Since their explosion last year, non-fungible tokens (NFTs) have shown their appeal to collectors, investors and traders alike.

They have drawn particular attention in the art world, where the provenance of an item is everything, and owning the unique and official version of an item is much more valuable than a copy or duplicate.

Some have postulated that artists who create and store chain pieces you can use technology as proof of ownership of popular art forms.

Among the various art forms to take advantage of NFTs, photography has also found its place, but what is the immediate value it brings to artists and consumers?

Indeed, as a rapidly developing and nascent technology, NFTs are not without their limitations.

Related: What is crypto art and how does it work?

Most participants started getting familiar with NFTs through marketplaces like OpenSea in the first half of 2021.

The first wave of artists experimenting with this new technology has followed a personal and curated approach towards bringing in new talent. Twitter Spaces and Discord servers have proven to be vital channels to support outreach in the NFT ecosystem.

The importance of content control

Photography now produces an unprecedented supply of content, and NFTs are a tool to continue accelerating and democratizing content while providing new ways to generate revenue from those resources.

Photographer Marshall Scheuttle told Cointelegraph how the current “exposure compensation” Web2 model has been detrimental to artists.

“How we present our work has been largely dictated by existing platforms, and as the space grows and evolves, it is imperative for us as artists to come up with new solutions and options for how we can best reach our audience while we meet the needs of artists to exhibit their work,” said Scheuttle.

“Content is out in the world, and trying to control it at this point seems impossible. I want my content to be in as many places as possible, as long as I have ways to compensate me for its production.”

Artists cannot freely distribute their art through traditional channels to create quick and direct positive impact.

Blockchain technology, through NFTs, has allowed artists to define their terms, given the nature of the transactions that occur outdoors and that make the space more transparent.

Acknowledgment of intellectual property

NFTs provide individual pieces of art with a purported proof of provenance, which is attractive to many artists who are striving to regain full ownership of their work and expand their art to new audiences.

However, there is a slight difference between provenance and copyright.

Most of the challenges to copyright enforcement come from the NFT market. Many online marketplaces trade with NFTs, and most of them follow an auction-style scheme with different levels of healing. However, these platforms do very little to protect the rights of ownership and use. In some cases, bad actors have been seen stealing photos and then NFTing them.

There is no pragmatic scenario in which people are not faking or reusing other people’s content. Both people and companies have been using unauthorized images in the world of Web2 without widespread repercussion: it’s nothing new for digital art.

Copying crypto art is technically impossible, as pasting an identical copy of the image cannot capture the information that makes up the NFT component of the artwork.

The current NFT space promotes the open flow of information and seeks to value the provenance of existing content on the blockchain. Crypto artists certify and mint NFTs tied to the authenticity of the art created which can then be uploaded to various marketplaces to target potential buyers.

Julie Pacino, the daughter of legendary actor Al Pacino, began self-financing her “Keepers of the Inn” project by minting a collection of NFT photographs to maintain creative control over her work.

Rethink marketing strategies

Anyone with a camera and an internet connection has an equal opportunity to create art and monetize it. More quality work will be available with a new wave of professional and amateur photographers getting involved in the space. Those photographers willing to accept marginal income for their work will set the minimum prices.

Artists in the ecosystem must keep their audiences engaged to remain relevant. By allowing the people in the space to read the story, hear the words, and understand the process, the artists make a vital emotional connection.

Elise Swopes, a self-taught photographer and graphic designer who made $200,000 in 10 months selling her work as NFTs, told Cointelegraph:

“It feels like a lot of pressure to change your style to appease the mass market for 3D designs and illustrations, but it’s a good reminder that I’m pretty passionate and motivated to create what I love rather than trying to keep up.”

Artistic credibility drives prices on the secondary market. An authentic NFT will only have the perceived value associated with the art, the artist, and the community.

Being technically gifted will not be a crucial differentiating factor in building an audience, like NFT’s pseudonymous art collector “6529” described. Those artists who stand out from the crowd have to create memorable experiences.

“So your job is to make the connection, to find something that speaks to that subset of people (a small subset is fine, 1,000 is more than enough to have a wonderful career doing exactly what you love) who love and appreciate the same thing you do. your. do.”

A great example of this is the story of Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia. He converted and sold almost 1000 selfie images as NFT as a way to remember your graduation trip. The collection generated a total trading volume of 397 Ether (ETH), currently equivalent to more than 1.2 million dollars.

Overcoming technological barriers

Artists face the challenging task of transitioning their collections and individual images into the NFT space. The initiation process can be daunting for beginners, but the promise of a new audience with direct compensation and support is a powerful incentive.

swopes said:

“The most exciting part of NFTs is not having to repurpose my digital art for print. I think my art looks better on a screen.”

Better onboarding mechanisms will encourage people to start engaging regularly with photography NFTs and redefine what it means to create art. The steep learning curve will be flattened with more curated educational content, making it easier for you to navigate the market and find your desired artwork.

Selected platforms are thriving with one-on-one markets. A hybrid approach like Scheuttle’s “Morningstar” NFT photobook is an innovative way to add value to the project. He explained that the NFTs provided him with the tools to earn fair compensation for his work while helping him grow as an artist.

Creatives are constantly pushing the boundaries of what technology can achieve, and are just beginning to understand the possibilities that NFTs have to offer photography.

The natural evolution of photography is to embrace these new tools and adapt to changing times so that a new generation of photographers can thrive on Web3.