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Few modern technologies have had the impact and influence of blockchain. The tech has given rise to things like cryptocurrencies and NFTs and has transformed a range of different businesses and industries.

The idea of blockchain and NFTs often conjures up images of day traders examining charts and following the Bitcoin price USD with keen eyes. In reality, these technologies are now being used by various professionals across many sectors, including photographers and many other visual artists. Let’s take a look in more detail.

Blockchain and NFTs: What are they?

It wasn’t all that long ago that nobody had heard of blockchain or NFTs but now they are essentially household terms. Even people who don’t fully understand them will have heard about them before, and we’re seeing an increasing number of people taking an interest in these exciting tech developments.

Let’s take blockchain first of all, as this is the platform upon which things like NFTs exist. The best way to think about blockchain is to imagine it as a kind of digital ledger where transactions can be processed and recorded. The key difference that separates blockchain from your standard digital ledger is that all transactions are secured using cryptography, making them incredibly secure to use. Another key feature is that blockchains are publicly accessible. This makes them highly resistant to fraudulent activity. 

NFTs, which stand for non-fungible tokens, are blockchain digital assets. Crucially, these assets are unique, which can make them incredibly valuable. A perfect example of just how valuable NFTs can be is a work by the artist Beeple, which sold for $69.3 million.

How are photographers using blockchain?

There’s no doubt that the rise of digital technology has made things much easier for photographers. Limitless images can now be stored and artists are no longer bound by the physical restraints of film. What’s more, the internet means images can be shared and sent around the world in seconds.

One of the downsides to this is that digital photos can be replicated easily. How can a photographer expect to make a living if the products they share can be duplicated with the click of a button? The answer is through the use of blockchain technology. By storing images on a blockchain network, photographers can give each a stamp of authenticity to ensure they are not being replicated, distributed, used, or sold without their express permission.

Another key feature available on blockchain platforms is the smart contract. These self-executing code-based contracts are being adopted widely across the business world. Smart contracts can be utilized by photographers to ensure they are receiving royalties whenever their work is used. Crucially, smart contracts allow for the automation of this process, which makes them an invaluable time-saving device.

What about NFTs?

Of course, it isn’t just blockchain technology that artists are using to monetize their work. NFTs are perfect for visual artists like photographers and are quickly becoming an incredibly popular option for photographers looking to safeguard and profit from their digital assets.

Of course, NFTs don’t only offer a means through which photographers can safeguard and authenticate their work. They also serve as a vehicle for sale, making it easier for photographers to sell or even trade their images. This is done through dedicated NFT marketplaces, which are built and exist upon blockchain networks.

There are several different NFT marketplaces available, each of which offers its particular features. Photographers should take the time to explore each option in detail before deciding which platform they want to use to sell and trade their digital assets.

What does this mean for the future of the art world?

The arrival of NFTs has changed the game for photographers. Now, these artists can authenticate and protect their work, minting images as unique NFTs, securing them on the blockchain, and selling them on NFT marketplaces. Of course, this route isn’t only available to photographers. All artists can benefit from the power of blockchain and NFTs, including traditional painters other visual artists, and even sound artists and musicians.

Managing royalties and payments has long been an issue for artists of all kinds, photographers being no exception. Through the use of blockchain-powered smart contracts, artists can ensure they are getting paid for their work whenever and wherever it is used.

Another benefit that artists can enjoy as a result of using blockchain and NFT technology is that they make it easier to set up an online community. Purchasing a photographer’s NFTs can give buyers access to exclusive content, such as additional images or even classes and workshops.

Blockchain and NFTs aren’t just for tech professionals. These technologies have a wide range of potential uses across multiple sectors, and they are rapidly transforming the art world. As the technology continues to develop, we can expect to see them used even more widely by artists of all kinds. Photographers in particular can benefit in numerous ways from the use of blockchain and NFT tech. They can be used to safeguard images, monetize content, and build online communities.