APRIL UPDATE 2023 & JAMES NADER NFT DIGITAL ART
Investing in NFTs poses a significant challenge in 2023 due to the high costs of acquiring the collections that are likely to endure. The majority of individuals cannot rationalize investing such vast amounts in an asset category that has existed for only a few years.
The most prominent NFT collections are the purview of affluent crypto investors unconcerned with spending over $100,000 on virtual art. However, if you’re fortunate, there may be opportunities to obtain complimentary NFT drops.
As the world becomes increasingly digital, so does the market for valuable assets. In recent years, the rise of non-fungible tokens (NFTs) has captured the attention of investors and art enthusiasts alike. With market value reaching approximately 40 billion dollars, it’s clear that NFTs are here to stay. But what makes these digital assets so expensive, and why are investors flocking to them?
At the heart of NFTs is their uniqueness. Unlike other forms of currency or assets, NFTs are non-fungible, meaning that each one is one-of-a-kind and cannot be replicated or divided. This makes them particularly valuable for things like art pieces, game items, and even real estate. In fact, many of the most famous NFT collections have sold for millions of dollars, with wealthy investors leading the charge.
Looking ahead to 2023, it’s important to understand the main technology development trends that are likely to impact the NFT market. By gaining a deeper understanding of why these digital assets are so coveted, investors and enthusiasts can make informed decisions about their portfolios. So whether you’re a seasoned investor or simply curious about the world of NFTs, it’s worth taking the time to explore this exciting and rapidly evolving market.
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 no 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.
Below are Some Unseen Images From The Past
MY OWN NFT’S
2023 and so far, I have been building my confidence in digital art once again. I have always had a more cinematic or filmic approach to my work and NFTs allow you to be who you want to be. I have been working and experimenting with images, composition and video with the intention of launching my own NFT Collection this year. I am not certain if it will gain traction, but you simply have to engage or get left behind If you haven’t heard of NFTs and Photography NFTs yet, you may be one of the only photographers who haven’t and may miss out on the frenzy. You are not alone if you have heard of NFTs and still have no idea what they are. This is just the beginning of a trend set to stay for a long time and may revolutionise how art is seen and collected, especially Digital Art.
NFTs stand a chance in changing the perception of the 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.