By John Smith
If someone said that a digital picture (in JPEG format) was sold for around 70 million dollars a few years back, would you believe them?
Probably not! You will surely laugh!
But ever since 2017, there has been a lot of hype in the NFT industry. NBA players sell collectibles, artists sell their artworks and musicians sell their records to make millions of dollars from them.
And everybody knows the 69.3 million NFT purchase of Beeple, which became one of the top stories of 2021. And that is just the beginning!
As a photographer, we need to know, “Will NFT photography last in 2022?” or “can we benefit from NFT photography?”
We cannot determine the future 100%, but we can analyze the direction and still matrix the results.
“The greats never sacrifice the importance for the urgent. They handle the immediate problem and still make sure to secure the future. “
Bobby Axelord (financial advisor, Billions)
What are NFTs, Blockchain, and digital ledgers?
NFTs (non-fungible tokens) are based on Blockchain technology. This is unit data that is unique, non-interchangeable, and managed in a digital ledger.
These tokens primarily represent digital assets like photos, videos, and audio. Although they were invented in 2014, because of their uniqueness and security, they became very famous around 2017-18. According to Forbes, people spent 174 million dollars on NFT in 2017-18, and it is still expanding every year.
But why? Why are NFTs becoming so popular and cannot be replicated like other digital products?
NFT is not just JPEG
Technically, it is simple, NFT’s digital art has a unique ID (which is metadata) that can be used as an asset’s token. After the NFT token is established, users register it on the Blockchain and give an identity card, allowing users to view and …
Full story available on Benzinga.com