A Guide to Non-Fungible Tokens
Non-fungible tokens (NFT) are a new-age revolution for creators of art, illustrations, music, poetry and of course, photography (like me). A new door has been opened up to showcase our work to a new, interested audience of art collectors who are crypto-savvy and looking for exclusive pieces of work to invest in. NFT is also granting creators more ways to secure copyright over their work and track ownership.
I aim to explain a lot of uncertainties around NFT and cryptocurrency on this page, but please feel free to ask me anything if you’ve got a question. Email email@example.com or fill out an online form.
What the Heck is Non Fungible Tokens?
An Non-Fungible Token (NFT) is a digital piece of art/photography that’s available for anyone in the world to buy online using a cryptocurrency. Every piece of art or photograph comes with a smart contract (piece of complex code) that outlines who the owner is, who retains copyright (always the creator), what the selling price is and how much in royalties the creator will receive if the piece of work is sold on to another collector.
All of this is done easily and within various NFT marketplaces that support the selling of non-fungible tokens and that are built on the blockchain system, which allows for payment to be made in cryptocurrency.
NFT Marketplaces and Currencies
Ethereum and Solana are the top two currencies collectors are using to make payments for NFTs in 2022. So, for anyone wishing to buy an Abandoned World Photography NFT exclusive image, you will need to buy Ethereum or Solana from a crypto exchange such a Binance, Crypto.com or FTX, and set up a crypto wallet.
The marketplaces I am planning on selling my timeless urbex photography collections on include OpenSea (Ethereum is required to buy) and Exchange.Art (Solana is required to buy).
How Does the Buying and Selling of NFT Work?
Firstly, the artist/creator chooses an NFT marketplace to sell their work on, and of course, a cryptocurrency that they would like to receive as payment for their NFT.
When a collector buys a piece of work from a marketplace they are now the new owner. And with this new ownership, comes rights that are set out in the NFT smart contract.
The owner can now use the piece of art, drawing, photograph etc. for commercial purposes, alter its appearance, and if they want, they can resell it. But the copyright remains with the creator, who at all times is publicly listed as the NFT creator on the marketplace and in the Etherspace.
This way, the creator maintains track of their piece of work and is always aware of who owns it.
What I Love Most About NFT
The reason why I like NFT so much and am involving Abandoned World Photography in the NFT world is because I’ve always loved sharing my photos. But I’m aware that anyone has the ability to download my images and say they’re are theirs. As of now, I have no idea who has my photographs downloaded on their laptops or what they’re using them for.
Furthermore, I’ve often come across photography or media websites using my photographs without my permission. This general uncertainty leads to creators (including me) not wanting to reveal their work for fear of losing their copyright and credibility.
NFT offers up a solution to this problem.
NFT Ownership and Copyright
The buying and selling of NFT gives creators the freedom to share and sell their work online, receive a cryptocurrency income, and keep track of who has possession of the work of art.
For the first time, there is a difference between ownership and copyright. When someone buys an NFT such as an Abandoned World Photography NFT, they are the new owner of that photograph. But I’m listed as the creator and copyright at all times.
Every NFT comes with its own page which clearly shows how much I (the creator) sold the NFT for initially, and to who (you see the buyer’s wallet address). Only one person can own the photograph as one time and if I ever wanted to check who owned it, I can visit the NFT page and look at the transaction history.
NFT and Financial Transparency
If the NFT is sold to someone else by its new owner, I can check the NFT page and again, see who purchased the photograph and for how much. So, NFT is not only solidifying copyright but also financial transparency which is completely lacking in the physical banking world. This financial transparency is a huge law of attraction for the crypto world in general, as well as the fact there is no need for a middleman anymore.
In the crypto world, we make and track transactions that are displayed online for the world to see. No one can hide what’s in their bank accounts or how much they’re paid for a coin, NFT, token etc.
What Happens When NFT are Re-Sold?
When an NFT is sold to another collector, I (the creator) receive royalties, which is a pre-agreed price between me and you (the collector). All of these fees and fine details are outlined clearly in what’s called a “smart contract”, which the collector reviews before transferring me crypto in exchange for their ownership rights.
I personally love what NFT stands for and have already started creating Abandoned World Photography collections of my top photographs. Using a mixture of analytical platforms such as SEMRush and Google Analytics, I am allowing my website visitors to decide what collections I create and which abandoned buildings get put on the blockchain.
How to Buy Urbex NFT Photographs
If you are a crypto-savvy NFT photography collector with a taste for timeless exclusives, I urge you to keep track of my social media pages for updates on my NFT marketplace drops (NFT photography collection release dates).
I will be creating 1:1 collections available on a variety of marketplaces, including OpenSea, Exhange.Art, SuperRare and hopefully Foundation (if I get an invite :P). Each marketplace will feature difference images and collections to suit the audiences and visitors of the respective websites.
The first collection I releasing is called “Urbex in Colour” which is going to published on OpenSea Marketplace on 17th March 2022 at 2pm Perth, Australia time. Fun fact, I’m Irish and my birthday is on 17th March which happens to the nation’s biggest group session of the year, St. Patrick’s Day!