Today the world is full of ideas, opinions, learning, and opportunities. Everything is digital nowadays.
The Internet has made it possible for all of us to connect whenever we consider it necessary.
There are new technologies, discoveries every day.
Some of the more important discoveries in today’s time include virtual currency or cryptocurrency, NFT, etc.
NFT is the latest form of cryptocurrency but it is also in many ways different than cryptocurrency.
It is still quite new in the market and is not as popular as bitcoins.
So today in this article, I’m answering some of the most common but important questions regarding NFT’s.
at the end of this article, you’ll know everything about NFT For Photographers & why it’s a very important and easy way to earn some handsome money for the creative photographer ( or any creator ).
so without talking more about it, let’s understand what is NFT and why it’s going to be a game changer in 2023.
What is NFT?
NFT stands for Non-Fungible Token.
An NFT or non-fungible token is a token that acts as a digital certificate of authenticity for a particular item.
NFT is stored as a token or certificate of ownership or authenticity on a secure database known as the blockchain.
Blockchain is a system of recording information in such a way that makes it nearly impossible to change, hack or cheat the system.
It is essentially a kind of a digital ledger of transactions that are distributed across the entire networks of computers on the blockchain.
NFTs are driving on the most fundamental human psychological element of scarcity.
Fungibility refers to the ability of an asset to be exchanged or substituted with similar assets of the same value.
A simple example of a fungible asset is currency.
here’s one simple example to understand this…
Say you have ten rupees notes in your wallet.
You may not want to carry around so much change so you exchange them for a single fifty rupees note.
The value of your money is still fifty rupees regardless of the fact it’s now in a different form.
Non-fungible assets are the opposite.
Each one is unique and can’t be easily substituted for something similar.
now let’s see an example of NFT and how it works…
Think of the “Mona Lisa.” It’s an original piece of art.
It couldn’t be swapped out for, say, a “Mona Lisa” poster because the poster doesn’t hold the same value.
An NFT is practically in a way stamping a photograph, video, songs, etc. digitally with a unique code that cannot be changed or copied.
Even though NFTs have been around for many years but the market for NFTs ballooned in 2020.
and even more in 2021 climbing to a market cap of at least 338 million from about 41 million in 2018.
But skeptics are asking whether these assets are worth the value assigned to them, especially if all it takes to view them is an internet connection.
How to use NFT as a photographer or as a creator?
NFTs have so much potential not only in the photography world but in almost every creative field.
It’s a way of photographers now being able to create originals the same way.
painters could but it’s also a way of managing rights.
Photography is most of the time in 2-D.
meaning flat and easy to reproduce on screens. Nowadays most photographs are digital and scanned. In a way, NFTs are just digital images.
How to create NFT as Photographer or Content Creator?
Creating an NFT may sound extraordinarily complex, but it is not that difficult.
First of all, You need to choose what blockchain you want to use to issue your NFTs.
As of 2021, Ethereum is the most popular choice.
Several Ethereum based market places allow you to mint and list your NFTs.
Minting an NFT refers to the process of creating a non-fungible token on the blockchain for your specific asset.
The most popular Ethereum based marketplaces are OpenSea, Mintable, Yacht Club, and Rarible.
Some marketplaces allow any user to create and sell NFTs, some require an invitation from a person who is already a user.
Others require you to go through an application process that may or may not be approved.
Once you have selected a marketplace for yourself, you need to link a compatible crypto wallet.
For crypto wallets, Coinbase and Trust Wallet are the two popular choices.
As a photographer, I’m using Rarible + MetaMask to create NFT’s…
follow for more: @pewdoc
here’s the quick guide that I follow, to create my very first NFT.
Once your crypto wallet is linked, you can edit your profile and mint your first NFT.
Some of the platforms demand a fee to mint an NFT which is called a Gas Fee, but other platforms like OpenSea/Rarible do not require a gas fee.
that means you don’t need to pay a single penny to submit your very first NFT & earn money from your NFT as a photographer.
After the process of minting an NFT is done, you can upload your pictures.
once you finish that process, you will be able to other properties such as scarcity (number of editions), uniqueness (additional content), etc that impact the NFTs properties.
once you create your NFT you can list it for sale.
A sale does not necessarily involve the transfer of the object depicted by the token.
NFTs of famous paintings have been sold, but the buyer does not receive the painting.
What changes hands is a certificate of ownership of the NFT, registered on the blockchain.
The certificate must be kept safe in a digital wallet, which can take various forms.
How to Purchase an NFT?
To purchase an NFT, the wallet must contain enough of the relevant cryptocurrency.
for example, ether (ETH) if the person is buying a token on the Ethereum blockchain.
WHY NFT is important for you as a Photographer/Creator?
The traditional market for photography and other digital art has been limited to stock photography licensing, printmaking, and other avenues of selling tangible copies or intangible rights to a work of art.
In the last decades, it is increasingly difficult for most artists to generate revenue for their work.
NFTs represents an entirely new market and mindset for artists.
Now the buyers can not only support their favorite photographer but also can acquire scarce digital assets.
The NFT market climbed to a market cap of at least 338 million from about 41 million in 2018.
It’s also a really interesting way to potentially claim ownership of thousands of different things anything digital.
The part of NFTs that excites me the most is that any artist can create an original of one of his/her photos.
Buying and selling NFTs yields access to potentially far more buyers and sells than it did in the past.
NFTs have another remarkable feature that can pay you a fixed percentage every time your NFT is sold or changes hands.
Make sure your work gets popular and you get benefits as well.
Each transaction is recorded for all to see on the blockchain and cannot be undone, erased, or misplaced.
Conclusion
NFT stands for Non-Fungible Tokens.
These are digital assets that represent real-world objects like art, music, videos, albums, in-game items, etc.
NFT is still a new market but the surface has only been scratched in terms of its potential.
Along with all the hype around NFTs, experts have raised some concerns.
One issue is that not all NFTs verify the person selling a digital art piece is the original creator.
This is difficult, particularly in online marketplaces.
Investing in NFTs is a personal decision.
You can consider trying it if you have the desire to be at the forefront of new technology.
Investing in NFTs is risky as there are obvious benefits to artists minting and selling NFTs, there are also some significant concerns.
Like cryptocurrency, NFTs are largely unregulated.
Enthusiasts see NFTs as the future of ownership.
All kinds of property- from event tickets to houses- will eventually have their ownership status tokenized in this way, there will be no possibility of a dispute for the property.
May you like
- Beginners guide to color theory in photography | Updated
- 8 Popular Photography Myths To Avoid For Better Photographer
- What is Camera Lens? Know Every Type Of Camera Lenses In Detail
It is important to understand the logic and the mechanism of NFTs and blockchain.
because no matter the skeptics they are here to stay, but it is still unclear how they will evolve.
So that’s all the crazy stuff you need to know about NFT as a creator if you want to earn some quick money 😀
yeah, it’s not easy but it’s not even hard if you know what kind of content is in-demand or trending.
comment your favorite platform ( or income if you’ve earned by selling NFT’s ) to submit NFT’s.
have a good day 🙂
