NFT Photography — Don’t Get Left Behind.
There’s a new opportunity for photographers and it’s very very lucrative.
Introduction
Okay, we’ve all heard of NFT’s by now haven’t we?
Repeat after me:
Non. Fungible. Token. Non. Fungible. Token. Non. Fungible. Token.
Simply put, they’re a way of digitally verifying originality and uniqueness. It’s a foolproof method of declaring:
“This is absolutely the original and there is no room for debate”
If we had NFT’s hundreds of years ago, then i’m certain you’d find one attached to the Mona Lisa or an original Monet.
It would simplify the verification process and eliminate the need for authenticators in tweed jackets.
But what do NFT’s have to do with photography? And why should we care?
Photographers traditionally make money by selling or licensing their photos. This could be selling prints, licensing to magazines, releasing collections, becoming an influencer etc.
A photographer’s options have never been limited, but with the introduction, and subsequent boom of the NFT market, opportunities seem limitless.
By digitally verifying authenticity, an artist can limit supply, control key metrics and have a direct influence on demand. They also have the added benefit of including royalty conditions; meaning if their artwork is sold on to another collector, they get a cut of the profits.
Ultimately, NFT’s empower artists to take agency over their work.
Supportive Community
Another benefit of NFT photography is the community. It’s possibly the most supportive and least toxic community i’ve seen to date.
If you want to immerse yourself in the space, then your best bet is to create a Twitter account. This is the home of all NFT photographers.
It’s where they eat, sleep, shit & breathe.
Once the algorithm deems you worthy of being involved in the space (interact with NFT photographers) you’ll witness artists congratulating each other on sales, promoting peer’s work, discussing the technology, voicing opinions & more.
It’s the social hub of the NFT photography game.
The reason this works so well is because it reduces the friction between buyers and sellers. Artists now have a direct line of communication to investors (and vice versa). Quite often you’ll witness interactions between mega-popular photographers and accounts with <100 followers.
It’s beautiful.
Back before the invention of the Internet, there’s no chance you’d be able to discuss current trends with popular artists:
“Alright Picasso mate, what’s your thoughts on Cubism? Let’s have a chat about it.”
But with the Twitter ecosystem & the strength of the NFT photography community, it’s more than commonplace.
Pricing & Notable Creators
It’s hard to calculate the valuation of the NFT photography market as a whole as creators sell across multiple platforms including OpenSea, Foundation & Rarible.
What’s most interesting is the novel valuation that photography receives when introduced to the NFT market. While a photographer may sell a print for $100/$200 in real life, their work may be worth much, much more as an NFT.
The price of NFT photography is decided by a multitude of factors: popularity/following, price set by artist, current demand, market conditions & more.
The amalgamation of the aforementioned factors and their consequent interaction determines price.
But, you may be asking, why is NFT photography so expensive?
NFT’s are absolutely brand new — both as a technology and in social understanding. That means that collections released as NFT’s can aptly be described as “originals”.
With respect to NFT photography, we’re witnessing the originals being produced in real-time.
Imagine them as collectors pieces, with similar valuations to the first baseball cards ever made, or the oldest US dollar bank notes, or the originals of any sector of collectible. Those who believe in the future of crypto & NFT’s as a technology understand that these “originals” may draw parallels to other collectibles that have increased in value with time.
For those curious, here’s some examples of successful NFT photographers:
- Drifter Shoots (Where My Vans Go worth at least $24m)
- Justin Aversano (Twin Flames worth at least $25m)
- Quantum Curated (At least $2.5m)
It’s easy to see why more photographers are now identifying as NFT photographers; the market demands photography, and investors are willing to pay.
The Future For NFT Photography
As with anything in the crypto markets, the future is decidedly unknown.
You could make predictions as to the valuation of collections or the market as a whole but you’d almost never be right. What we do know is that NFT’s are empowering photographers to authenticate their works, communicate directly with their audience and take more agency on how their work is distributed and sold.
Subsequently, due to the obvious upsides of the technology, it looks like NFT photography is here to stay.
What’s your thoughts?
As Always,
Yours Honestly,
Liam Lawson.
