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NFTs are changing the way photographers create and market content
Photography NFTs have been relegated to a secondary role since last years’ generative art craze but still offer opportunity for artists.
Since their explosion last year, nonfungible tokens (NFTs) have shown their appeal to collectors, investors and traders alike.
They have especially gained attention in the art world, where an item’s provenance is everything, and owning the official, unique version of an item is much more valuable than a copy or duplicate.
Some have postulated that artists creating and storing pieces on-chain can use the technology as proof of ownership for popular art forms.
Among the various artforms to take advantage of NFTs, photography has also found its place, but what is the immediate value it brings for artists and consumers?
Indeed, as a nascent, quickly developing technology, NFTs are not without limitations.
Related: What is crypto art, and how does it work?
Most participants began getting acquainted with NFTs through marketplaces such as OpenSea in the first half of 2021.
The first wave of artists experimenting with this new technology has followed a personal, curated approach toward onboarding new talent. Twitter Spaces and Discord servers have proven vital channels to support outreach in the NFT ecosystem.
The significance of content control
Photography now produces an unprecedented supply of content, and NFTs are a tool to continue accelerating and democratizing content while providing new ways to generate revenue from those resources.
Photographer Marshall Scheuttle told Cointelegraph how the current Web2 model of “compensation by exposure” has been detrimental for artists.
“How we present our work has been largely dictated by the existing platforms, and as the space grows and evolves, it is imperative for us as artists to contribute new solutions and options for how we can better reach our audience while meeting the needs of the artists to showcase their work,” said Scheuttle.
“Content is out in the world, and trying to gate it at this point 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 its production.”
Artists cannot freely distribute their art through traditional channels to create a fast, direct positive impact.
Blockchain technology, through NFTs, has allowed artists to define their terms, given the nature of transactions occurring in the open that make the space more transparent.
Acknowledging intellectual property
NFTs provide individual pieces of art with a supposed proof of provenance, which is appealing to many artists striving to take back full ownership of their work and expand their art to new audiences.
However, there is a slight difference between provenance and copyright.
Most of the challenges to enforcing copyright come from the NFT marketplace. Many online marketplaces trade in NFTs, and the majority of them follow an auction-style scheme with different levels of curation. However, these platforms do very little to protect property rights and usage. In some instances, bad actors have been seen stealing photos and then making NFTs of them.
There is no pragmatic scenario where people aren’t counterfeiting or repurposing others’ content. Both individuals and companies have been using imagery without authorization in the Web2 world without mainstream repercussion — it’s nothing new to digital art.
Copying crypto art is technically impossible, as pasting an identical copy of the image cannot capture the information that constitutes the NFT component of the artwork.
The current NFT space promotes the open flow of information and seeks to value the provenance of the content existing on the blockchain. Crypto artists certify and mint NFTs linked 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, started self-funding her project “Keepers of the Inn” by minting a collection of photography NFTs to retain creative control over her work.
Rethinking marketing strategies
Anyone with a camera and an internet connection has the same opportunity to create art and monetize it. More quality work will be available with a new wave of professional and amateur photographers getting involved in the space. Those photographers willing to accept marginal income for their work will set the floor prices.
Artists in the ecosystem have to keep their audiences engaged to remain relevant. By allowing people in the space to read the story, hear the words and understand the process, artists establish a vital emotional connection.
Elise Swopes, a self-taught photographer and graphic designer who made $200,000 in 10 months by selling her work as NFTs, told Cointelegraph:
“There feels like a lot of pressure to shift your style to appease the mass market of 3D designs and illustrations, but it’s a neat reminder that I am quite passionate and driven to create what I love instead of trying to keep up.”
Artistic credibility drives prices in the secondary market. An authentic NFT will only have the perceived value attached to the art, artist and community.
Being technically gifted will not be a crucial differential factor toward building an audience, as pseudonymous NFT art collector “6529” described. Those artists standing out from the crowd have to craft memorable experiences.
“So your job is to make the connection, to find something that speaks to that subset of people (tiny subset is fine, 1,000 is more than enough to have a wonderful career doing exactly what you love) that love and appreciate the same thing 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 nearly 1,000 selfie images as NFTs as a way to look back on his graduation journey. The collection generated a total trade volume of 397 Ether (ETH), currently equivalent to more than $1.2 million.
Overcoming technological barriers
Artists face the challenging task of transitioning 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.
“The most exciting part about NFTs is not having to exchange the purpose of my digital art for print. I think my art looks best on a screen.”
Better onboarding mechanisms will encourage people to start regularly engaging with photography NFTs and redefining what it means to create art. The steep learning curve will flatten with more curated educational content, easing the experience of navigating the marketplace and finding the desired art piece.
Curated platforms are thriving with one-of-one marketplaces. A hybrid approach such as the NFT photobook “Morningstar” by Scheuttle is an innovative way that adds value to the project. He explained that NFTs provided him with the tools to earn fair compensation for his work while helping him grow as an artist.
Creatives are constantly pushing the boundaries of what technology can achieve, and they are just starting to understand the possibilities NFTs have to offer 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 in Web3.
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Animoca Brands targets social media giants in latest Web3 expansion plans
“You will continue seeing us take that approach as we sort of, you know, try to shepherd companies into Web3,” said Animoca Brands chairman and co-founder Yat Siu.
Animoca Brands co-founder and chairman Yat Siu stated that his firm will continue to “shepherd companies into Web3” to speed up the evolution of the internet into an open Metaverse.
Siu has long advocated for the broader concept of an open Metaverse as opposed to a closed one that is dominated by large centralized Web2 companies. Central to Siu’s argument is that decentralized Web3 platforms and tech such as NFTs offer users a chance to maintain ownership rights over their data and content online, instead of it being controlled and utilized by firms such as Meta (formerly Facebook).
Siu made his latest comments while speaking on day three of the Australian Blockchain Week event earlier today. During his discussion hosted by Caroline Bowler — the CEO of local crypto exchange BTC Markets — the NFT proponent covered several topics including, the true value of Yuga Lab’s BAYC NFTs, the limitations of Web2, and Animoca’s ever-growing portfolio of companies and investments.
Also, I just chatted with @ysiu and @ajamesbragg in the same week. What. A. Buzz. @BTCMarkets @BlockchainAUS @animocabrands #BlockchainWeek2022 https://t.co/HoVFOAlIQ4
— Caroline Bowler (@CaroBowler) March 23, 2022
When questioned on Animoca Brands’ roadmap moving forward, Siu said that the firm is still “super early” in its long term goal of building an open Metaverse, but emphasized the importance of speeding up the process due to the risk of having large centralized firms dominating the virtual sphere:
“You will continue seeing us take that approach as we sort of, you know, try to shepherd companies into Web3. A lot of this is driven by ‘how do we accelerate the adoption of web3?’ because one of the bigger risks as we see it, is that if people don’t move into space quickly enough then inadvertently we will perhaps also create another kind of elite.”
Adding to his point, Siu sounded the alarm bells on major firms that don’t want the decentralized and open Web3 movement to happen, as he argued that many of their business models are built around the monetization of user data.
“There are very large centralized organizations who don’t want this to happen because they make money from our data. [from their point of view] Data is not a property that we should own. Data is a property that they should own and they can manipulate because that’s how the entire business is constructed,” he said, adding that “they’re the ones that we have to worry about from our perspective.”
Related: How NFTs create a ‘beautiful cycle’ between artists and fans
A major way to counter the centralized Metaverse firms according to Siu, is to onboard as many as possible onto Web3 until it develops into a sort of “global trade framework,” as users will become accustomed to the freedom and ability to own a stake in the space.
He again warned that a move in the opposite would provide strengthen centralized firms and give them a stronger grip over the metaverse space in the future, prolonging what has already taken place in the web2 era:
“If most of us decide to, you know, just exist in a closed metaverse or in a closed ecosystem entirely, then actually we live by their rules. And it would be hard to break out because they end up sort of manipulating and controlling that network effect, as we have seen today with some of the large tech companies.”
Why #NFTs are the Foundation of the #OpenMetaverse? In case you missed @pgbiz London 2022 in February, here is the recap from the session with Animoca Brands co-founder & executive chairman @ysiu.
Available on YouTube: https://t.co/LPvr5HqT1m pic.twitter.com/RTDf46Ozb9
— Animoca Brands (@animocabrands) March 21, 2022