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What are NFT images and photographs?
NFTs stand for Non-Fungible Tokens. These tokens are irreplaceable and non-interchangeable, hence making them unique and one-of-a-kind. NFTs are the newfound interest for many well-known names on the wall-street, as they seem like an exciting investment tool. NFTs run on blockchain technology and are also highly volatile. Their prices and trends differ every minute, hence why we see so many overnight millionaires. On the downside, they are also people who lose millions of dollars in just one wrong move. So, where do NFT images find a place amidst all of this?
We know the typical definition of NFT, but what exactly is an NFT? An NFT can be any digital asset you want to sell online, be it a painting, a photograph, a music note, a prank video, or even a tweet. But, of course, people have the most bizarre interests when it comes to investing in NFTs, which enables even memers to sell their product for as much as $590,000.
Understanding how the internet helps photographers make a mark
NFT images could be digital assets for anyone looking to invest or purchase a photograph online. NFTs are not new to the market in terms of digitizing creative content. However, photographers have long found alternatives to selling their art online. Today, there are various online platforms, such as Getty Images, iStock Photos, Adobe Stock, Shutterstock, etc., where people can sell their photographs. David Becket and Kevin Frayer are a few of the Getty Images photographers who have received worldwide recognition in the field of photography.
Thanks to the growing tide towards the digital world, these digital images are now in demand more than ever. Everybody needs an original, unique thumbnail image to accessorize their content, from bloggers to youtube creators. Hence, the purchasing power of photographs will not go down anytime soon, which is why NFT images are such an attractive thing in the market. Soon enough, if blockchain technology spreads to a massive world population and organizations, it will become a stable platform for many creators.
How are NFTs different in helping photographers?
Although online stores have opened tremendous opportunities for photographers worldwide, they have a few shortcomings. One of the drawbacks of these platforms is that once the photographer sells an image, their journey ends there. The original creator will have no role to play when his product reaches someone else. Another concern is that these are centralized platforms. This means that a third party will be involved in regulating the sale of the image, and the process will not be entirely transparent to you. This is where NFTs differ.
The core concept of NFTs, or rather, the blockchain, is that it is decentralized. It means that nobody can control the technology, and it is entirely transparent. Another great advantage of NFT images is that the original creator will continue to generate revenues based on his product. Once a product is sold, its ownership will change, but the original creator has the opportunity to earn a percentage of its price every time the product is sold to different people. This assures a lifetime of passive income.
Moreover, NFTs also eliminate the need for third-party platforms to a greater extent. The process is quick and direct. While selling NFT images, you can either directly sell them for a fixed price or put them at auction. Several artworks have generated millions of dollars in less than a week’s time following auctions.
Are NFTs really the game changers for photographers?
Oftentimes, the very advantage of a feature can pose its own drawbacks. Incase of NFTs, a decentralized approach to selling or buying products online is both a boon and a bane. With decentralization, there is an elimination of a third-party association and a body that one can hold responsible if something were to go wrong. For instance, if there occurs a problem in the transaction, typically, one can contact the customer care service and get a response almost instantly.
When there is no central body governing these transactions, you cannot hold anyone responsible. There are several reports on the internet where people have paid for an NFT but weren’t granted the ownership. Few reports also claim that people have sold an NFT but did not receive the payment. These problems usually arise due to technical issues. One can avoid them if one uses well-authenticated platforms such as MetaMask, Open sea, etc. However, the risk is present on less popular websites.
Another drawback of NFTs is that they might not be a dream come true for everyone. Few lucky artists whose products click might take off and create a brand for themselves in the NFT market. However, with the rising popularity of NFTs, creators worldwide are exploring this new technology. This is causing thousands of NFTs to pile up on websites that inevitably submerge high-quality content. Hence, visibility naturally decreases. In the wake of this, most budding photographers trying to make a mark in the industry will struggle to shine.
What is the take-away?
NFTs are a relatively new technology, and we cannot choose which wave to ride on. They are highly volatile like crypto and do not have enough stability that the stock market offers. Hence, they do not show a promising future for investors since it is a small market with high unpredictability. Apart from granting ownership, creating NFT images allows photographers to track their products.
NFTs also offer a lifetime of royalties to ensure sustained income for creators. And those creators who take off will have a bright future since NFT images prices are several times higher than standard market prices. However, it is important to keep in mind that this happens to a very small percentage of people. One must be very talented and have the great luck to by potential investors.
If you’d like to know about various credible marketplaces, check out our article by clicking here.