There has been quite the buzz around NFTs lately, but what exactly are they? NFTs stand for non-fungible tokens and, this is a form of cryptocurrency.
Are you still confused?
It's okay. Let's break this down further. We live in a digital world and, NFTs have become quite popular. Having a good grasp of what they are capable of will help you in the long run.
Non-fungible: This means not exchangeable.
Token: A digital investment issued by the blockchain.
Blockchain: A recording system you can not hack or cheat.
According to Wikipedia:
"A non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files."
NFTs can easily be obtained similarly to traditional photo prints. NFTs are another opportunity for photographers to make money, and the only difference is that this trade is entirely digital through the blockchain.
Although NFTs seem like a new term to many, they have been around since 2015. Recently, these NFTs have been selling for hefty ticket prices (seriously, up to $69.3 million). With profits this high, it is hard to resist them.
Now that we have digested what an NFT is - let us go through the steps to take advantage of these.
So, what is the first step?
Firstly, you'll need to select a platform for your work. Here are a few options. Some of these platforms are invite-only.
You can also visit www.crypto.com to get started. After choosing a platform, you will need to swap your Sterling for Ethereum, and you can use Coinbase to set up a digital wallet. After completing this step, you can connect your digital wallet to your platform of choice.
Get ready to mint!
Mint is the buzzword for producing NFTs. When you mint an NFT, the hosting platform will take a portion of the sale price, and you will also have to pay a listing fee.
How do you set your price?
Pricing your work is always stressful, and it is hard to gauge what you think others will think your work is worth. Some images will have ridiculously high price points and, you want to try and not get caught up in overpricing. You want investors to know you are serious and not a risky investor.
Copyright and Ownership
Whoever purchases the NFT assumes digital ownership, not copyright. The photographer or original artist keeps the copyright of the digital asset. The new NFT owner can sell the image, and the original owner can still license the usage.
How should you market your NFTs?
Marketing is one of the biggest hurdles over understanding what an NFT is. Making sure you market appropriately will help you sell and make your investments worthwhile. Take a look at your portfolio and try to mint your best images first. You don't want to over saturate the NFT marketplace. One of the best ways to start this journey is to make a name for yourself. Get your work out there so people can become aware of what you can create. Many collectors are choosing NFTs based solely on the artist. You can use Twitter, Instagram, Discord or, even Clubhouse groups to promote your work. Some photographers are even offering prints with the NFT. Here are a few other options to market your NFT.
• Include your information in the NFT calendar.
• Take advantage of all the social media channels.
• Create teasers for NFTs.
• Start a thread on Bitcountalk.
• Reach out to crypto newsletters.
• Start collecting NFTs yourself to widen your audience.
What does the future hold for NFTs?
NFTs are for sure still in their infancy. Because it is still new, it is hard to predict what will happen. Many people in the crypto world imagine that the NFT marketplace will be around for quite a while and become a staple for art. I, for one, definitely see a huge advantage and growth opportunity for this.
All in all, NFTs are a wise investment. Whether you're just starting in the photography world or you are a seasoned photographer, this can be a very lucrative avenue to take. What is certain is NFTs are changing the game for photographers alike. The best time to take advantage is now, which is still new.