What is an NFT Photo?

Non Fungible Tokens (NFTs) are digital assets that come in the form of music, art, collectible, and in-game items. These are often traded online using cryptocurrencies encoded with smart contracts on blockchains. In recent years the Non Fungible Token market has been experiencing record sales and disrupting the art world with many digital artists making a name for themselves. Besides digital art NFTs offer photographers and creatives an additional medium to ply their trade and generate revenues. In addition to these, they offer guaranteed payments on each 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 tokenized photographs. NFTs are digital files stored and exchanged on a blockchain which is a digital ledger that certifies a digital file to be unique and not interchangeable. These make photography NFTs highly sought after due to their exclusivity and that no two people can now the same NFT.

NFTs are quickly rising in popularity resulting in artists turning their photographic works into tokens, generating a great deal of visibility on digital marketplaces. As more and more people start to purchase NFTs they will help create a unique marketplace for photo NFTs similar to real-world auction houses and galleries, providing creators with the recognition and monetary rewards they deserve.

Why You Should Create Your Own NFT Photography

The NFT world s is booming, if you are a photographer be it a nature photographer or an amateur, and can capture some great pictures you should consider creating your NFTs. Some of the perks that come with being an NFT photographer include:

Create experiences for your fans: NFT photos are limited editions of your photographs guaranteeing buyers sole NFT ownership and memorabilia. They have a high 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 lower costs. Creating NFTS requires relatively little investment and does not require a complex process putting you on an almost equal footing with other photographers.

Build your following and brand: Through creating your own unique NFT photographs you can capture the attention of fans and build a strong following and brand spanning the globe.

Generate revenues without middlemen: NFTs photography lets you engage directly with buyers, and earn 100% of the proceeds of your work without the need to go through a third party- meaning 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 simply following these simple steps you can go about creating your first NFT.

1. Select a photo to convert into an NFT: To start you will need to select a particular picture that you want to turn into an NFT you will also need to make sure that you don’t have any problems with copyright and have the exclusive rights to the digital image.

2. Choose an NFT marketplace: To convert your photo into an NFT you will need to mint into an NFT this is where an NFT marketplace comes. There are lots of NFT marketplaces to choose from. Each NFT marketplace has its pros and cons for sellers, so make sure you do your research before making a choice.

3. Set up a crypto wallet: You will then need to create a digital wallet where you’ll store your cryptocurrencies and NFTs. The wallet you select must be compatible with the blockchain technology and NFT marketplace you intend to use for minting your NFT photos.

4. Buy cryptocurrency through an exchange: After creating a wallet, you will need to buy some cryptocurrency so you can pay the gas fees to mint your NFTs.

5. Connect your wallet to the NFT platform and start minting:  After adding funds to your wallet, you’ll need to connect it to the NFT platform you’ll use to create your NFT.

6. Upload your NFT file to a listing: Once you have converted your digital assets into NFTs you can then list them up for sale on the several available NFT marketplaces.

For more insights check out our article How to make an NFT.

Benefits of Buying and Selling NFT Photos

Like NFT art, NFT photos are making a dent in the NFT market. There are lots of benefits that come from selling and buying NFT photos. Besides entering the digital economy you open your works to digitally savvy demographics other benefits include:

Offer Sentiment value: NFT photos come with 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 significant to them.

Desire to own an entire collection: some buyers want to own an entire set of variations of a particular collection and are willing to pay any price for it. The rarer the collection, the stronger the urge to acquire an entire collection.

They boost engagement:  NFTs besides being more than a collectible or piece of art can be used by businesses to boost brands recognition and connect better with customers. Businesses can use them as part of their merchandising and offer them as memorabilia.

Offer potential for additional revenues: because NFTs are driven by their scarcity, creators can sell these exclusive as limited-edition assets that they can sell for a profit.

For more insights into NFT trading check out our articles on how to buy an NFT and how to sell 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 stimulus 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 below are some of our top picks of photo NFT marketplaces:

1. OpenSea

OpenSea is an NFT marketplace that allows users to purchase, sell, and trade non-fungible tokens via its website. Considered the best NFT marketplace it lets users You can 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 to sell a large format. It takes 2.5% on every transaction as a seller fee. It supports several wallets that include MetaMask, Coinbase Wallet, WalletConnect compatible wallets, Bitski, and Trust Wallet while also supporting Ethereum, Polygon, and Klaytn blockchains.

 2. Rarible

Rarible is an NFT marketplace that has 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 customizable and supports digital wallets such as MetaMask, Torus, Mobile Wallet, Portis, Coinbase, MyEtherWallet, and Fortmatic.

 3. Nifty Gateway

Nifty Gateway is an NFT custodial platform where NFTs on its platform are stored in a secured wallet, powered by Gemini’s custody technology. It charges a 5% seller fee and artists on the platform will get 10% in royalties if there is any secondary sale of their NFTs. Besides supporting and running on the Ethereum blockchain it also supports the MetaMask wallet.

 4. Foundation

Foundation is a creator-focused NFT marketplace that uses the Ethereum blockchain. Here creators are invited to join Foundation by members of the community and are also required to set up a wallet with Ethereum for them to sell their NFT photos. Foundation will take a fee of 5% of the sale price of NFTs and when NFTs are resold on the secondary market, a 10% royalty goes to the creators in the form of royalties.

5. SuperRare

SuperRare is a peer-to-peer NFT marketplace where transactions are made using Ether, the native cryptocurrency to the Ethereum network. It charges a 15 % sales fee and a 10% royalty fee. This marketplace supports MetaMask, Fortmatic, and WalletConnect compatible wallets.

Photography NFT Vs. NFT Digital Art

The NFT space is constantly growing and expanding incorporating all forms of digital work. NFT photography entails photos taken and converted into tokenized digital assets and could include stock photography and other forms of photography while NFT digital artwork encompasses other forms of art including GIFs, video, illustrations, digital painting, and more.

Image: Depositphotos

This article, "What is an NFT Photo?" was first published on Small Business Trends