What is an NFT photo?
Non-fungible tokens (NFTs) are digital assets that come in the form of music, art, collectibles, and games. These are often traded online using cryptocurrencies encoded with smart contracts on blockchains. In recent years, the non-fungible token market has seen record sales and turned the art world upside down, with many digital artists making a name for themselves. Besides digital art, NFTs offer photographers and creatives an additional way to practice their craft and generate income. On top of that, they offer guaranteed payouts on every sale without the need for third parties, offer instant and secure payments, and enable access to a global audience through decentralized marketplaces.
What is an NFT photo?
What is an NFT photo? NFT photos like other digital assets such as videos, audio and other digital assets are symbolic photographs. NFTs are digital files stored and exchanged on a blockchain which is a digital ledger which certifies that a digital file is unique and not interchangeable. These make photographic NFTs highly sought after due to their exclusivity and the fact that two people can no longer use the same NFT.
NFTs are rapidly gaining popularity, prompting artists to turn their photographic works into tokens, generating high visibility in digital markets. As more people start buying NFTs, they will help create a single market for photo NFTs similar to real-world auction houses and galleries, providing creators with the recognition and monetary rewards that they deserve.
Why should you create your own NFT photography
The NFT world is booming, if you are a photographer, be it a nature photographer or a hobbyist, and you can capture great images, you should consider creating your NFTs. Some of the benefits that come with being an NFT photographer include:
Create experiences for your fans: NFT Photos are limited editions of your photographs guaranteeing buyers sole ownership and NFT memorabilia. They have strong 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 has lower costs. Creating NFTS requires relatively little investment and does not require a complex process that puts you on an equal footing with other photographers.
Build your audience and your brand: By creating your own unique NFT photographs, you can capture the attention of fans and build a strong following and brand across the globe.
Generate income without intermediaries: NFT photography allows you to engage directly with buyers and earn 100% of your work product without the need to go through a third party, which means more money for you.
How to Convert an Image to an NFT Digital Asset
If you decide to make a simple NFT, you won’t necessarily need a developer. By just following these simple steps, you can create your first NFT.
1. Select a photo to convert to NFT: To begin, you will need to select a particular image that you want to turn into NFT. You will also need to make sure that you have no copyright issues and that you have exclusive rights to the digital image.
2. Choose an NFT marketplace: To convert your photo to NFT, you will need to create an NFT, which is where an NFT market comes in. There are many NFT markets to choose from. Each NFT marketplace has its pros and cons for sellers, so be sure to do your research before making a choice.
3. Set up a crypto wallet: You will then need to create a digital wallet where you will store your cryptocurrencies and NFTs. The wallet you select must be compatible with the blockchain technology and the NFT market you intend to use to mint your NFT photos.
4. Buy cryptocurrency through an exchange: After create a wallet, you will need to buy cryptocurrency in order to be able to pay gas fees to mint your NFTs.
5. Connect your wallet to the NFT platform and start minting: After adding funds to your wallet, you will need to connect it to the NFT platform which you will use to create your NFT.
6. Upload your NFT file to an ad: Once you have converted your digital assets into NFTs, you can then list them for sale on the various NFT marketplaces available.
For more information, see our article How to create an NFT.
Advantages of buying and selling NFT photos
Like NFT art, NFT photos are making inroads in the NFT market. Selling and buying NFT photos has many advantages. In addition to entering the digital economy, you open your works to a digitally savvy demographic, other benefits include:
Offer Sentiment Value: NFT photos come with an emotional connection between collectors and collectibles. In some cases, this sentimental connection can cause collectors to pay too much for a collectible simply because it means something important to them.
Desire to own an entire collection: some buyers want to own a complete set of variations of a particular collection and are ready to pay any price for it. The rarer the collection, the stronger the desire to acquire an entire collection.
They boost engagement: NFTs, besides being more than a collectible or a work of art, can be used by businesses to build brand recognition and better connect with customers. Companies can use them as part of their merchandising and offer them as souvenirs.
Offer additional revenue potential: because NFTs are driven by their rarity, creators can sell these exclusive, limited-edition assets that they can sell for a profit.
For more information on NFT trading, see our articles on how to buy NFT and sell NFT.
List of Top NFT Photo Markets
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 stimulation to a serious money-making opportunity, please read our article How To Make Money With NFT. If you decide to create and start selling your NFT photos, here are some of our top NFT photo marketplace picks:
OpenSea is an NFT marketplace that allows users to buy, sell, and trade non-fungible tokens through its website. Considered the best NFT market, it allows users to use a variety of file formats for images, videos, audio or even 3D models and supports a maximum file size of 100MB if you are looking for for sale a large format. It takes 2.5% on each transaction as a selling fee. It supports multiple wallets, including MetaMask, Coinbase Wallet, WalletConnect-enabled wallets, Bitski, and Trust Wallet, while also supporting Ethereum, Polygon, and Klaytn blockchains.
Rare is an NFT marketplace that has its own $RARI token that can be used on the platform. The multi-chain marketplace platform where users can buy, create and sell NFTs on multiple blockchains such as Ethereum, Tezos and Flow blockchains. It charges a 2.5% referral fee, royalties are customizable, and supports digital wallets such as MetaMask, Torus, Mobile Wallet, Portis, Coinbase, MyEtherWallet, and Fortmatic.
3. Clever Gateway
Clever Gateway is an NFT custody platform where the NFTs on its platform are stored in a secure wallet, powered by Gemini’s custody technology. It charges a 5% sales fee and artists on the platform will receive 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 to join the Foundation by community members and are also required to create a wallet with Ethereum so that they can sell their NFT photos. Foundation will take a 5% commission on the sale price of the NFTs and when the NFTs are resold in the secondary market, a 10% fee accrues to the creators in the form of royalties.
5. Super Rare
super rare is a peer-to-peer NFT marketplace where transactions are conducted using Ether, the native cryptocurrency of the Ethereum network. It charges a 15% referral fee and a 10% royalty. This marketplace supports MetaMask, Fortmatic, and WalletConnect compatible wallets.
NFT Photography Vs. NFT Digital Art
The NFT space continues to grow and expand incorporating all forms of digital work. NFT photography involves photos taken and converted into symbolic digital assets and can include stock photography and other forms of photography, while NFT digital artwork encompasses other art forms including GIFs, videos, illustrations, digital painting, etc.
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