According to Forbes, photography as a profession has transformed over the years owing to the new technologies being adopted in the industry. For instance, there’s a huge difference between the present-day Canon EOS R5 camera and Giroux Daguerreotype, the earliest camera.
Consequently, it’s evident that technology has greatly fast-tracked advancements in photography and is expected to influence the industry’s future. With the invention of blockchain technology, non-fungible tokens – commonly referred to as NFTs – have become the trending topic in the photography industry.
The NFTs have unfolded many use cases in photography, so you may be wondering, “Is NFT the future of photography?” This post seeks to evaluate the truth of this matter and help you decide whether or not NFT is the future of photography. But first things first:
What is an NFT?
A non-fungible token refers to data (often videos, photos, GIFs, etc.) stored on a blockchain network. In addition, an NFT is 100% unique and immutable. That explains why selling images as NFTs has gained popularity among photographers. In other words, today, NFTs are used in photography and other art industries to confer the right of ownership onto the buyer.
Current use cases of NFTs in photography
To judge and conclude whether or not NFT is the future of photography, you have to evaluate the current use cases and advancements. These use cases represent the convergence of NFTs and photography.
Currently, the following are the most compelling use cases of NFTs in the photography industry:
1. Photographs are helpful in the Metaverse
The Metaverse is one of the subdivisions of blockchain technology. In simple terms, the Metaverse entails a blockchain-based virtual universe where people can have the opportunity to interact.
It combines AI, virtual reality, blockchain, and augmented reality into one unified space. The play-to-earn (P2E) economy is connecting the world to the Metaverse.
At this point, perhaps you’re wondering how photography becomes relevant?
P2E games comprise characters and settings, almost all of which include celebrities and destinations in real-life. The photos of these celebrities and destinations are minted into NFTs for users to interact in the Metaverse. Consequently, it’s evident that: photography and NFTs will continue to be relevant in the future as long blockchain-based games exist.
2. Communal creation and competent remunerations for photographers
Traditionally, the creator economy is known for the unfair distribution of earnings. Simply put, creators are not always properly reimbursed for their artworks. Fortunately, NFTs are turning around this narrative.
For instance, not long ago, a buyer paid 400 Ether, approximately $1 547 640, for a rock photograph! Another example is Beeple, a digital photograph that a buyer bought for $69 million.
Before these instances, only several photographers were interested in NFTs. However, after seeing the success stories of these transactions, thousands, if not millions, of photographers have flocked to the NFT industry. Some have opted to enroll in an online NFT masterclass to learn about NFTs and leverage their potential to reap financial benefits. As a result of this rush, NFTs are likely to be the future of photography.
At this point, it’s evident that NFTs have played a pivotal role in increasing the remuneration of photographers and their community building.
Is NFT the future of photography? Here’s the final verdict
The difference of opinion regarding whether or not NFTs will be the future of photography isn’t water-tight! You have to consider several factors before coming to a final verdict. Nevertheless, as they say, time will tell.
Photographers ordinarily exchange digital copies of their works via platforms such as Google Drive or Dropbox at the moment. However, in the future, most of these platforms for exchanging digital objects and data will be powered by blockchain technology.
Regarding this, the only way for photography enthusiasts and professional photographers to exchange a digital copy of photos would be by minting and transferring them to crypto wallet addresses. In this way, NFTs will most probably be the future of photography.
On the converse, there is more to blockchain technology besides NFTs. Who knows, a different subdivision of blockchain may emerge in the future, thereby rendering NFTs inconsequential.
Still, it’s more evident that NFTs are likely to be the future of photography than not. Otherwise, it’s upon you to decide the rest for yourself!
Read more interesting articles at Tech Buzz Only