Undeniably, Non-fungible Tokens (NFTs) seem to be the future of photography.
NFTs, are characterized by qualities that are such a zeal to photographers and content creators who use photo images as their art media. Apart from technical advantages to photographers, NFTs prove financial advantages as well, since the digital world is resulting to be profitable and promising.
What are NFTs?
Non-fungible tokens are one-of-a-kind digital possessions that are exchanged on digital markets.The tokens sold solely belong to one owner who is the only person allowed to trade the token in the Blockchain.
Apart from non-fungibility, NFTs are taking over the digital world because of their provenance and assurity of quality.
NFTs in the art sector
NFTs have been taking the art industry by storm. Since the sale of Jack Dorsey’s tweet, artists were motivated since the piece of art fetched a small amount shy of 3 million dollars. Since art is subjective, pieces of different kinds were created with hopes of making such fat profits. Some did, and others did not.
As the trend spread far and wide, Mike Winkelmann created a JPEG media called Everydays: the First 5000 Days, which was sold at 69.3 million dollars. This broke the news and aroused interest in both artists and art enthusiasts. People began seeking knowledge and their way around the Blockchain with art.
In 2021, Billboard reported that NFTs were responsible for an injection of 25 billion dollars in the music industry from sales. This was the debut year and business was booming and promising. In music, recordings and concert tickets can be sold in the form of NFTs. Big names in the scope began reaping from this.
NFTs and Photography is a perfect marriage
Considering most photographers keep their photography data in digital format, it is easy to transform it into digital assets. Photos can be scanned and turned to NFTs and available for sale. This flexibility should be an encouragement to photographers as they are saved of much hassle.
The digital assets could also help a photographer on matters concerning ownership. Most people download photos and claim ownership or use them to create art without the photographer profiting from it. With NFTs, photographers do not have to put a sign of ownership on their media since NFTs have the quality of sole ownership and do not allow duplicates.
As of now, there is no law that bars a photographer from selling his art as both a digital asset and as stock photography. A photographer is at liberty to hold his art as stock and as an NFT and can even turn one to another as he pleases. Even a photographer’s older works that have been arrayed on the internet can be turned into a token and sold fresh.
Advantages of digitizing photography
Apart from a bearer having all rights of ownership, a photographer can keep track of his art as it changes possession utility by use of smart contracts. Using AI and complex algorithms, smart contracts can also ensure you earn a certain percentage or as agreed everytime your art is exchanged in trade.
When searching an NFT, a client finds all information they need about the photo and its creator. This improves transparency since specific information will not be withheld from whichever party. It also works well in maintaining quality since it reduces chances of being sold a copy that is not original.
On the side of photographers, NFTs have created a huge market place to trade their art. Especially in third world countries where photographers have a small market, Blockchain gives them an upper hand in terms of followers. People of different walks and from different parts of the world can see and even buy it.
With all this said, it is a time for art creators to grab this chance and fill the nichè. Many photographers can now commercialize their photography hobby and earn from it. It might not be bags of dollars, but the dollars will certainly be there!
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