{"id":67805,"date":"2021-03-11T10:57:49","date_gmt":"2021-03-11T15:57:49","guid":{"rendered":"https:\/\/www.adorama.com\/alc\/?p=67805"},"modified":"2021-03-16T16:32:02","modified_gmt":"2021-03-16T20:32:02","slug":"nft-101-for-photographers-part-1-the-essentials-with-lindsay-adler","status":"publish","type":"post","link":"https:\/\/www.adorama.com\/alc\/nft-101-for-photographers-part-1-the-essentials-with-lindsay-adler\/","title":{"rendered":"NFT 101 for Photographers Part 1: The Essentials, with Lindsay Adler"},"content":{"rendered":"<p>NFTs, aka Non-Fungible Tokens. If you haven\u2019t heard, this term is <em>taking over <\/em>the internet and the art, tech and photography worlds right now. Many artists are thrilled because this technology provides a way to sell their imagery as limited-edition digital art. Today, I&#8217;ll decode the world of NFTs for you, including what NFTs are and what they mean for photographers.<\/p>\n<p>If you <em>have<\/em> heard of NFTs before it&#8217;s probably because some artists are making literally millions from this new form of art sale. I personally know photographers who have sold a single digital piece for more than $20,000, so of course there is a lot of energy around this topic right now! Speaking personally, I\u2019m beyond excited and that\u2019s why I want to share what I&#8217;ve learned with my photo community.<\/p>\n<p>As I mentioned, NFT stands for non-fungible token. Non-fungible basically means that something is unique and can\u2019t be replaced with something else. As we all know a digital image can be copied and screenshotted, shared, and duplicated endlessly. This is where NFTs save the day. They allow you to create something that can\u2019t be duplicated: the ownership of the artwork! Think of it as a digital fingerprint, or signature, or certificate of authenticity for your photo. In short, NFTs allow you to create limited editions of your digital work, all while you retain the copyright.<\/p>\n<p>There is a lot more to unpack here so I want to start at the very beginning, and let me be clear: I am definitely going to oversimplify some concepts since it can be rather in-depth and overwhelming.<\/p>\n<p>Want to nerd out and dive deep down the NFT rabbit hole? There is a wealth of resources out there to help you understand blockchain, cryptocurrency, and NFT standards more. If you are new to this, I think it just makes it all the more confusing and overwhelming, so let\u2019s keep it simple, shall we?<\/p>\n<div class=\"iframe-container\"><div class=\"lyte-wrapper\" title=\"NFT 101 for Photographers: Part 1\" style=\"width:1280px;max-width:100%;margin:5px;\"><div class=\"lyMe hidef\" id=\"WYL_q-tH8NaAx9w\" itemprop=\"video\" itemscope itemtype=\"https:\/\/schema.org\/VideoObject\"><div><meta itemprop=\"thumbnailUrl\" content=\"https:\/\/i.ytimg.com\/vi\/q-tH8NaAx9w\/maxresdefault.jpg\" \/><meta itemprop=\"embedURL\" content=\"https:\/\/www.youtube.com\/embed\/q-tH8NaAx9w\" \/><meta itemprop=\"duration\" content=\"PT14M32S\" \/><meta itemprop=\"uploadDate\" content=\"2021-03-16T20:00:22Z\" \/><\/div><div id=\"lyte_q-tH8NaAx9w\" data-src=\"https:\/\/i.ytimg.com\/vi\/q-tH8NaAx9w\/maxresdefault.jpg\" class=\"pL\"><div class=\"tC\"><div class=\"tT\" itemprop=\"name\">NFT 101 for Photographers: Part 1<\/div><\/div><div class=\"play\"><\/div><div class=\"ctrl\"><div class=\"Lctrl\"><\/div><div class=\"Rctrl\"><\/div><\/div><\/div><noscript><a href=\"https:\/\/youtu.be\/q-tH8NaAx9w\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/i.ytimg.com\/vi\/q-tH8NaAx9w\/0.jpg\" alt=\"NFT 101 for Photographers: Part 1\" width=\"1280\" height=\"700\" \/><br \/>Watch this video on YouTube<\/a><\/noscript><meta itemprop=\"description\" content=\"NFTs, aka Non-Fungible Tokens. If you haven\u2019t heard, this term is taking over the internet and the art, tech, and photography worlds right now. Many artists are thrilled because this technology allows them a way to sell their imagery as limited edition digital art. Non-fungible basically means that something is unique and can\u2019t be replaced with something else. As we all know a digital image can be copied and screenshotted, shared, duplicated endlessly. This is where NFTs save the day. They allow you to create something that can\u2019t be duplicated\u2026 the ownership of the artwork! Think of it as a digital fingerprint, or signature, or certificate of authenticity for your photo. In short, NFT\u2019s allow you to create limited editions of your digital work, all while you still retain the copyright. In this video, I cover the essentials of NFTs for photographers including the physical vs. digital artworks, the value of collectible art, photo copyright, and other essential considerations for photographers. This is Part 1: The Fundamentals of NFT art for photographers. This is a 3 part series! Stay tuned for more! Check out my genesis drop (my first drop) at https:\/\/foundation.app\/lindsayadler on March 17th! \u2192 Article: NFT 101 for Photographers Part 1: The Essentials, with Lindsay Adler https:\/\/www.adorama.com\/alc\/nft-101-for-photographers-part-1-the-essentials-with-lindsay-adler\/ SUBSCRIBE AND BE PART OF THE ADORAMA FAMILY: \u27a5 https:\/\/www.youtube.com\/user\/adoramaTV #nft #cryptocurrency #adorama __________________________________ 0:00 Introduction 1:05 Non-Fungible Token 1:25 Digital Certificate of Authenticity 3:14 Physical Art Vs Digital Art 3:20 Fine Art Photographs 5:31 Process of NFT artwork overview 6:56 Ownership and Consumption in Art 8:11 Blockchain 9:17 Copyright 10:04 Value of Collectibles 11:32 NFT Stirring up the Art World 12:23 NFT Art for Photographers 13:18 My Genesis Drop (My First NFT) __________________________________ \u2750 LET&#039;S GET SOCIAL \u274f \u27a5 Facebook https:\/\/www.facebook.com\/adorama\/ \u27a5 Instagram https:\/\/www.instagram.com\/adorama\/ \u27a5 Twitter https:\/\/twitter.com\/adorama \u2750 MORE ADORAMA \u274f \u27a5 Podcast https:\/\/www.adorama.com\/g\/adorama-podcast# \u27a5 Blog https:\/\/www.adorama.com\/alc\/ \u27a5 Shop https:\/\/www.adorama.com\/ __________________________________ Photographer Lindsay Adler IG: @lindsayadler_photo Twitter: @lindsayadler Youtube: https:\/\/www.youtube.com\/user\/AdlerPhotoWorkshops __________________________________ THANKS SO MUCH FOR WATCHING!\"><\/div><\/div><div class=\"lL\" style=\"max-width:100%;width:1280px;margin:5px;\"><\/div><\/div>\n<p>While I\u2019m no seasoned expert, I\u2019d love to save you the time reading the endless draining articles filled with confounding jargon. I\u2019ve created an NFTs for photographers&nbsp;three-part series just for you!<\/p>\n<ul>\n<li>In <strong>part 1,<\/strong> I\u2019m going to help you understand the fundamentals of NFTs and what they mean to photographers and other artists. Plus, I\u2019ll try to help simplify the confusing concepts behind digital tokenized art in general.<\/li>\n<li>In <strong>part 2<\/strong>, I\u2019ll show you how to set up your very first piece of NFT art, including the steps of the process from setting up a wallet, minting, and more. I\u2019ll also break down a lot of the jargon.<\/li>\n<li>In <strong>part 3<\/strong>, I\u2019ll share some of the best practices for NFT art that I\u2019ve gleaned and we will take a look at my very first NFT minting, including what I learned from that process. Now, to be clear, I haven\u2019t sold one at the time of this article; this is all new to me too and we are on this journey together!<\/li>\n<\/ul>\n<h2><strong>Physical art vs. digital art worlds<\/strong><\/h2>\n<p>Let\u2019s start in the physical world, and how selling prints of your photography works in fine art. (And reminder to budding photographers out there: Cameras with top-notch sensors, such as the <a href=\"https:\/\/www.adorama.com\/car5.html\">Canon EOS R5<\/a> with its 45MP sensor, or the <a href=\"https:\/\/www.adorama.com\/isoa7r4c.html\">Sony A7RIV<\/a> with 61MP sensor, offer impressive printing resolution options.)<\/p>\n<p>Typically you select one or a collection of your photographs to print. When you print them, you decide upon their edition. In other words,&nbsp; you determine their scarcity which helps give them value. You are deciding if you\u2019ll only ever print one version of the print, aka an edition of one, or an edition of 10, or 50, or even more. An open edition means you have no limit on the number of times you print and distribute the photograph.<\/p>\n<p>Next, each print has a signature, an edition number (aka it&#8217;s number two in an edition of 10), and then a certificate of authenticity. This certificate is your way of validating that the image is yours and that you\u2019ve authorized its distribution. Put another way, it proves that the print is real and this is incredibly important for collectors to prove their ownership and the authenticity of the editioned print.<\/p>\n<p>I mean, think about it. Technically someone could snap a high res photo of your photo hanging in a gallery, print it out, and pretend it was &#8220;real.&#8221; It&#8217;s the certificate that proves ownership.<\/p>\n<h2>NFTs do the same thing in the digital space.<\/h2>\n<p>So, let\u2019s move over into the digital world and think about art. Think about NFTs as your certificate of authenticity or your signature. It\u2019s the &#8220;deed of ownership.&#8221;&nbsp; You can decide how much scarcity you want, and NFTs (and the technology and systems behind them) make sure that it can\u2019t be counterfeited.<\/p>\n<p>Basically, when you &#8220;tokenize&#8221; and \u201cmint&#8221; your art, you are establishing ownership of the art and how many editions of the image are available. Then, the blockchain acts as a super redundant record of who buys and owns your art. We\u2019ll talk about blockchain in a moment, but basically it is a public ledger or record that is unchangeable and tamper-proof, which guarantees and keeps track of the ownership of your digital art.<\/p>\n<p>Pretty awesome, right?<\/p>\n<h2>So what does this digital art process look like in action?<\/h2>\n<ol>\n<li>I create or select my artwork that I plan to tokenize or mint, meaning what I plan to make an NFT.<\/li>\n<li>I decide the platform or marketplace that I will sell the artwork on. Think of it like an art gallery! Technically you can still sell NFT pieces on your own (though it&#8217;s far more complicated), but the different platforms already have an audience of art buyers looking to invest in your work! Some have different rules and benefits, which I\u2019ll talk about in future articles.<\/li>\n<li>Next, I decide on the edition of the artwork, just like selling a fine art print. I get to determine the scarcity.<\/li>\n<li>I must then decide upon a reserve bid. In other words, what&#8217;s the minimum I\u2019m willing to sell my artwork for. Furthermore, I can also choose a percentage royalty I want to receive each time a buyer sells my artwork to someone else.<\/li>\n<li>Lastly, I \u201cmint\u2019 my artwork, making it available for sale. Minting is when your NFT certificate is actually created and put up in the blockchain, making it non-fungible (aka cannot be replaced or duplicated).<\/li>\n<\/ol>\n<p>Guess what? It&#8217;s a <em>lot<\/em> like selling fine art prints, except now the artists have a lot more control and you don\u2019t have to give huge commissions to galleries.<\/p>\n<h2><strong>Ownership and consumption in art<\/strong><\/h2>\n<p>Hopefully you&#8217;re still with me, but I bet some of you still have gut instincts that make this all feel bizarre.<\/p>\n<p>You may think \u201cWait, can\u2019t people just screenshot your digital image? So what\u2019s the point?\u201d<\/p>\n<p>Here\u2019s how I think of it. When you go to a museum, you can look at the art on the wall. You can take it all in and consume it, enjoy it, be inspired by it. You could take a photo of the painting and print it out and hang it in your living room. Or you could even pop over to the museum store and maybe pick up a poster of that favorite piece.<\/p>\n<p>Do you own that artwork? Not at all. Did you still get to see it and enjoy it? Yes!<\/p>\n<p>The same is true of digital art. Yes, someone could still screenshot your photograph or steal it off of your website, but that\u2019s not the same as owning or investing in your artwork.<\/p>\n<p>In the past it seemed impossible for someone to own a limited edition of a digital piece of artwork. Couldn\u2019t they just duplicate the file? Couldn\u2019t they just share it? How would you prove someone owns it?<\/p>\n<p>That\u2019s where blockchain and NFTs come in.<\/p>\n<p>NFTs are supported by blockchain. To <em>way<\/em> oversimplify the idea, blockchain means that there are many public ledgers (aka records) of the proof of ownership of this piece on many different servers. This helps to ensure that the records can\u2019t be tampered with; there is this complex network of redundancies. In short, no one can steal ownership of the art or create a counterfeit.<\/p>\n<p>So, you aren\u2019t necessarily putting the actual digital file in the blockchain. You are creating a token like a certificate of authenticity up on the blockchain that is tied to your artwork.<\/p>\n<p>Back to our fine art example, NTFs allow digital artwork to have scarcity the same way as the painting at the museum. Sure, anyone can look at your images online but they don\u2019t own or have permission to own that artwork. You determine how many &#8220;tokens&#8221; of your artwork are available and blockchain makes sure to protect that ownership.<\/p>\n<p>NFTs assign ownership, and importantly, allow people to invest in you!<strong>&nbsp;<\/strong><\/p>\n<h2><strong>Copyright<\/strong><\/h2>\n<p>As a business-savvy photographer you are probably also asking, \u201cWait, do I still own my copyright?&#8221;&nbsp; Yes! For example, if you were selling a physical print, the owner of that print wouldn\u2019t have the right to use your image for commercial use. Their only rights would be to sell the image to another buyer and to display the artwork. (By the way, there are already companies catered to display digital art and NFTs).<\/p>\n<p>On a side note, in the future, I think NFTs will be a powerful way for commercial photographers to use smart contracts to make sure that companies aren\u2019t using images for more than previously agreed upon. I think it will be a great tool for licensing and usage, but that\u2019s still a bit in the future.<strong>&nbsp;<\/strong><\/p>\n<h2><strong>Value<\/strong><\/h2>\n<p>When I first heard about all this stuff, I kept dwelling on the question \u201chow are these tokenized pieces of art worth anything?\u201d If they don\u2019t own anything physical or the copyright, why are people willing to spend money on something like that?<\/p>\n<p>It&#8217;s a weird concept, but if you think back to other collectibles that have been around for decades (even a century), it&#8217;s not that usual.&nbsp;<\/p>\n<p>As always with a collectible, it&#8217;s only worth what someone is willing to pay for that thing. In other words, what\u2019s its perceived value? Trading cards are a perfect example, whether sports cards, Magic the Gathering cards, or Pokemon cards. Why are those worth anything? They are just a piece of cardboard, after all.<\/p>\n<p>Some may say it&#8217;s the rareness or scarcity of the card, but why is a card worth anything at all? It&#8217;s based on how much someone is willing to pay for it.<\/p>\n<p>Same thing in the digital world!&nbsp;<\/p>\n<p>Guess what? There are already NFTs for a wide range of playing cards and digital games. TONS.<\/p>\n<p>Ever heard of CryptoKitties?&nbsp; If you haven\u2019t looked it up and be prepared to have your mind blown. Yes, people have spent hundreds of thousands of dollars for a single digital cat token. Think this is insane? Perhaps no more insane than giving similar value to a real-life playing card, made out of cardboard.<\/p>\n<h2><strong>NFTs stirring up the art world<\/strong><\/h2>\n<p>For the past several years, NFTs have started to get a lot of hype in the art world. In fact, <a href=\"https:\/\/www.bbc.com\/news\/technology-56335948\">recently<\/a> owners of a piece of artwork by Bansky (a famous graffiti\/street artist) actually burned their piece and then \u2018minted it\u2019 online as an NFT, where it sold for <em>more<\/em> than the original piece of art.&nbsp;<\/p>\n<p>Does that blow your mind and seem absolutely bizarre? That\u2019s kind of the point! We\u2019ve always explored the concept of&nbsp; &#8220;what is art?&#8221;&nbsp; A few decades ago street art wasn\u2019t considered art. Until recently digital art wasn\u2019t considered art and it&#8217;s still trying to gain respect in the formal art world.&nbsp; How this all continues to evolve is anyone\u2019s guess, but it is certainly getting a lot of buzz right now and people are spending <em>millions<\/em> on digital art.<\/p>\n<p>I could talk about this extensively, but instead I\u2019ll share some artists and other valuable NFTs to look into yourself. Take a look at <a href=\"https:\/\/www.theartnewspaper.com\/interview\/who-is-beeple\">Beeple<\/a>, <a href=\"https:\/\/opensea.io\/assets\/0x06012c8cf97bead5deae237070f9587f8e7a266d\/896775\">CryptoKitties<\/a>, <a href=\"https:\/\/www.businessinsider.com\/ethereum-nft-meme-art-nyan-cat-sells-for-300-eth-2021-2\">NyanCat<\/a>,&nbsp;and many more.<\/p>\n<h2><strong>NFT of photographic art<\/strong><\/h2>\n<p>At the time of writing this article, there are not many massive success stories of photographers selling NFTs, but that doesn\u2019t mean it&#8217;s not coming! Actually, I think it&#8217;s coming at us quickly. In fact, while writing this article, photographer <a href=\"https:\/\/foundation.app\/katewoodman\">Kate Woodman<\/a> earned more than $20,000 off of a single digital tokenized image, and she\u2019s not the only one. The discussion in the photo space has increased exponentially in just the last few weeks and photographers are beginning to enter the space.<\/p>\n<p>Through a combination of awareness and promotion of photography as NFT, this market will certainly grow not only for photographers participating but also for art collectors seeking to invest.<\/p>\n<h2><strong>My first NFT drop (My \u201cGenesis Drop\u201d)<\/strong><\/h2>\n<p>As an image-maker I have been creating still-motion hybrid artwork (often called cinemagraphs) for more than a decade. Originally I was creating these moving images for the digital versions of fashion magazines and at times for commercial clients like A&amp;E and Dewars scotch. I also created moving art for the sake of art, and you can check out some of these art pieces in <a href=\"https:\/\/www.lindsayadlerphotography.com\/p\/cinemagraphs\">my portfolio<\/a>.<\/p>\n<p>While I may certainly offer purely still images for sale as NFTs in the future, I love the idea that my cinemagraphs finally have a platform to be appreciated and collected. As I go through the process of creating my first NFT, I am documenting each step to help other photographers and those details will be in my next video.<\/p>\n<p>If you want to follow my journey, my genesis drop (aka my first minting\/sale) will be Wednesday March 17th! I\u2019ll share the details soon and I can\u2019t wait to share my insights on this exciting new world.<\/p>\n<p>Note to readers: As you wait to see Lindsay&#8217;s upcoming genesis drop, here&#8217;s a reminder of what you&#8217;ll find in her kit\u2014a helpful insight so you can go out and create just like her!&nbsp;<\/p>\n<ul>\n<li><a href=\"https:\/\/www.adorama.com\/car5.html\">Canon R5&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/car241054.html\">Canon RF 24-105&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/lbof77.html?origterm=lensbaby+omni+77mm&amp;searchredirect=true\">Lensbaby Omni&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/ttcuc15or.html\">TetherTools Tether Cable&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/pp901012.html\">Profoto D2&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/pp505507.html\">Profoto Softlight Reflector&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/lstlpkws.html\">Lastolite Triflector&nbsp;<\/a><\/li>\n<li><a href=\"https:\/\/www.adorama.com\/aea2033fk.html\">Avenger C-Stand&nbsp;&nbsp;<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>NFTs, aka Non-Fungible Tokens. If you haven\u2019t heard, this term is taking over the internet and the art, tech and photography worlds right now. Many artists are thrilled because this technology provides a way to sell their imagery as limited-edition digital art. Today, I&#8217;ll decode the world of NFTs for you, including what NFTs are [&hellip;]<\/p>\n","protected":false},"author":11111158,"featured_media":67808,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[17772,10714,10715,17770],"tags":[17457,12555,17456,514],"class_list":["post-67805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-become-photographer","category-features","category-photo-features","category-photography","tag-cinemagraphs","tag-creatives","tag-nfts","tag-photographers-514"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NFT 101 for Photographers: An Essential Guide with Lindsay Adler<\/title>\n<meta name=\"description\" content=\"Curious about incorporating NFTs into your photography workflow and offerings? 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