No matter how one feels about NFTs, it’s hard to deny that they’re having a moment. In the past two years, these pieces of digital art have taken the world by storm, with big names like Beeple and XCOPY making millions in the process.
Now, it seems that everyone wants a piece of the NFT action – including photographers.
Just last year, 1.5 trillion photos were taken globally, and with the rise of NFTs, it’s not hard to see why photographers are looking to get in on the action. Not only can they make a lot of money from their work, but they can also gain a lot of exposure.
So, how does one go about making their first photography NFT?
The Popularity of NFT Photography
Everyone’s a photographer nowadays, thanks to the proliferation of smartphones. In fact, there are now more photographers in the world than ever before.
The US photography market alone is worth approximately $11.5 billion. And with the rise of NFTs, it’s not hard to see why photographers are looking to get in on the action.
What’s more, modern galleries are starting to take notice of NFT photography. Justin Aversano’s Twin Flames series documented 100 sets of twins.
Christie’s, a famous auction house in New York sold all of the photos from the collection as NFTs. Twin Flames #49, “Alyson and Courtney Aliano” was sold for 871 ETH, which at the time amounted to $2.4 million.
To this day, it’s the most expensive photo NFT as well as the fifth most expensive photograph ever sold.
How to Enter the NFT Market
With so much money to be made, it’s no wonder that photographers are looking to get into the NFT market. But where should they start?
Pick a Market
There are a few different places where you can sell your NFTs. The most popular is probably OpenSea, which is the world’s largest NFT marketplace.
Foundation and SuperRare are also an option, both of which focuses on high-quality art. However, these are invite-only platforms, so you’ll need to get in touch with someone who’s already a member.
You also have the option of setting up your own website and marketplace, but this is a lot more work.
Select Your Blockchain
Once you’ve picked a market, you need to select a Blockchain. The most popular option is Ethereum, which is the to more than 80,000 NFT collections. Other popular options include Polygon, Tezons, and Solana.
NFTs are stored on the Blockchain. Each Blockchain has its own crypto tokens that you’ll need to buy in order to create your NFT.
For example, Ethereum uses Ether (ETH), while Solana uses SOL. These tokens can be bought on cryptocurrency exchanges like Coinbase and Binance.
Set Up a Crypto Wallet
A wallet allows you to store your crypto tokens. It’s basically like a bank account, but for cryptocurrencies.
There are a few different options to choose from, but the most popular is MetaMask. This is a browser extension that allows you to store your tokens in a secure way.
Another option is Trust Wallet, which is a mobile app that supports a wide range of cryptocurrencies.
Set a Royalty Fee
One of the most innovative features of Blockchain technology is that many marketplaces out there allow you to set a royalty fee. That means that every time your NFT is sold, you’ll receive a percentage of the sale.
And that’s something you can’t get with traditional photography sales.
For example, if you sell a photo for $400 and set a 5% royalty fee, you’ll receive $20 when you sell it. As the price of the photo goes up, so does your royalty fee.
This is a great way to ensure that you continue to profit from your work long after you’ve sold it.
If you’re a photographer, then there’s no reason not to get into the world of NFTs. Not only can you make a lot of money from your work, but you can also gain a lot of exposure.
So, what are you waiting for? Pick a market, select your Blockchain, set up a wallet, and start selling your photos as NFTs!