5 steps to take your first NFT photograph
Transforming digital photos into NFTs on the blockchain may be the future of photography, and here’s how to get started
(Image credit: © gremlin/E+ via Getty Images)
In their simplest form, Non-Fungible Tokens, or NFTs, are digital assets, such as photos, artwork, or even music clips. The NFTs have a limited edition character, either unique or a batch of a few copies. They function similarly to limited edition physical prints in that part of their value comes from their rarity.
Another aspect of their value comes from how they work: NFTs are stored on the blockchain (a system that records all transactions made in cryptocurrency), so there is a digital record showing where any asset came from. This means that they can be traced back to the original owner or creator.
Although the NFT market is currently dominated by graphic design and digital avatars such as The Bored Ape Yacht Club and CryptoPunks, it is a new and growing area and an untapped market, so there are great opportunities for photographers and videographers. early adopters.
Below, we look at the five things to keep in mind when converting your images to NFTs and putting them on the blockchain.
Image Credit: OpenSea
There are a plethora of websites where you can buy and sell NFTs, including some of the more popular ones like Opensea.io, Rarible.com, Crypto.com, Enjin, Binance, and Forge. There are also several more exclusive sites, such as SuperRare and Foundation, but only by invitation.
To buy NFTs, you will need a cryptocurrency wallet to store them. You will also have to pay gas fees when minting them: these cover the cost of the energy used to process the transaction on the blockchain of your choice, such as Ethereum. Rates change depending on the time of day, but on some sites you can set the buyer to pay.
(Image credit: Rarible)
Choose your blockchain
NFTs are stored on the blockchain, although there are a whole series of
different blockchains where you can buy, sell, trade and mint your NFTs. Some of the most popular blockchains for NFTs are Ethereum, Polygon, Tezos, Binance Smart Chain, and Solana. Each of them uses their own cryptocurrency tokens that you will have to buy, either through your digital wallet or on an exchange like Coinbase, and then transfer them to your wallet. This will sync with web 3.0 sites through your crypto wallet plugin (such as Metamask) in your internet browser.
(Image credit: Rainbow Wallet)
Set up your cryptocurrency wallet
To use web 3.0 sites like Opensea.io or Rarible.com, you will need a cryptocurrency wallet. If you don’t already have one, you’ll need to install your preferred wallet plugin, such as Metamask, Coinbase Wallet, or Rainbow Wallet, in your internet browser. This is where you will store your cryptocurrency (eg Ethereum) to buy NFTs or pay gas fees when you mint. Your NFTs are also linked and stored in your wallet, so make sure you keep your password and passphrase safe, don’t store it online or share it.
(Image credit: OpenSea)
Set copyright fee
One of the innovative features of this new technology is that many markets allow you to add a rights fee to your NFT smart contract. This means that every time your image is sold, you get a percentage of the sale, something you don’t get with traditional media like paintings, where you only benefit from the original sale. This means that if NFTs become highly valued in the next few years, you will still receive royalty (if you set it). We recommend setting a royalty of around five percent; setting it too high will hinder your ability to sell and trade.
(Image credit: OpenSea)
Bundle images with a fee
NFTs work well as a collection, so why not try repeating this success with a set of your photos?
NFTs work well as a collection. Currently, some of the most successful projects are collections of up to 10,000 different assets, such as graphic designs with a similar theme and style. Why not replicate this success with a set of your photographs? Try putting together a batch of images that have a similar theme to make a collection of your photos, whether it’s a specific project or genre, or a library of sky images. Why not try collecting images with a similar theme, like sunsets? It is worth looking at other photography collections to see what is already selling on the market and also to get an idea of what kind of price you should aim to sell your images for.
Less than a decade old, NFTs are still in their infancy and digital photography in the NFT space has yet to reach its full potential. The blockchain technology behind NFTs is likely to be the future of digital assets, including art, photos, and even music, so it pays to learn the basics now and get ahead of the curve.