Do you find it hard to understand why NFT photography is worth millions of dollars? Would you like to join this industry and profit from it as well?
NFT photography refers to the creation of the digital version of a product for minting as an NFT. The creator retains the digital copyright after its sale while the buyer is granted ownership rights and a minting license. In addition, after the base payment is made by the buyer, the creator still enjoys a certain profit percentage on every sale.
With the likes of Justin Aversano and Emily Ratowjkowski making hundreds of dollars selling photos as NFTs, it can be incredibly hard to stand back and watch. Especially now that many artists and photographers are jumping on the train to make the most of it.
Brief History of NFT Photography
To gain a thorough understanding of NFT and the way it amasses value, let’s look at the history of NFTs and NFT photography.
The first NFT was created in 2014 and was minted on the Namecoin blockchain. This NFT was an artwork and more of an experiment to determine how much value a digital-only art piece can amass. Following that, a few other artworks were minted.
The minting of NFTs surged in 2017 and it paved the way for the conversion of pictures and anime to NFTs. Also, the Ethereum blockchain and a few others joined the rank of the Bitcoin blockchain. This made it easier for developers to add NFTs to the platforms.
In 2021, the industry boomed. Record-breaking purchases were made and auction houses like Christie’s and Sotheby have contributed immensely to the growth of this market.
An NFT photograph is an image that a photographer uploads to a blockchain. The process is also known as NFT minting. Each photograph becomes unique by minting it as a photographer’s NFT, such as a specific image number in a film roll.
The NFT market transitioned into a new dawn in 2021-2022. Creators of different backgrounds like photographers and musicians started to sell their works. Many NFTs have been sold for thousands like the twin flame by Justin and the Beeple.
What seems to be catalyzing the growth of NFT photography is its perceived value. This is quite subjective but goes beyond aesthetics.
Why Do People Buy NFT Photographs?
NFT photographs are digital non-fungible tokens that are a version of an original photograph. It is not replaceable or interchangeable like cryptocurrencies. Also, they cannot be bought with regular fiat currencies like USD, GBP, or EUR. They can only be purchased with specified cryptocurrencies.
The creation process and style of ownership make it an attractive product and asset for the creator and investor.
Now, to the great questions. Why would anyone buy an NFT photograph? Why would anyone want to invest so much in NFT photography? Why is NFT photography so valuable?
It all boils down to ownership. The ownership rights grant the investor the opportunity to benefit from whatever the supposed NFT would be used for. Also, the value attached to the particular photograph goes a long way in determining the value of its NFT.
How To Make an NFT Photograph
NFTs are not as complex as perceived. Before you look into the process of making the photograph an NFT, you have to first analyze its chances of being bought.
Any photo can become an NFT but not all will be valuable enough for thousands or millions of dollars.
In assessing value, survey the interests of a particular community. What work of art will be loved the most? Is the photo something people would flaunt?
After doing thorough research, you can then move on to minting and selling.
The minting process is also very simple. It is as simple as having the photograph file uploaded on a blockchain. It is necessary to understand how a particular blockchain works before adding your NFT to it. This is because blockchain hosting will determine the ease or difficulty of selling, transfer as well as transaction fees.
How To Sell an NFT Photograph
To sell an NFT Photograph, you have to mint it on the chosen marketplace and advertise it to buyers.
Minting on a marketplace only requires at most five steps. First, create a list of marketplaces you want to sell on. Next, upload the photograph’s file and create a listing. Once that is done, you can shift your focus to advertising.
Ensure you only sell your NFT at the right time. The right time is dependent on the purpose of its creation, what you hope to achieve and the value attached to it.
Best NFT Photography MarketPlaces
There are a few marketplaces preferred by both investors and creators. Minting and selling on these platforms guarantee relative ease. Some of the best NFT photography marketplaces include:
- Super Rare
- Tux Art
- Makers Place
Best NFT Photography Project
A majority of NFTs make only a few bucks. However, some are being bought for record-breaking prices and are still doing well in the market. Some of the top NFT photography projects include:
- Justin Aversano’s Twin Flame
Justin Aversano took photographs of lots of twins around the world. The stunning photos were converted to NFTs and the floor price on the foundation marketplace for the NFT is 0.60 ETH as of 26th May 2022.
The big motivation behind the purchase of the NFT was the emotion behind it. Justin Aversano lost his twins before their birth. The twin flames project helped him process the difficulty of the news.
The Editions X Guido had a floor price of 0.05 ETH on the OpenSea Market at the time this article was written. In terms of support, Guido has a large group of supporters in the community.
Guido had worked as a hairdresser and then a photographer before launching his NFT. This was prompted by his financial predicament following the lockdown.
He is known to be very passionate about art and his works are representative of his passion.
- Drifts – Where My Vans Go Collection
The Where My Vans Go NFT collection is one of the most successful in the NFT space. The creator, Isaac Wright also known as Drifter Shoots is a climber and an explorer. He got the inspiration to sell his pictures as NFTs after taking them. The dare-devil locations of most of the photos enticed his supporters.
Isaac Wright states that the process of NFT creation was both humbling and enjoyable. The NFT can be found on OpenSea and its floor price so far for May 2022 is 45 ETH.
- Women Unite – 10k Assemble
The 10k Assemble is the second NFT released by Women Unite. The concept of each is to “love, light and positivity in the world.”
A huge 10% of the profit earned from the sale of each collection is given out to support organizations and movements that represent women’s interests.
These pieces can be found on OpenSea. The current floor price is 0.28 ETH.
- Editions By IllKoncept
The brain behind Editions is Mark Szpot also referred to as illkoncept. He is an artist, photographer, and filmmaker.
He uses his works to tell stories that are too often overlooked and unheard. His focus has been on the street and urban areas.
The Editions is another release with a current floor price of 0.12 ETH.
The floor price for every NFT is subject to time and the prices are constantly updated. The values stated in this article were taken on the 26th of May 2022.
The Future of NFT Photography
NFTs have taken the world by storm and revolutionized creative space like never before. In the age of the internet, many photographers find it challenging to earn a sustainable income. And NFT could be the solution to turn photography back into a sustainable career. The benefits of NFT can be applied to any artist, including photographers, who post their work online.
NFT photography is on a path to attaining greater heights. It has created a new way for photographers to make money while doing what they love and working independently.
For investors, this remains a risky investment. Buying an NFT photograph involves a lot of risks as there is no guarantee that its value may rise or fall. However, this can be roughly predicted by observing the trends relating to the photograph to be bought.
The profitability of NFT photography is still largely dependent on investors’ interests. However, its value is expected to skyrocket as the general public is becoming more aware of its benefits.
No one can easily assume that NFTs will change your life instantly or will not be able to make a living from any photography-related income. There is only a small percentage of artists who can sell their work for ten or a few thousand dollars. Most of the people are still waiting for their first sale.
Quitting your day job or putting all your efforts into NFTs may not be the best move but if you have the ambition to make money from photography this is the place to explore. You can play your cards right, and come up with a good plan, and you can transform into full-time photography as soon as you think.
Hi, my name is Brandan Henry, and I’m an NFT, Blockchain, and Research enthusiast, as well as a content writer for NFT-onomics. I’m deeply passionate about exploring the potential of NFTs and blockchain technology. My mission is to educate people on the capabilities of non-fungible tokens and their applications. I stay up-to-date with the latest NFT news and trends, and as a full-time writer, I excel at generating creative, out-of-the-box ideas surrounding NFTs.