MAY UPDATE 2022
So this month, there has been a significant increase in the online trading of Creative NFT, and Photographers seem to be taking the new way of taking control of their work and selling it seriously. The movement is growing so much that even though I had researched it a year ago and decided to back off and watch its development. Its become increasingly evident that sitting back might be a big mistake, and whilst NFTs can be volatile, the significant movement is towards WEB3.
Web 3.0, also known as the 3rd generation internet, is the next step in the online development of the World Wide Web, which employs a machine-based understanding of data to develop a more intelligent and connected web experience for users. There are many examples, such as Siri by Apple and Grammarly. With the introduction of more AI, the Internet I set to develop. NFT creation allows the photographer to create and mint their artwork and share it worldwide without having their party gallery stand in and make the lion’s share.
I am therefore starting the process of selecting images which might work. However, art is still very subjective, but the initial flurry online demonstrates a growing need for good work to be snapped up. Many photographers don’t have what is needed or don’t have any content suitable, but are still flooding the ether with low-grade images but seem to sell if there is enough of a back story around the creator.
It is all early, but I thought a couple from this past post was perfect; Twitter feedback has already suggested they would be interested.
The Truth is when I first went back to photography after a stint as a creative director in a new media agency, my work was a lot freer and done without constraints. I wasn’t a mainstream fashion photographer back then and did a lot of photoshop compositing for clients, and over the years, I have become mainstream because of the type of clients my work has attracted.
NFTs will allow me to search through my archives and collate a lot of work never seen by my current audience, and who knows, it may begin to bring in another revenue stream and push me more to the fine art genre, which is where I would like to go right now.
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PREVIOUS ARTICLE – APRIL
2022 and so far If you haven’t heard of NFTs and Photography NFT’s yet you may be one of the only photographers who haven’t and may miss out in the frenzy. If you have heard of NFTs and still have no idea what they are, you are not alone. This is just the beginning of a trend which is set to stay for a long time and may revolutionise the way art is seen and collected, especially Digital Art.
NFT’s stand a chance in changing perception of art online and who owns and could mean a massive change in opportunity for the future of photography and for photographers who create it.
As I learn more and more about the consequences and opportunities which this latest trend offer, I will write and share my experiences within this section. It may not get a regular update but when I know more I will post it here. So check in every month to keep updated and developments.
The benefits of NFTs apply to any artist photographer who works online and disseminates digital materials. For our focus we will be concentrating on how NFT’s are of benefit to photography. There is an online process which allows for special encryption and ability to be traded, they provide greater security, profitability, and recognition for creators.
With the internet, digital artists have struggled to maintain ownership over their work and should be negotiating usage or buyouts for their pictures especially at a higher level. This is quite a difficult challenge unless lucky enough to be represented by an agent. With NFT’s this takes away the responsibility of always chasing and negotiating.
NFTs are created using something called block-chain encryption. Each NFT’s is encrypted in the process of encryption with a digital “signature” is stored in a special virtual ledger, so that any version of that file appearing in the future can instantly be recognised as an original or a copy.
This means that online artists can now begin producing and selling their work as they would in the physical world. The sense of uniqueness and authenticity created by block-chain encryption drives up the value and demand for digital artworks in ways never before possible. The process also allows for the photographer to set a commission rate which is also encypted within the blockchain. this means that if you set a commission rate of 20% then every time the picture is sold it is encrypted that you will retain a commission rate of 20% and for eternity of the piece being sold you will get the 20% commission rate.
NFTs redefine digital art as something unique and irreplaceable, The same as in previous photography processes in creating a negative, these were rarely sold and always remained the property of the creator that is the photographer.
Digital Photography has a value and is an object of scarcity. For the artist, this means more money to be made from each piece of art produced, and vastly increased viability for digital art as a business or career. Getting into the production of NFT’s is a good path for a creative to follow, although right now there is a frenzy out there and there seems to be much about manga and digital illustrations, I really believe that this is the best opportunity to build a following of your own photographic artwork and the best place to get involved and learn all about NFT”s is on Twitter. There is a large community of buyers and sellers who discuss the work of themselves and other individuals.
Another upside to getting involved in NFT’s is the opportunity to become a collector of other work and an investor. You can quickly build artwork that you have purchased into a curated online gallery and create your own DROPS and sell the work to others. This also is a great way to make some online cash, however it needs a careful investment of your time to work out exactly what you need to do without loosing cash.
Finally, NFTs are quickly rising in popularity which means that artists turning their works into tokens will have a great deal of visibility on digital marketplaces. As the NFT scene develops effectively over the next 2 years, these platforms will begin to perform like online auction houses and galleries, providing creatives the opportunity for online representation similar to photographers or art agents, and providing suitable and realistic compensation for their masterpieces.
KEEP UP TO DATE WITH THE NFT MOVEMENT AND CHECK OUR BLOG FOR CONTENT OF INTEREST ABOUT NFT’S AND THE BLOCKCHAIN
The Podcast talks in general about my work but there is a considerable conversation between me and “That Icelandic Guy” about NFT’s. If you have time have a listen.