NFT Photography: History, Growth & Future Capabilities

By John Smith

If someone said that a digital picture (in JPEG format) was sold for around 70 million dollars a few years back, would you believe them?

Probably not! You will surely laugh!

But ever since 2017, there has been a lot of hype in the NFT industry. NBA players sell collectibles, artists sell their artworks and musicians sell their records to make millions of dollars from them.

And everybody knows the 69.3 million NFT purchase of Beeple, which became one of the top stories of 2021. And that is just the beginning!

As a photographer, we need to know, "Will NFT photography last in 2022?" or "can we benefit from NFT photography?" 

We cannot determine the future 100%, but we can analyze the direction and still matrix the results.

“The greats never sacrifice the importance for the urgent. They handle the immediate problem and still make sure to secure the future. “

Bobby Axelord (financial advisor, Billions)

What are NFTs, Blockchain, and digital ledgers?

NFTs (non-fungible tokens) are based on Blockchain technology. This is unit data that is unique, non-interchangeable, and managed in a digital ledger.

These tokens primarily represent digital assets like photos, videos, and audio. Although they were invented in 2014, because of their uniqueness and security, they became very famous around 2017-18. According to Forbes, people spent 174 million dollars on NFT in 2017-18, and it is still expanding every year.

But why? Why are NFTs becoming so popular and cannot be replicated like other digital products?

NFT is not just JPEG

Technically, it is simple, NFT's digital art has a unique ID (which is metadata) that can be used as an asset's token. After the NFT token is established, users register it on the Blockchain and give an identity card, allowing users to view and verify the entire history of the asset (ownership creation, creator, and cost) without  intermediaries or third-party involvement.

NFT is based on blockchain technology

Blockchain is a type of digital ledger that records transactions and the administration of smart contracts via a non centralized network of computers and is free of the requirement for an intermediary. 

Here's a figure of how it functions (applied to the Bitcoin transfer)

Is NFT stepping in e-commerce, online auctions and trade shows?

 

How can NFT and eCommerce work together?

The sudden rise of web3 technologie will definitely help the ecommerce market, which also helps the blockchain technology to rise up and create an impact. All these marketplaces are using the polkadot platform which is based on blockchain technology.

The involvement of these two will give us secured service and detect copyright issues, fakes and duplicates. It is powered by AI and decentralized oracle. We can use these platforms to sell items:

Photos/Painting as Online transaction

Since NFTs are digital, we can easily use them in online transactions. For example, an artist could sell a digital artwork stored on the Blockchain as an NFT. This would allow the buyer to own the painting permanently and securely. 

Online Auctions

You can also use NFTs in online auctions. For example, someone could auction off NFTs with an initial bid price. NFTs might even be used to register time-based rights, such as the right to view a video online for a limited period of time or the ability to listen to a song on a streaming service for a certain amount of spins. NFTs could also provide proof of authenticity and transferable ownership for physical artworks, like classic paintings.

Combat Image Piracy 

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

Photographers can also use NFT to create a proof-of-deposit system that disperses buyers for a higher resolution photocopy. This would help combat image piracy and protect the photographer's intellectual property.

Top companies (with links) that use all platforms above

• OpenSea

• Larvalab/CyberPunk

• Invoblocks

• NBA top shot marketplace

• Rarible

• Nifty Gateway

With NFT Photography you can also use the token as a Digital passport, trade show, and  live show entry pass. This would allow event arrangers to record who attended their event and reward attendees with exceptional privileges or discounts.

Are all these transactions worth it?

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

It is clear that the NFT Industry is expanding e-commerce, online auctions, and trade shows .

After NFTs Market

NFTs built up hope for photographers. Now their content is getting valued and getting sold. 

NFTs open doors like:

• New Market and more companies

• Buyers are interested in Digital Art

• Supplies and demand is increasing

• Copyright for everyone

• Authentication in Art

New models in town! 3D NFT

3D NFTs are new and unique entries in the NFT industry. They are the latest and very appealing to users nowadays, and based on 3D models. 

3D photography, 3d video games, and metaverse are popular examples of 3D NFT. You can use blender or any 3D tool and create these assets.

Is NFT a billion dollar company?

NFTs may look like a new market for you, but the desire in people is real. The market is selling NFT art in the millions every year. After Beeple, Cyberpunk 2077 is one such example. The popular video game broke the record of 13 million sales at its launch.

Also, according to the DappRadar website, the NFT industry generated $95 million, and by the end of 2022, they have forecasted about $2 billion. As I said earlier, the stats speak for themselves. 

Still skeptical about NFTs? Consider Nike, Coca-Cola, Taco Bell, and Microsoft because they are financing NFTs, which shows NFT’s existence more than hype.