NFT's (nonfungible tokens) - Do you plan on marketing them?

[Warren Faidley]

I'm seeing more and more photographers listing images and footage clips as NFT's. For those who do not know what an NFT is, "An NFT, or a nonfungible token, is a digital file created using blockchain computer code. It is bought using cryptocurrency such as Ether or Wax, and exists as a unique file unable to be duplicated, often just to be admired digitally." (Google). In other words, you sell an image or clip as a unique digital file and you are paid via cryptocurrency. The buyer owns the image or clip as a digital work of art. Because the file is tracked forever in the blockchain, you receive royalties forever when the file is re-sold.

The process to list and market NFT's is complex and requires several accounts to complete the process. You must also pay a fee to "mint" the work. There are multiple companies involved in NFT processing, minting and distribution, so make sure to do your homework before committing, as it's a one shot deal when you sell them and you don't want to make any mistakes you cannot alter.

I'm not aware of any photographers making any big money from NFT's yet, but it's an interesting concept deserving of additional study.

 

[Lou Ruh]

I have seen some posts from Jason Persoff regarding some NFTs he is selling. I don't see big money, but, one of his more famous photos seems to be doing well.

 

[Warren Faidley]

I don't see much of a profit, given the average royalties are around 10%. (Some companies do not pay royalties if your image is sold on a different platform). Even if you sell an image it does not mean the owner will ever resell it, so it could be locked in NFT limbo forever. "Minting" (publishing) individual images averages around $60.00, so quantity is not an option. Dealing in cryptocurrency also has risks, along with future legal issues of ownership. I'd hate to mint my best images only to have something change for the better in a few years, including royalties. Since you cannot re-mint exclusive images, it's a big risk. Having said this, you never know if your work might be the next big thing and fetch the multi-millions some pop art has generated.

 

[James K]

I only ever heard of a NFT a week or so ago. Sounds like a bit of a cumbersome & odd thing honestly.

Oh and for an image "file unable to be duplicated" isn't exactly true... yes the token itself can't be duplicated, but copying the image is a simple 'print screen' away. (basically if you can view it, you can copy/save it as a standard image file, though quality may be lower than the original)

 

[Warren Faidley]

I'll likely list something at a silly high price and see what happens. Not going to tie-up my best images until there are cross-platform royalties.

 

[Ben Holcomb]

I can't ever imagine people paying money for my images, but I'm not against NFT's. It's an interesting concept.

 

[Jeff Duda]

NFTs are pointless, IMO. Just another way to cloud things up by adding another layer between a physical good and enjoyment thereof.

If you're the kind of person who wants to make money through NFTs, you've probably long since justified it for yourself. Good luck! I'm sure there will be people who will give you money. I never cease to be amazed the kind of stuff people will give money to.

 

[Dave C]

I've been hearing about this more frequently of late. I will be shocked if NFT is not a trend that crashes hard, especially with the price of necessities skyrocketing when more people will scoff at paying more for nothing.

What really turns me off about NFT is that fundamentally it is just another method for a digital image license with a ludicrous bit of metadata in blockchain that is supposed to make the purchaser feel special because they "own" it and everyone can see they own it, and the 'minting' of said magical copy supposedly means it is 'special'. There is no more value added to an NFT digital copy for practical people, but when hype and trends are considered, some people think that the new method of sales and notoriety alone is a valued commodity. It makes me feel gross to try to make money off of hype and popularity concepts or gimmicks. A lot of people view making a living as a hustle and don't care how they get every dollar as long as they get it.

In some of the discussions I have seen, the bigger money in NFT allegedly comes from marketing your online persona to collectors and the work quality doesn't matter so much as their perception of you. Sadly that is what is wrong with social media and all trends like this: very shallow, popularity contest, minimal thought, no value placed on quality but instead the perception of quality or simply the value suckers are willing to pay. Great people and work being missed beneath the noise of a vocal few is nothing new in society, but it is sad to see more people embrace that shallowness than ever.

Many photographers who are excellent business people but only average photographers do very well.

Sadly I will never be rich from any quick scheme as it just doesn't feel good to me to make money in those ways.