

  1. Is it good to mint a lot of NFTs at one market?
    Technically, yes. You are free to generate and mint as much NFT as you want in one marketplace. But, you should also note that rarity is the key to successful NFT. Many NFTs auctioned can be said as one of a kind. So try to maintain this state of rarity for your work. Also, we should consider the cost of NFT minting. So, my advice is to take it easy and just do one or two NFTs as a start and see how the sale is doing.

  2. Is NFT truly a golden opportunity for photographers? How do we know the security of our work?
    To answer this, I think we should see the current and future trends. The digital world is on the rise and it is hard to predict when it will stop. It may never; maybe everything will eventually be digitized. So, eventually, things like cryptocurrency, crypto arts, and NFT will be a common good among people. Regarding security, it is worth noting that NFT trading is still in its infancy. Strict regulation and law are still in the making. But, many of the NFT trading platforms have enforced strict security terms and conditions to ensure that your minted photos are secure.

  3. Is it possible to trade NFT without using cryptocurrency?
    So far there hasn't been any Platform that supports this fully. But there are some ideas from people to use eBay as a platform to sell NFT without using cryptocurrency. This idea might be realized soon in the future. We just need to keep looking out at it.

 

The Drawbacks of NFT for Photography

The problem is that the goal of NFT is to create scarcity in digital art and producing too many may dilute its value. Consequently, NFT may limit the number of sales.

It might be claimed that making a picture as NFT requires some capital. To process your NFT, you must pay various costs:

  • Firstly, there is of course the minting fee. If you want to mint another NFT in another marketplace, you may have to pay another charge because not all marketplaces use the same one.
  • It is possible to say that there is an initial payment to sell NFT, and the amount may fluctuate from time to time depending on the volatility of cryptocurrencies and the marketplaces. It is determined by the value of cryptocurrencies because most NFT markets employ crypto, particularly Ethereum, for a transaction. Similarly, purchasers may be required to pay fees while purchasing NFT from a marketplace.
  • The blockchain verification is validated by all computers in the network. Can you fathom how much power was required to conduct it? Furthermore, the consumption of power will result in emissions. The more processes that take place, the more electricity that is required, and the more pollution that is produced.

There will always be room for improvement to achieve perfection. And one by one, including energy-savvy, will be improved. Others think that it is best to wait until this issue is resolved so that more artists may join the trend when the costs are not as high.

 

Stock Images as Alternatives

Photographers have long been able to generate money by selling their shots as stock images on websites like Shutterstock and Unsplash. Some take photos for commissioned works too.

In stock photography, photographs may be sold indefinitely. There are no fees to add photographs in microstock, so it's completely free for photographers. In terms of environmental effects, it cannot be compared to NFT because the two technologies are not the same.

In terms of money, both NFT and stock photography may provide future revenue for artists. Photo stock allows artists to get paid every time their photographs are sold. NFT may allow artists to receive a large payout for their initial sale, as well as a percentage reward each time their NFT is sold in secondary trade.

The NFT selling may take a long time, if at all. But the income difference between selling stock images and NFTs is quite big. Stock photographers can earn anywhere from $0.33 to $60 per sale, depending on the platform and the shot. On the other hand, the average price for photography NFT in a collection is around 0.25 ETH, and as a standalone piece, some photographers charge anywhere between 1 ETH and 5 ETH. That's the same as $500 dollar per photograph.

Can we sell NFT that is previously sold as a stock image? Currently, since there's no law forbidding it, you can sell your stock photo as NFT. However, it is better to see the terms and conditions in the marketplace since each of them has its own rule. Also, it is worth noting that the value of NFT depends on their rarity and uniqueness. Buyers are most likely to use a collector's mindset so they are the ones who decide the worth of your NFT.

It is feasible that someone who purchases the NFT just intends to store it and not make money in the future, especially if the cryptocurrencies fade into oblivion. Everything is conceivable.