How to make money with NFTs

[LesPalenik]

Jonathan Cross had a question in the Coffee Corner section about NFT's and Slobodan Blagojevic added his comment which made me to open a new thread NFT here.
I'm sure that a serious NFT discussion will be appreciated by many other photographers on LuLa.

My first question on this subject is whether an NFT can be created for a previously published photo or for an image which was previously sold on a stock photography site.

[leuallen]

I might be interested if I knew what a NTF was.

[Slobodan Blagojevic]

I might be interested if I knew what a NTF was.

Non Fungible Token.

As for exactly what that is and how it relates to photography, I am expecting answers from someone more knowledgeable than me.

[LesPalenik]

I might be interested if I knew what a NTF was.

A good introduction to NFT was published last month by Jordan Banks at digitalcameraworld.com.
The mechanics of this process are reletively straightforward. The challenge, as in other money making endevours, is how to market your art work.

NFTs or non-fungible tokens are a new form of digital investable stored on the Ethereum blockchain. NFTs can be collected in the same way editions of photographic prints are in the traditional market. The result is a potential new avenue for photographers of all levels and genres to market and sell their work. The only difference from the traditional art market is that everything from transactions to ownership is conducted in a digital manner via the blockchain.

Photography and other forms of digital art have been historically snubbed by the traditional art market not recognising the ‘uniqueness’ of a digital piece. The rise of a new market that brings value to digital assets is an opportunity for photographers and collectors alike.

The arena is still in its infancy so it’s hard to be sure exactly at this stage of the best practices. Personally, I will only be minting my best images and keeping an air of exclusivity around my work by not flooding the market. As collectors are in general collecting pieces based on the artist rather than the single image, you will need to find your voice and get yourself in front of potential collectors.

Jordan Banks is a travel, landscape and adventure photographer from London with over 20 years’ experience shooting assignments and hi-end content for travel, tourism and lifestyle brands and companies. Through the years his work has taken him to over 100 countries and provided him the opportunity to shoot some of the world’s most interesting and diverse locations and festivals. He is National Geographic Landscape photographer of the year 2021.

https://www.digitalcameraworld.com/features/how-i-sell-my-photographs-as-nfts

[leuallen]

Now I gotta look up fungible.

[LesPalenik]

Now I gotta look up fungible.

Most images would qualify, but steer away from toxic fungi.

[Slobodan Blagojevic]

A good introduction to NFT was published last month by Jordan Banks at digitalcameraworld.com.
The mechanics of this process are reletively straightforward….

It is as good introduction as any art statement. Gibberish, in other words. A lot of fluff dancing around NFT ever telling what it is. The mechanics are straightforward? If so, what they are?

Long story short… WTF is NFT?

[Alan Klein]

NFTs are going to wind up having the same investment value as Beanie Babies.

[LesPalenik]

It is as good introduction as any art statement. Gibberish, in other words. A lot of fluff dancing around NFT ever telling what it is. The mechanics are straightforward? If so, what they are?

Long story short… WTF is NFT?

Slobodan, I opened this thread here since you criticized my post about Melania Trump's NFT in the original NFT thread in the Coffee Corner section being a distraction. It pains me to point out that your comment above wasn't any more constructive. Hopefully, someone more knowledgeable on NFT's will explain it in more detail than Jordan Banks in the referenced article above.

BTW, I just heard that NFTT is an abbreviation for Non Fungible Tesla Truck.

[Eric Myrvaagnes]

BTW, I just heard that NFTT is an abbreviation for Non Fungible Tesla Truck.

I thought it was Non Functional Tesla Truck.   

[Slobodan Blagojevic]

... It pains me to point out that your comment above wasn't any more constructive. Hopefully, someone more knowledgeable on NFT's will explain it in more detail than Jordan Banks in the referenced article above...

Fair enough.

In my defense, i was commenting on the quote from the article, not the article itself (which I didn't read - yes, my bad).

I went quickly through the article just now. I still didn't find what NFT is. Everything else seems to be there, but not what it is.

So, here is my elementary understanding what it is, based on a quick conversation with someone with a blockchain experience.

NFT is basically your good, old jpeg or tiff file, to which a digital token has been attached, guaranteeing its authenticity. If it is a single file, than the authenticity of that file. If it is a limited edition, then you would attach, say 3 files to that token.

[Alan Klein]

What I don't understand is why someone who wouldn't give you $50 for one of your photos framed would suddenly give you thousands for a digital jpeg of it?

[Slobodan Blagojevic]

What I don't understand is why someone who wouldn't give you $50 for one of your photos framed would suddenly give you thousands for a digital jpeg of it?

That "someone" wouldn't. But there are other someones who would. Thousands are not guaranteed, of course. Like everything else on the art market, it depends on your name recognition, mostly.

[Alan Klein]

What about trying to resell it?
I'd rather hold the real thing.

[digitaldog]

I'm sure that a serious NFT discussion will be appreciated by many other photographers on LuLa.

The first problem is, this topic is somewhat being hijacked by a few who are questionable stock worthy or pro photographers and feel this is the Coffee Corner worthy distraction. 😰
To answer your quetsion, with half an answer (at least that's a start), it depends:
https://www.fabionodariphoto.com/en/how-to-sell-pictures-videos-nft/
In a former life, long before NFT or anything like it, I sold stock through Tony Stone (later Getty) and indeed, it depends on your contract with a stock agency. I seriously don't it is any different today, but from those I still talk with in stock (a miserable condition for many), these photographers have even less collective powers than I had in the 80's and 90's.

[Eric Myrvaagnes]

I think I'll relabel all my prints with names like NFT#1, NFT#@, etc.
(Except, of course, for that very special set which is already named WTF#1, WTF#2, etc.)   

[Joe Towner]

The problem with NFT's is that they are centered around a technology that a sizable portion of folks just don't fully understand.  I see it as a way for people to support artists they like, with something that doesn't feel like a stack of cash. As the purchases are made with a digital currency that has huge fluctuations in value (trending upward) means the art itself isn't appreciating as much as the cash equivalent is going up.

There is a cost to 'mint' the art into a NFT.  Like most things digital, there is a lot of fraud & theft that happens.  Sports leagues like the NHL & NBA are active in it, as well as brands like Adidas.  Some 'togs like JoeyL have done large sales of NFT's.

In order to make any money in it, you have to have a large social media following, be active in the existing NFT spaces & hope that folks will get out their virtual wallets for your items.

Before spending any money, dig a bit further into the virtual currencies, as that's what you'll need to accept & turn into a fiat currency like US Dollars. Check out http://Coinbase.com - they are a larger player & have a learning section.  Then look at the current NFT marketplaces, places like http://opensea.io - see what's currently listed, and if what you offer would fit.

Do not put something up there you're not ok with the world stealing.  I personally am not interested in NFT's, but good luck to those who are.

[Alan Klein]

The problem with NFT's is that they are centered around a technology that a sizable portion of folks just don't fully understand.  I see it as a way for people to support artists they like, with something that doesn't feel like a stack of cash. As the purchases are made with a digital currency that has huge fluctuations in value (trending upward) means the art itself isn't appreciating as much as the cash equivalent is going up.

There is a cost to 'mint' the art into a NFT.  Like most things digital, there is a lot of fraud & theft that happens.  Sports leagues like the NHL & NBA are active in it, as well as brands like Adidas.  Some 'togs like JoeyL have done large sales of NFT's.

In order to make any money in it, you have to have a large social media following, be active in the existing NFT spaces & hope that folks will get out their virtual wallets for your items.

Before spending any money, dig a bit further into the virtual currencies, as that's what you'll need to accept & turn into a fiat currency like US Dollars. Check out http://Coinbase.com - they are a larger player & have a learning section.  Then look at the current NFT marketplaces, places like http://opensea.io - see what's currently listed, and if what you offer would fit.

Do not put something up there you're not ok with the world stealing.  I personally am not interested in NFT's, but good luck to those who are.

The main issue is most people buy artwork including photographs to keep the physical object on display in their homes.  An NFT doesn't allow that as far as I'm aware.  It's just an investment device.  I think there are safer investments than a digital jpeg in your computer.

[digitaldog]

The main issue is most people buy artwork including photographs to keep the physical object on display in their homes. 

You speaking for yourself or everyone who buys artwork, photography or otherwise? No need to answer, the text above is an obvious generalization based on an assumption.

An NFT doesn't allow that as far as I'm aware.  It's just an investment device.

Try the Google machine and as it "can I print my NFT", you may learn something. Until then, speculation from someone never lets ignorance of a subject get in the way of having an opinion about it.

I think there are safer investments than a digital jpeg in your computer.

My comment above rings true in this respect too. But whatever, don't invest in NFTs.

The problem with NFT's is that they are centered around a technology that a sizable portion of folks just don't fully understand. 

You are SO correct about that as outlined here. 

[LesPalenik]

Lot of articles emphasize how to invest in NFTs, not how to earn money.