Since their explosion last year, non-fungible tokens (NFTs) have proven their appeal to collectors, investors and traders alike..
They have drawn particular attention in the art worldwhere the provenance of an item is everythingand owning the official and unique version of an article is much more valuable than a copy or duplicate.
Some have postulated that artists who create and store pieces on-chain can use the technology as proof of ownership for popular art forms.
Among the various art forms that benefit from NFTs, photography has also found its place.but what is the immediate value they bring to artists and consumers?
Indeed, as a rapidly developing and nascent technology, NFTs are not without their limitations.
Most participants started getting familiar with NFTs through marketplaces like OpenSea in the first half of 2021.
The first wave of artists experimenting with this new technology has followed a personal and curated approach towards bringing in new talent. Twitter spaces and Discord servers have proven to be vital channels to support dissemination in the NFT ecosystem..
The importance of content control
Photography now produces an unprecedented supply of content, and NFTs are a tool to further accelerate and democratize content, while providing new ways to generate revenue from those resources.
Photographer Marshall Scheuttle explained to Cointelegraph how the current Web2 “exposure compensation” model has been detrimental to artists.
“How we present our work has been largely dictated by existing platforms, and as the space grows and evolves, it is imperative that we as artists come up with new solutions and options on how we can best reach our audience while also meeting the needs of artists to showcase their workScheuttle said.
“Content is out in the world, and trying to save it right now is seemingly impossible. I want my content to be in as many places as possible, as long as I have ways to compensate myself for producing it.”
Artists cannot freely distribute their art through traditional channels to create quick and direct positive impact.
Blockchain technology, through NFTs, has allowed artists to define their conditionsgiven the nature of the transactions that take place in the open and that make the space more transparent.
Acknowledgment of intellectual property
NFTs provide individual works of art with a purported proof of provenancewhich is appealing to many artists who are striving to regain full ownership of their work and expand their art to new audiences.
However, there is a small difference between provenance and copyright.
Most of the problems in enforcing copyrights come from the NFT market. Many online marketplaces trade NFTs, and most of them follow an auction scheme with different curation levels. However, these platforms do very little to protect the rights of ownership and use. In some cases, bad actors have been seen stealing photos and then NFTing them.
There is no pragmatic scenario in which the content of others is not falsified or reused. Both individuals and companies have been using images without authorization in the world of Web2 without any repercussions: it is nothing new in digital art.
Copying crypto art is technically impossible, as pasting an identical copy of the image cannot capture the information that makes up the NFT component of the artwork.
The current NFT space promotes the open flow of information and seeks to assess the provenance of existing content on the blockchain.. Crypto artists certify and mint NFTs tied to the authenticity of the art created that can then be uploaded to various marketplaces to target potential buyers.
Julie Pacino, the daughter of the legendary actor Al Pacino, began to self-finance her project “Keepers of the Inn” minting a collection of photographic NFTs to maintain creative control over his work.
Reinventing marketing strategies
Anyone with a camera and an internet connection has an equal opportunity to create art and monetize it. There will be more quality works thanks to the new wave of professional and amateur photographers who will participate in this space. Photographers who are willing to accept a marginal income for their work will set the minimum prices.
Ecosystem artists have to keep their audience engaged to stay relevant. By allowing the people in the space to read the story, hear the words, and understand the process, the artists make a vital emotional connection.
Elise Swopes, a self-taught photographer and graphic designer who made $200,000 in 10 months selling her work as NFTs, told Cointelegraph:
“There seems to be a lot of pressure for you to change your style to appease the huge market for 3D designs and illustrations, but that’s a good reminder that I’m pretty passionate and drives me to create what I like rather than trying to follow the rhythm”.
Artistic credibility drives prices in the secondary market. An authentic NFT will only have the perceived value attached to the art, the artist and the community.
Being technically gifted will not be a crucial differentiating factor in building an audience, as described the NFT art collector known under the pseudonym “6529”. Artists that stand out from the crowd have to create memorable experiences.
“Your job is to make the connection, to find something that speaks to that subset of people (a small subset is fine, 1,000 is more than enough to have a wonderful career doing exactly what you love) who love and appreciate the same things you do.” .
A great example of this is the story of Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia. He converted and sold close to 1,000 selfie images as NFTs as a way to remember his graduation trip. The collection generated a total trade volume of 397 Ether (ETH), which currently equates to more than $1.2 million.
Overcome technological barriers
Artists are faced with the difficult task of moving their collections and individual images to the NFT space. The initiation process can be daunting for beginners, but the promise of a new audience with direct compensation and support is a powerful incentive.
Swopes said that:
“The most exciting thing about NFTs is not having to repurpose my art from digital to print. I think my art looks better on screen.”
Improved onboarding mechanisms will encourage people to start participating regularly in photography NFTs and redefine what it means to create art. The steep learning curve will be flattened with more curated educational content, making it easier to navigate the market and find the desired piece of art.
Curated platforms are thriving with individual markets. A hybrid approach, like Scheuttle’s “Morningstar” NFT photobook, is an innovative way to add value to the project. He explained that the NFTs provided him with the tools to get fair compensation for his work, while also helping him grow as an artist.
Creatives are constantly pushing the boundaries of what technology can achieve, and they are just beginning to understand the possibilities that NFTs offer to photography.
The natural evolution of photography is to embrace these new tools and adapt to the changing times so that a new generation of photographers can thrive on the Web3.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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