Non Fungible Tokens (NFTs) are digital assets in the form of music, art, collectibles and in-game items. These are often traded online using cryptocurrencies encrypted with smart contracts on blockchains. In recent years, the non-fungible token market has experienced record sales and disrupted the art world, with many digital artists making a name for themselves. In addition to digital art, NFTs provide photographers and creatives with an additional medium to practice their craft and generate income. In addition, they offer guaranteed payments on every sale without third-party intervention, provide instant and secure payments, and provide access to a global audience through decentralized marketplaces.
What is an NFT photo?
What is an NFT photo? NFT photos are like other digital assets like videos, audio and other digital assets tokenized photos. NFTs are digital files stored and exchanged on a blockchain, a digital ledger that certifies that a digital file is unique and not interchangeable. These make photography NFTs highly sought after due to their exclusivity and that no two people can now use the same NFT.
NFTs are rapidly gaining popularity, leading artists to turn their photographic works into tokens, generating high visibility in digital marketplaces. As more and more people start purchasing NFTs, they will help create a unique marketplace for photo NFTs, similar to real auction houses and galleries, giving creators the recognition and monetary rewards they deserve.
Why You Should Make Your Own NFT Photography
The NFT world is booming, if you are a photographer be it a wildlife photographer or an amateur and you can take great pictures you should consider taking your NFTs. Some of the benefits that come with an NFT photographer include:
Create experiences for your fans: NFT Photos are limited editions of your photos that guarantee buyers that they are exclusive NFT property and memorabilia. They have great potential for fans to own these rare collectibles
Low Barrier to Entry: If you are a photographer and have all the equipment, including digital cameras, starting a gig as an NFT photographer comes with a lower cost. Creating NFTS requires relatively little investment and does not require a complicated process, which puts you almost on an equal footing with other photographers.
Build Your Follower & Brand: By creating your own unique NFT photos, you can capture the attention of fans and build a strong following and brand around the world.
Monetize without middlemen: NFT photography allows you to connect directly with buyers and earn 100% of the proceeds from your work without going through a third party, meaning more money for you.
Converting an Image to an NFT Digital Asset
If you decide to create a simple NFT, you don’t necessarily need a developer. By simply following these simple steps, you can create your first NFT.
1. Select a photo to convert into an NFT: To begin with, you need to select a particular photo that you want to convert into an NFT. You should also make sure that you have no issues with copyright and the exclusive rights to the digital image.
2. Choose an NFT Marketplace: To convert your photo into an NFT, you need to coin to an NFT. This is where an NFT marketplace comes in. There are many NFT marketplaces to choose from. Every NFT marketplace has its pros and cons for merchants, so make sure you do your research before making a choice.
3. Set up a crypto wallet: You then need to create a digital wallet in which you store your cryptocurrencies and NFTs. The wallet you select must be compatible with the blockchain technology and NFT marketplace you want to use for storing your NFT photos.
4. Buy Cryptocurrency Through an Exchange: After you create a wallet, you need to buy some cryptocurrencies so that you can afford the gas fees to mint your NFTs.
5. Connect your wallet to the NFT platform and start minting: After you have added money to your wallet, you need to connect it to the NFT platform that you will be using to create your NFT.
6. Upload your NFT file to a listing: Once you have converted your digital assets into NFTs, you can list them for sale on the various NFT marketplaces available.
For more insights, check out our article How to Make an NFT.
Benefits of Buying and Selling NFT Photos
Like NFT art, NFT pictures are making a dent in the NFT market. There are many benefits associated with selling and buying NFT photos. In addition to entering the digital economy, you open up your works to digitally savvy demographics, other benefits include:
Provide sentiment value: NFT photos have an emotional connection between collectors and collectibles. In some cases, this sentimental connection can lead collectors to overpay for a collectible just because it means something important to them.
Desire to own an entire collection: Some buyers want to own a whole range of variations of a particular collection and are willing to pay any price for it. The rarer the collection, the stronger the urge to purchase an entire collection.
They increase engagement: NFTs are not just more than a collectible or artwork, but can be used by companies to increase brand recognition and connect with customers. Companies can use them as part of their merchandising and list them as memorabilia.
Offer Potential for Additional Income: Since NFTs are driven by their scarcity, creators can sell these exclusive limited edition assets that they can sell for a profit.
For more insight into NFT trading, check out our articles on buying and selling an NFT.
Best Photo NFT Marketplace List
NFTs are redefining the digital world, thanks in part to the fact that they are unique and irreplaceable. They have elevated the status of digital media from a mere source of entertainment or incentive to a serious money making opportunity. Read our article How to make money with NFT. If you decide to take and sell your NFT photos, below are some of our top picks from NFT photo marketplaces:
1. Open Sea
OpenSea is an NFT marketplace that allows users to buy, sell and trade non-replaceable tokens through its website. Considered the best NFT marketplace for users to use. You can use different file formats for images, videos, audio or even 3D models and supports a maximum file size of 100MB if you want to sell a large format. It costs 2.5% on every transaction as a seller’s fee. It supports several wallets including MetaMask, Coinbase Wallet, WalletConnect compatible wallets, Bitski and Trust Wallet while also supporting Ethereum, Polygon and Klaytn blockchains.
Rarible is an NFT marketplace with its own token $RARI that can be used on the platform. The platform multichain marketplace where users can buy, mint and sell NFTs on multiple blockchains such as Ethereum, Tezos and Flow blockchains. It charges a seller fee of 2.5%, royalties are adjustable and supports digital wallets such as MetaMask, Torus, Mobile Wallet, Portis, Coinbase, MyEtherWallet and Fortmatic.
3. Handy Port
Nifty Gateway is an NFT custodian platform where NFTs on the platform are stored in a secure wallet powered by Gemini’s custodial technology. It charges 5% seller fees and artists on the platform get 10% royalties if there is a secondary sale of their NFTs. In addition to supporting and running on the Ethereum blockchain, it also supports the MetaMask wallet.
Foundation is a creator-focused NFT marketplace that uses the Ethereum blockchain. Here, creators are invited by community members to join the Foundation and also need to set up an Ethereum wallet so that they can sell their NFT photos. Foundation takes a 5% fee of the sale price of NFTs and when NFTs are resold in the secondary market, a 10% royalty goes to the creators in the form of royalties.
5. Super Rare
SuperRare is a peer-to-peer NFT marketplace where trades are made using Ether, the native cryptocurrency for the Ethereum network. It charges a 15% sales fee and 10% royalties. This marketplace supports MetaMask, Fortmatic and WalletConnect compatible wallets.
Photography NFT Vs. NFT digital art
The NFT space is constantly growing and expanding and includes all forms of digital work. NFT photography includes photos taken and converted into tokenized digital assets and can include stock photography and other forms of photography while NFT digital artwork includes other forms of art including GIFs, video, illustrations, digital painting, and more.
Image: DepositphotosMore in: NFT
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