NFT Photography: New Hope for Photographers

NFT Photography

In 2024, NFT photography has firmly established itself as a viable way for photographers to monetize their digital work, with growing adoption across various platforms: photography and NFTs may be closely related from now on. A major example confirms this upcoming evolution for the art market in its link with digital images: the work EVERYDAYS: THE FIRST 5000 DAYS, by digital artist Mike Winkelmann² (aka Beeple) was sold at Christie’s auction for a staggering 69 million dollars ³ ( actually it was paid 42,329,453 Ether⁴, a cryptocurrency we will talk about here).

In this 21,069 by 21,069 pixel image, which would have measured 70×70 in. if printed at 300dpi, Winkelmann combines 5,000 drawings, photographs and digital images, thus constructing the most expensive collage in the history of art, and the most expensive work of art for a living artist. Coincidence or not, Mike Winkelmann has (almost) the same surname as Johann Joachim Winckelmann (1717-1768), a Prussian archaeologist, antiquarian and art historian ⁵, who wrote in his Treatise on the Ability to Feel the Beautiful (1763) that “beauty must be conceived, in order to be understood, in one general idea”, like in a collage.

How many NFTs does your photograph worth?

We admit that Winkelmann’s work cannot be conceived as a real photograph, but it shares with photography the same format: the digital image. However, very recent examples can show that it is quite possible to monetize NFT photography. The boombox project ⁶ by photographer Lyle Owerko, monetized a long series of photographs of “Ghetto blasters” through NFTs. Also, photographer Bryan Minear took 10 minutes to sell 5 landscape photographs for affordable prices, between $200 and $2500⁷.  Finally, the fashion photographer Kate Woodman, put on sale her photograph Always Coca Cola⁸ at a price of 1.25 ETH (Ethers), the equivalent of $2325, on March 4th. 3 days later, and following 15 re-sales, the image had reached a price of 11.9 ETH, in other words the significant amount of $22000.

Thus, monetizing photographs through NFTs is quite likely today, photography and NFTs seem to get along together. In order to understand how to monetize photographs, we must first clarify certain issues: the blockchain, the NFTs (Non-fungible Tokens) and the Smart Contracts.

What is the blockchain?

The blockchain is a computer system for storing and sharing data. It is absolutely transparent and completely secure. The blockchain works on a decentralized structure, all the elements of the network assuring the control, instead of a central organ. The blockchain is the material and computational foundation of decentralized finance, the Bitcoin being the most famous expression of it.

If historically the generation and distribution of bitcoins has been the main purpose of the blockchain, today its uses are multiplying. Indeed, companies and governments are considering taking advantage of the authentication and sharing possibilities offered by the blockchain. The art market has found, with NFTs, the means to give a new type of authenticity and scarcity to digital works. And with the scarcity, new possibilities of monetization for digital art, including photography.

Examples of blockchains

Perhaps the most important blockchain is Bitcoin⁹. It was created in 2008 by Satoshi Nakamoto, a mysterious person who has never appeared in public and remains hidden without anyone being able to find him. Another example of an important blockchain is Ethereum¹⁰, which operated under a cryptocurrency called Ether (remember, the cryptocurrency used to buy Mike Winkelmann’s collage).

In 2017, a study conducted by the University of Cambridge estimated that there were between 2.9 and 5.9 million single users using cryptocurrencies on blockchain¹¹.

Non-Fungible Tokens (NFTs)

Bitcoins and Ethers can be exchanged with each other, they are associated with an amount of algorithmic “work” performed by computer miners all over the world. These algorithmic operations, which generate Bitcoins and Ethers (ETH), ensure the scarcity of the cryptocurrency and also involve a tremendous use of electrical energy (but that’s another topic…).

We said that Bitcoins, like Ethers, are interchangeable, like the currency we know: a dollar is a dollar, and all dollars are the same. It is therefore said that Bitcoins and Ethers, like dollars, are fungible: “easy to exchange” ¹².

This is not the case with NFTs, or Non-fungible Tokens, which cannot be exchanged between each other: each NFT is unique. Therefore, the idea of associating NFTs with works of art, such as music songs, drawings and photographs, was born. This raises the question: Are NFTs the way for digital artworks to recover their “aura”, which was lost with the technical reproducibility of images? It is still early to say whether the famous thesis¹³of the brilliant Walter Benjamin will be finally refuted by the introduction of NFTs…

NFT Photography, on the field

A photographer can associate one or more NFTs with a photograph, and then sell these NFTs. In doing so, the artist does not lose the intellectual rights to the work¹⁴. Phantasma¹⁵ is a blockchain network where NFTs are associated with works of art, in a system that focuses on video elements, digital drawing and smartphone applications. The Bitski network¹⁶, which looks closer to photography, has been the support of the successful experience of the photographer Bryan Minear¹⁷, which we mentioned above.

Smart contracts

The monetization of NFT photography is really interesting for photographers because of the existence of smart contracts. What is a smart contract and how it affects NFT Photography? The concept of smart contract was first theorized by Nick Szabo in 1994, in a scientific paper simply entitled “Smart contracts”. Today, the Ethereum blockchain is the most widely used to deploy smart contracts.

Characteristics of smart contracts

A smart contract is an agreement between multiple parties in the form of computer code.

These smart contracts are distributed and stored in a blockchain and cannot be modified. Smart contracts allow transactions to occur automatically without the need for a third party, thus not depending on anyone. Automated transactions occur when one or more conditions of the contract are met.

Why are smart contracts of particular interest to artists and photographers? Well, it is through smart contracts that photographers can earn (automatically) a commission every time their photograph (associated with NFTs) is resold. In this, the crypto art market is much more advantageous than the traditional art market, which has seen works of art become extremely expensive while the artists who produced them could not afford to feed themselves every day…

How to sell your photographs with NFTs?

Register in a blockchain and acquire NFTs for your Photography

Users have confirmed this possibility in the Ethereum blockchain¹⁸. It should be noted, however, that in the example shown, the 5 copies associated with the photograph of a tree hiding the sun, 1400×1400 pixel images, did not receive a single offer after 9 months of being created… This indicates that it is not so simple to sell photographs in the crypto art market.

Another blockchain says it has potential for photographers wanting to associate NFTs with their photographs. This is the Phantasma blockchain¹⁵, whose features and potential are well highlighted in a reddit blog exchange¹⁹.

According to this reddit conversation, the Phantasma blockchain would be much cheaper than Ethereum, offering photographers the possibility of acquiring NFTs by 40 cents a unit, a price that can be reduced when buying large quantities. For example, one pays 8 cents a dollar for each NFT when buying a hundred. These are “Smart NFTs”, which also include the smart contract, ensuring the commission to eternity for the photographer during the successive transactions of the photograph in the crypto market of art.

Choosing your wallet

One point that requires special attention is to choose the right wallet in connection with the blockchain. It is very important that you are the only one who has access to your wallet, for obvious security reasons. Each blockchain platform will offer you wallet solutions according to your needs. For example, in Ethereum, some wallets²⁰ allow you to buy NFTs with your credit card, while other wallets connect directly to your bank account. Some wallets require you to download dedicated software, while other wallets work online. It is important to understand that crypto markets are the territory of hackers, so security should be a major concern.

Offering your images in crypto markets

Blockchains that support NFTs are often associated with market places that serve to promote and trade photographs. For example, a photograph authenticated by NFTs in Ethereum can be presented and sold in the Opensea NFT marketplace²¹, which claims to be the largest marketplace for NFTs. Photographs associated with NFTs in Phantasma will be able to sell in the NFTs Ghostmarket²².

Other marketplaces are available, most of them working with an Ethereum wallet. The marketplace SuperRare²³ is curated, and it may be interesting if you are a photographer with a significant record of exhibitions and prizes. Some other markets like Rarible (and also OpenSea actually) are not curated: anyone can upload pictures there. For not curated marketplaces there will be the risk of seeing your photograph lost among the many images available in the platform. Then, you will need intensive marketing activity (trough social networks for example). Also, you can think of running a virtual or even a real exhibition in order to promote your work, as this article suggests.

NFT Photography, a promising art market

We can’t provide a “ready-made” method for photographers to make money by selling their photographs with NFTs. This article presents however several possible ways, all of them demonstrated by very recent examples of sold photographs: NFT Photography look enormously promising today. But it would not be wise to pronounce in the favour of any specific provider of blockchain and/or crypto market. This research allows at least to identify in a general way the steps to follow: choose your blockchain (Ethereum ? Phantasma ?), choose your wallet carefully, and choose a crypto market for your art. The remaining choices to be made are those that photographers make every time they put their prints up for sale: price of each print, number of prints for each image.

However, if Photography and NFTs proves to be a way for photographers to easily sell their best photographs, then we have the right to see the future with optimism. Indeed, this would be the end of expensive commissions for galleries, and assured revenues for photographers during all transactions of resale of their images.

How NFT Photography is doing in 2024?

In 2024, NFT photography is experiencing a significant evolution, with several key trends and developments:

1. Experimental Photography: There’s a surge in experimental photography in the NFT space. Artists are using unconventional processes or materials to create photo-based artworks, which aligns with the innovative nature of NFTs.
2. Integration of Analog and Digital: With the rise of digital technologies, there’s a resurgence in analog experimentation and traditional photography. Artists are using blockchain to preserve and archive analog works, creating a blend of the old and the new.
3. Ownership and Provenance: NFTs are addressing issues of plagiarism and unauthorized use of photographers’ work. By minting their photos as NFTs, photographers can establish the provenance and immutability of their work, allowing them to earn a living and explore their artistry on their terms.
4. Variety of NFT Types: There are various kinds of photography NFTs that artists create and collectors can buy, including collections, 1/1 NFTs, open editions, and limited editions. This variety provides a range of options for both artists and collectors.
5. Platforms for Photography NFTs: Platforms dedicated to photography NFTs, such as Quantum Art and Ephimera, are gaining popularity. However, photography NFTs can also be found on general NFT marketplaces like OpenSea, Rarible, KnownOrigin, SuperRare, MakersPlace, Foundation, and Nifty Gateway.
6. Artists Driving Web3 Photography Forward: Several photographers are making a significant impact in the NFT ecosystem. These include Justin Aversano, Cath Simard, and Drift. Other notable photographers include Dave Krugman, Mario Testino, Reza Deghati, and those involved in the Getty Images x Candy and AFP x laCollection collaborations.
7. Sociopolitical Influence: The sociopolitical climate continues to inform artists’ practices, with a rise in more provocative art that critiques religion and systemic oppression.
8. Rethinking Ownership: Artists are rethinking notions of ownership, land, and the body in relation to futurity. Video games are being used as a medium to explore these themes.

These trends are subject to change as the NFT and photography industries continue to evolve.

NFT Photography Curated Videos

Faizal Westcott, a bad experience about NFT Photography

In this video the freelance photographer Faizal Westcott shares a rather negative experience with NFT Photography. In order to upload one image in Ethereum, he had to pay a fee of 40 dollars (it was a kind of variable service fee within Ethereum).

According to Faizal, Ethereum takes also a 1.5% fee for every future transaction concerning each photography. After uploading it, Faizal’s image got lost among the many photographs available on the crypto market Opensea, and he could not find any buyer.

This experience shows that selling photography through NFTs is not an easy task, there may be necessary intensive marketing to actually get the interest of collectors. Even though Faizal has many interesting images in his website http://www.faizalwestcott.com/ , is important to notice that he doesn’t have any artistic record as a photographer (exhibitions, prices, publications…)

A Rarible tutorial

In this video Stefan Malloch starts with a general and enthusiastic introduction about NFT Photography. Then he jumps into creating a digital asset in the platform Rarible.com²⁴, which the video seems to promote. Then he explains how to parameter the digital assets in Rarible.com.

Another Rarible tutorial…

In this video, 3D Gladiator explains in a very detailed way how to create a NFTs, also in the platform Rarible.com. His photograph is actually a screen capture of one of his 3D models. Watch it if you are interested in the details within Rarible.

Logan Bannatyne, the most relevant for NFT Photography

Logan Bannatyne explains in a funny way what fungible means. He makes the point in explaining why people may want to buy an NFTs for a photograph instead of just getting the digital file from Internet for free. He gives a very interesting historical references of scarcity management in photography: destruction of negatives after the printing of a limited number of prints for an image, for example. Logan explored the maketplaces SuperRare²³, Rarible, OpenSea and Niftygateway²⁵. While many marketplaces are curated (like SuperRare), Rarible and OpenSea are not, according to Bannatyne, anyone can upload anything here, and that is what he did, again in Rarible…. But Logan did not uploaded a still image but a cinemagraph²⁶. Definitely take a look!

NFT Photography: traditional market vs. crypto market

Taylor Jackson explains why NFTs is interesting for photographers, comparing the crypto market of art with the traditional market. Worth a look.

NFT 101 for Photographers: A video series by Lindsay Adler

Lindsay is presenting a comprehensive guide/tutorial distributed in three videos, specially conceived for photographers thinking about the possibility of selling photographs through NFTs. The first video explains the basics (NFTs, Blockchain, Copyright issues, etc), the second video shows how to mint your first NFT in www.coinbase.com by setting up a wallet in https://metamask.io and the third and last video is about the best practices (optimize your artistic profile, marketing yourself, etc). Definitely a must!

Curated links about NFT Photography

Virtual vs. Real exhibition of photography associated to NFTs

This is a very interesting article for photographers thinking about selling their photographs by means of Non-Fungible Tokens. The user “besancia”, in the site nonfungible.com, analysed two scenarii: a virtual exhibition vs. a real exhibition. He works with an Ethereum wallet by Metamask|²⁷. The cryptocurrency will then be the Ether (ETH). Then he suggest using Opensea for decentralization and interoperability. And very important, according to this article Opensea would allow creating NFTs for free.

When it comes to the virtual exhibition scenario, besancia suggest working with Decentraland²⁸ or CryptoVoxels²⁹, specialised services allowing the users to create and own virtual spaces. Note that fees may apply, as the user has first to buy some “virtual land”…

NFT Photography: Recent news

Zoe Roth Photo Meme became NFT

Zoe Roth was photographed by her father in front of a burning house near her home, in 2005 at the age of 4. The girl malicious smile quickly made the rounds of the Internet, to the point of becoming one of the most famous memes in the world. Aware of her fame, the 21-year-old girl decided to auction her meme as NFT. In only 24 hours, Zoe Ruth won 180 ETH, which is the equivalent of more than 500000 € according to the current price.

https://www.bbc.com/news/world-us-canada-56948514

http://mediahub.unc.edu/how-much-money-is-a-16-year-old-home-photo-worth-a-lot/

Stolen photograph sold as NFT

Cath Simard, a Canadian photographer and Sony ambassador took the wonderful picture here below at a road in the Hawaiian island of Oahu:

View this post on Instagram

Une publication partagée par C A T H S I M A R D (@cathsimard)

Tired about his picture being “stolen” by thousend of internet users all around the globe, without any credits to him, Cath Simard decided to sell the image as an NFT. The result? He could sell it by the huge amount of $300,000!!! This shows that the NFT’s photography market is well alive and goes on growing!

NFT Photography: Disclaimer

This article discusses the possibility of selling photographs using NFTs (Non-fungible Tokens). It does not try to be comprehensive, on the contrary, it is proposed as a beginning of investigation intended to become collaborative: do not hesitate to complete or correct this information with your comments!

This article has an associated web-story, check it out!

Bibliography

Blais, Martin, and Joseph R. Davis. “The Non-Fungible Token (NFT) Art Boom: Challenges and Opportunities for Digital Creatives.” Journal of Business Research, vol. 137, 2021, pp. 44-59.

Burton, Eric. “NFTs and the Future of Digital Art.” Artsy, 2021, https://www.artsy.net/article/artsy-editorial-nfts-future-digital-art.

Cheng, Evelyn. “How Digital Art is Being Sold for Millions.” CNBC, 2021, https://www.cnbc.com/2021/03/09/how-digital-art-is-being-sold-for-millions.html.

Chua, Lynnette. “NFT Photography: A New Avenue for Creatives and Collectors.” Digital Camera World, 2021, https://www.digitalcameraworld.com/features/nft-photography-a-new-avenue-for-creatives-and-collectors.

Dury, Gemma. “What is an NFT? How Blockchain Technology is Transforming the Art World.” The Conversation, 2021, https://theconversation.com/what-is-an-nft-how-blockchain-technology-is-transforming-the-art-world-157027.

Giannini, Tommaso. “The Economics of NFT Photography: Dissecting the First Photographic NFT Sale.” Medium, 2021, https://tommasogiannini.medium.com/the-economics-of-nft-photography-dissecting-the-first-photographic-nft-sale-69ca9c55af1.

Grullón, Diego. “NFTs and Photography: A New Era for Digital Art Collectors.” Fstoppers, 2021, https://fstoppers.com/originals/nfts-and-photography-new-era-digital-art-collectors-556346.

Herschthal, Eric. “How NFTs Could Change the Art Market Forever.” Art News, 2021, https://www.artnews.com/art-news/artists/nft-art-market-blockchain-1234588516/.

Kalen, Christopher. “The Future of Photography and NFTs.” Fstoppers, 2021, https://fstoppers.com/originals/future-photography-and-nfts-554304.

Squire, Chloe. “Photography Goes Blockchain: The Rise of NFTs.” British Journal of Photography, 2021, https://www.bjp-online.com/2021/03/photography-goes-blockchain-the-rise-of-nfts/.

References

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