What is an NFT?
NFT stands for “non-fungible token”; “non-fungible” refers to the fact that it cannot be exchanged for something of comparable value. It’s one-of-a-kind by definition. A photograph by Dorothea Lange, for example, cannot be exchanged for one by Annie Leibovitz. They are not interchangeable.
The blockchain is used to verify NFTs, which is essentially a public ledger of ownership, purchases, and exchanges that no one can change and that anyone can see. The blockchain ensures that the current owner can always be traced back to the original author. For an extra degree of verification, certain NFT marketplaces, such as Bitski, require their authors to connect their social network accounts.
What do you get when you buy an NFT?
Several things to consider. First and foremost, you gain ownership of the digital product, which is visible to everyone on the blockchain.
According to Dinch, NFT collectors appear to be unconcerned with exclusive material access. Sure, anyone on the internet may right-click and screenshot digital commodities like images and gifs, but the “emotional value” of these items is far greater than the “physical representation.”
“Let’s assume you get really old and you decide, ‘I’m going to get my name on a bench in Central Park,'” he explained. “Anyone can sit on that bench as long as they know it belongs to you.”
How can photographers use NFTs?
Bryan Minear, a Michigan-based landscape photographer, has always kept a close eye on the cryptocurrency market. He did an NFT drop with Bitski on Tuesday, with five images ranging in price from $200 to $2,500. He sold out of practically everything in less than ten minutes.
“By the end of the day, I was bawling,” he claimed. “It’s not life-changing money, but it’s kind of fantastic when you’ve been working for the love of it for so long and then you finally get that moment of validation, like someone loves your work so much they’re willing to spend money on it.”
Despite predictions that the NFT business is a bubble on the verge of popping, Minear stated he chose to embrace NFTs when he understood crypto was “here to stay.”
However, he sees NFTs as a new approach to reach an audience that is passionate about digital art and prepared to pay for it, rather than a way to abolish the possibilities of copyright or the blockchain as a way to regulate the diffusion of his work online.
How do photographers determine the value of the NFT they create?
This was one of Minear’s main roadblocks prior to listing his NFTs on Bitski. The pricing of NFTs is set by the creators themselves. Minear said he first priced his images low to make them more accessible, but once they sold out, he realized he didn’t have enough “reference points” to make a more informed decision.
“In terms of pricing, I didn’t have a lot of information,” he admitted.
How do you sell an NFT?
NFT artists frequently use their existing audiences to acquire buyers. It doesn’t matter if it’s through social media or through friends and family. However, other NFT marketplaces, such as OpenSea and Bitski, highlight producers on a regular basis, comparable to Etsy and Shopify, and allow you to filter and search for specific items within categories.
What is the Difference Between Selling Multiple Versions of an NFT and Selling Limited Edition, Physical Prints?
The most significant distinction between selling a limited-edition hard copy of an image and selling many variations of the photograph as an NFT is tangibility.
It also boils down to what his audience values for Minear. Is it possible to hang a physical poster on the wall? Or what about digital ownership?
“I sold twice as much in three hours in NFTs as I have in limited edition print sales in the last four years,” he stated. “I tried everything from limited signed edition prints to unlimited downloads, but nothing worked.” There’s something exciting to me about the existence of just one of my objects. What appeals to me about NFTs is their rarity.”