If you are new to the concept of a non-fungible token and how it relates to photographers, read on to learn about the latest crypto hype.
Click here to visit the Crypto Crow NFT Store now.
An Express Definition of NFTs
According to Investopedia.com: “Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.investopedia.com
What You Need To Know
- NFTs are blockchain-based cryptographic tokens that are one-of-a-kind and cannot be duplicated.
- NFTs can represent real-world objects such as art and real estate.
- These real-world tangible goods are “tokenized,” making purchasing, selling, and trading more efficient while lowering the risk of fraud.
- NFTs can also represent people’s identities, property rights, and other things.
So, What Has This Financial Jargon Got to do With Photography?
NFTs and digital art have been making the headlines worldwide.
A new and burgeoning digital art market has developed with application uses for photographers.
NFT photographers have a new online channel to sell images to their audiences.
Any photographer interested in selling digital versions of their images online can be an NFT photographer.
NFT photography is a burgeoning digital art form whereby a photographer is limited only by their imagination.
Editing tools such as those available in Adobe Creative Cloud are used to create an endless range of digital assets that are placed on the blockchain for purchase by collectors of digital art.
Selling NFT photos is comparable to selling photographic prints.
The immutable digital authenticity on the blockchain gives the NFT value and authenticity.
How Does Copyright Work?
Regarding NFT Photography, one of the most frequently asked questions is about copyright.
What are the collector’s rights?
After selling an NFT, the artist retains the copyright and the right to use the image for commercial purposes, printing, or licensing.
However, creating another NFT with an identical image is not permissible.
The collector has no economic rights to the NFT and can not sell or trade it as they wish. They can’t, for example, license copies of the file or sell prints made from it.
Of course, various arrangements with collectors and the award of certain rights are available.
How do Royalties on Future Sales Work?
The collection of royalties on future sales is an intriguing feature of NFTs.
Collecting royalties off future sales is in stark contrast to the physical world, where once an image has been sold, you are unlikely to hear about it again.
It’s a different story in the NFT world.
Assume you create and sell an NFT for 0.2 Ethereum (ETH). After some time, you’ve established a solid reputation, and the NFT resells for 10 ETH.
A portion of the sale is then deposited to your bank account (typically 10 percent, though this can vary between platforms).
That indicates you made 1ETH from customer A selling to buyer B in this case.
This is a significant benefit for artists because they can continue to receive money from the same source.
How to Get Started With NFT Photography in a Few Easy Steps
Step 1 – A crash course on the basics of Ethereum is necessary to understand how blockchains work.
The above link will provide an in-depth explanation of the function of Ethereum should you wish to explore that.
In a nutshell, Ethereum is a digital token comprised of a network of nodes that interlace to create the Ethereum blockchain network.
NFTs are digitally recorded assets stored on the Ethereum network.
An NFT is a piece of code in its bearest form when you break it down.
Other blockchain networks can store NFTs, such as the Binance blockchain, but Ethereum is the most developed for NFTs.
Step 2 – Next up, you will need to open an Ethereum wallet like Metamask to transact on the blockchain.
NFTs need to be minted on the blockchain, and minting involves transaction fees, also known as gas fees, paid in Ethereum.
Mintable App is an NFT hosting site that allows gasless mining (free minting of your NFT) and can be advantageous to beginner NFT photographers because there are no upfront fees for minting your digital asset or photograph jpeg.
The digital wallet will also be where all proceed from your NFT sales will be kept, and you can store copies of all your NFTs in your Metamask wallet.
Step 3 – Purchase Ethereum through an exchange and deposit it into the Metamask wallet you have set up in step 2. Some popular exchanges are:
Once you have completed the processes above, you are ready to start with NFT photography.
Which Platforms Make it Easy to Sell Your Photography NFTs?
Crypto Crow NFT has placed its NFTs on the platform Mintable. app.
A significant advantage of Mintable is that it has “gasless minting,” which benefits newbies because you don’t have to spend on the upfront minting fees like other platforms such as Rarible.
A large selection of platforms offer marketplaces to sell your photography NFTs.
The largest is possibly Opensea which has a monthly trade volume of $3.2 billion and a low barrier to entry for wannabe contributors to the NFT platform.
An artist must complete an application to place artworks on the platform following approval.
Each marketplace and NFT platform has its requirements for artists to place work for sale and exhibition, so if you want to learn more, it is recommended to do your research to find a match for your particular NFT needs.
All Our NFTs Are Available For Purchase
As a follower of the Crowpix Media blog, you may visit the Crypto Crow Digital NFT store to see some of our favourite NFTs and get a preview of the great images that Crowpix Media has put on the Ethereum blockchain via the NFT platform, Mintable app.
Click on any image below to take a journey to the Crypto Crow NFT store.