Photography in the NFT: history, growth and future prospects

Written by John Smith

If you were told a few years ago that a digital photo (in JPEG format) would sell for about $70 million, would you have believed it?

Mostly not. You are sure to laugh.

But there’s been a lot of hype in the NFT tokens industry since 2017, including NBA players selling collectibles, artists selling their artwork, musicians selling their records, making millions of dollars.

And everyone knows something about Beeple’s $69.3 million purchase of NFT, one of the hottest market stories of 2021. And that’s just the beginning!

As a photographer, I have to ask myself the following questions: “Will NFT continue to be photographed in 2022?” or “Can we benefit from NFT imaging?”.

We cannot fully define the future of this sector, but we can analyze its trend while still creating a matrix of results.

“Great people never sacrifice importance for urgency. They deal with the urgent problem and still make sure they secure the future.”

Bobby Axelord (Billions Financial Advisor)

What are NFTs, blockchain, and digital ledgers?

Non-fungible tokens are based on blockchain technology. It is a unique, unified data that is not interchangeable and is managed in a digital ledger.

These tokens mainly represent digital assets such as photos, videos, and audio. Although it was invented in 2014, it only became very popular between 2017 and 2018 due to its uniqueness and safety; According to Forbes, $174 million was spent on NFTs during this period, and the number is increasing every year.

Why are NFT products so popular that they cannot be replicated like other digital products?

NFT files aren’t just JPEGs

Technically, it’s simple: digital artwork in NFT format contains a unique identifier (i.e. metadata) that can be used as an asset token; After the NFT token is generated, users register it on the blockchain and provide it with an ID card. This allows users to view and verify the full history of an asset (property creation, originator, and cost), without the involvement of intermediaries or third parties.

NFTs are based on blockchain technology

A blockchain is a type of digital ledger that records transactions and manages smart contracts over a decentralized computer network; The blockchain is exempt from the need for an intermediary.

Here is a picture of how it works (applied to Bitcoin transfer)

Are NFTs involved in e-commerce, online auctions, and trade fairs?

How can NFT and e-commerce work together?

The sudden rise of Web 3.0 technologies is sure to help the e-commerce market, which in turn helps blockchain technology grow and make an impact. All of these markets use the Polkadot platform, which is based on blockchain technology.

Involving both sides will provide us with a secure service and expose copyright, counterfeit and redundancy issues. The markets are powered by artificial intelligence and central revelation. We can use these platforms:

Pictures / paintings as online transaction

Since NFTs are digital, we can easily use them for online transactions. For example, an artist might sell a digital artwork stored on the blockchain as an NFT; This will allow the buyer to own the board permanently and securely.

Online Auctions

You can also use NFTs in online auctions; Someone can auction the tokens at an initial bid price. NFTs can also be used to record time-based rights, such as the right to watch an online video for a limited time or the ability to listen to a song on a streaming service a certain number of times. NFTs can also provide evidence of authenticity and transferable ownership of physical artwork, such as classic paintings.

fight piracy

NFTs can also be used for photography and can help photographers prove that they are the creators of their work (using blockchain processes) and that it is not an unauthorized copy of someone else’s creation.

Photographers can also use NFTs to create a proof of deposit system that distributes a high-resolution photocopy between different buyers; This will help fight photo piracy and protect the photographer’s intellectual property.

Here are the best companies that use all platforms

  • open sea

  • Larvalab / CyberPunk

  • Invoblocks

  • NBA Top Shot

  • rare

  • elegant gate

With NFT photography, the token can also be used as a digital passport or as a pass to trade fairs and live shows, allowing organizers to register those who attended the event and rewarding attendees with special privileges or discounts.

Are all of these transactions worth the work?

The possibilities for using NFTs are unlimited and can revolutionize e-commerce, online auctions and trade fairs; With the help of NFT photography we can increase the security and transparency of all transactions. These platforms will help artists protect their work from theft or misuse.

It is clear that the NFT industry contributes to the expansion of e-commerce, online auctions and trade fairs.

After market NFT

NFTs have created hope for photographers. Now its content is appreciated and sold.

NFTs open doors like:

  • New market and more companies

  • Buyers interested in digital art

  • Demand and supply are rising

  • Copyright everyone

  • Authentication in art

3D NFTs

3D NFTs are a new and unique component of the NFT industry. These tokens, based on 3D models, are the latest type of NFT and are currently very attractive among users.

3D photography, 3D video games, and the metaverse are common examples of 3D NFT. You can use Blender or any 3D tool and create these assets.

Will NFTs bring in $1 billion in revenue?

NFTs may seem like a new market to you, but the desire of those working in this sector is real. The market sells millions of artworks in NFT every year. After Beeple, one such example is certainly Cyberpunk 2077; The popular video game broke a record of 13 million sales upon its launch.

In addition, according to the DappRadar website, the NFT industry has already made $95 million and by the end of 2022 is expected to reach about $2 billion. As I said earlier, the stats speak for themselves.

Still skeptical about NFTs? Look for companies like Nike, Coca-Cola, Taco Bell, and Microsoft, which fund NFT projects; This indicates the existence of NFTs beyond just the clamor that surrounds them.

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