Since their blast last year, nonfungible tokens (NFTs) have shown their allure for gatherers, financial backers and brokers the same.
They certainly stand out in the workmanship world, where a thing’s provenance is everything, and possessing the authority, one of a kind variant of a thing is substantially more important than a duplicate or copy.
Some have hypothesized that craftsmen making and putting away pieces on-chain can involve the innovation as confirmation of possession for well known artistic expressions.
Among the different works of art to exploit NFTs, photography has additionally tracked down its place, however what is the quick worth it brings for craftsmen and purchasers?
For sure, as an incipient, rapidly creating innovation, NFTs are not without limits.
The significance 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 Web2 model of “compensation by exposure” has been detrimental for artists.
“How we present our work has been largely dictated by the existing platforms, and as the space grows and evolves, it is imperative for us as artists to contribute new solutions and options for how we can better reach our audience while meeting the needs of the artists to showcase their work,” said Scheuttle.
“Content is out in the world, and trying to gate it at this point is seemingly impossible. I want my content to be in as many places as possible, as long as I have ways to compensate myself for its production.”
Artists cannot freely distribute their art through traditional channels to create a fast, direct positive impact.
Blockchain technology, through NFTs, has allowed artists to define their terms, given the nature of transactions occurring in the open that make the space more transparent.
Acknowledging intellectual property
NFTs provide individual pieces of art with a supposed proof of provenance, which is appealing to many artists striving to take back 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 enforcing copyright come from the NFT marketplace. Many online marketplaces trade in NFTs, and the majority of them follow an auction-style scheme with different levels of curation. However, these platforms do very little to protect property rights and usage. In some instances, bad actors have been seen stealing photos and then making NFTs of them.
There is no pragmatic scenario where people aren’t counterfeiting or repurposing others’ content. Both individuals and companies have been using imagery without authorization in the Web2 world without mainstream repercussion — it’s nothing new to digital art.
Rethinking marketing strategies
Anyone with a camera and an internet connection has the same 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 floor prices.
Artists in the ecosystem have to keep their audiences engaged to remain relevant. By allowing people in the space to read the story, hear the words and understand the process, artists establish a vital emotional connection.
Overcoming technological barriers
Artists face the challenging task of transitioning their collections and individual images to 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.
“The most exciting part about NFTs is not having to exchange the purpose of my digital art for print. I think my art looks best on a screen.”
Better onboarding mechanisms will encourage people to start regularly engaging with photography NFTs and redefining what it means to create art. The steep learning curve will flatten with more curated educational content, easing the experience of navigating the marketplace and finding the desired art piece.
Curated platforms are thriving with one-of-one marketplaces. A hybrid approach such as the NFT photobook “Morningstar” by Scheuttle is an innovative way that adds value to the project. He explained that 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 they are just starting to understand the possibilities NFTs have to offer photography.