Author Topic: microstock goes NFT? (Read 11855 times)

StockGuy101 · « **Reply #25 on:** November 22, 2021, 07:01 »

Quote

Not true. You can put your image on rarible or opensea without paying any gas fees. On Opensea, all you need to do is choose Polygon instead of ethereum to mint your NFT. On rarible, you have the option of having the buyer pay your gas fees so you don't have to.

But is there a downside to minting on Polygon? Would a prospective buyer shy away from an NFT if it's on Polygon and not Ethereum?

offisapup · « **Reply #26 on:** November 22, 2021, 07:07 »

Quote from: StockGuy101 on November 22, 2021, 07:01

But is there a downside to minting on Polygon? Would a prospective buyer shy away from an NFT if it's on Polygon and not Ethereum?

You're probably not going to sell right away even if you mint with Ethereum. The photography market isn't really that hot. But there's no real downside to minting on Polygon apart from the two minutes you spend uploading the image. Minting on Polygon is free only for a limited time and as the adoption grows, the gas fees would be more expensive in the future. So might as well mint your NFTs while you can for free. You can always open it for limited auction bidding later if you wish to.

SpaceStockFootage · « **Reply #27 on:** November 22, 2021, 07:39 »

Quote from: offisapup on November 22, 2021, 06:21

On rarible, you have the option of having the buyer pay your gas fees so you don't have to.

Sounds great, but why would anyone do that? Why would they pay $150 gas fees plus whatever the price of the image is on top to get something they can get from SS or As for considerably cheaper. Yes, in that case they're just buying the image rather than an NFT (or a license for that image), but they're still getting the image. The only benefit I see to NFTs currently, is trading when it comes to high value pieces by relatively famous artists. I'm not seeing any real benefit when it comes to just owning every-day, regular pieces of art (or every-day non-exclusive, non-commercial copies of pieces of art).

ShadySue · « **Reply #28 on:** November 22, 2021, 07:51 »

Quote from: dook1000 on November 22, 2021, 06:33

Quote from: offisapup on November 22, 2021, 06:19
Quote from: Sean Locke Photography on November 21, 2021, 13:18
Nah. There’s no need for it. No benefit. Just an over complication.

That's what they said when "emails" started becoming a thing back when. Everything digital is going to be on some form of a block chain in a few years. It's inevitable, whether we like it or not. And like with any new technology, the people who benefit the most are early adopters.
That's right! I'm surprised than so many microstock photographers are so shortsighted. Having in mind they adopted to microstock so successfully back in the day. Guys, ask your kids for advices, it is time

And the environmental issues?
Aren't 'the kids' concerned about these?

offisapup · « **Reply #29 on:** November 22, 2021, 07:57 »

Quote from: SpaceStockFootage on November 22, 2021, 07:39

Sounds great, but why would anyone do that? Why would they pay $150 gas fees plus whatever the price of the image is on top to get something they can get from SS or As for considerably cheaper.

Because you aren't selling "stock", you're selling art. If your image is already on shutterstock, it's probably not wise to mint it as an nft because you're only selling a copy.

The only reason a buyer would buy your image is if he sees value in it as an investment. So he can sell it off for a higher price later. That's the limited function of the NFT market as it exists today. The gas fees are miniscule compared to what a buyer would pay for the NFT and they would happily pay for the gas if they believe they can resell your art to another bidder.

Of course, your image needs to be seen to have some intrinsic value for it to sell in the first place. The reason it makes sense to get into the market right now even if you don't sell anything for months is because it takes years to build a reputation as an artist in any space and once you do it, you're set for life and since this is the future of the art market, it makes sense to invest some time and get your hands dirty with the tech before it becomes the norm (which it will in due course of time)

SpaceStockFootage · « **Reply #30 on:** November 22, 2021, 08:16 »

Yeah but that's kind of my point... in this instance, art and stock may as well be the same thing... unless you're famous. Same reason why Damien Hirst and David Hockney don't sell prints on SS, and the majority of us here don't sell artwork in galleries that sell for tens of thousands of dollars.

From what I can see, the more famous you are, the more money you'll make, but at that point you're already making plenty of money... so it's not like this is going to revolutionise anything. The whole talking point is that every day artists can make a living from their work, but do you know any 'every day artists' who are making a living from NFTs? Non-famous ones who don't have tens or hundreds of thousands of followers on IG?

As for the email analogy, emails make perfect sense... people probably had varying opinions on whether they would be adopted or not, but I think everyone could get behind the overall concept. NFTs don't make perfect sense. And it's not because people don't understand them... I think the more you understand them, the more people realise how ridiculous it all is. Not the concept of an NFT, that's fine... the whole blockchain concept has its merits, but people paying so much for essentially nothing other than an entry in the blockchain... it's hard for any rational person to justify it all.

offisapup · « **Reply #31 on:** November 22, 2021, 08:27 »

Quote from: SpaceStockFootage on November 22, 2021, 08:16

As for the email analogy, emails make perfect sense... people probably had varying opinions on whether they would be adopted or not, but I think everyone could get behind the overall concept. NFTs don't make perfect sense. And it's not because people don't understand them... I think the more you understand them, the more people realise how ridiculous it all is. Not the concept of an NFT, that's fine... the whole blockchain concept has its merits, but people paying so much for essentially nothing other than an entry in the blockchain... it's hard for any rational person to justify it all.

Yeah, I take your point. I use the term NFT interchangeably with blockchain (which I realise can be confusing). My larger point is, eventually, we'll be selling all our digital assets (which can be images, videos, whatever) on some form of a block chain because it is a quicker, more efficient technology for transactions and will most certainly be adopted in the future. Might as well get to know what it's all about instead of rejecting it outright like how some people are doing.

SpaceStockFootage · « **Reply #32 on:** November 22, 2021, 09:10 »

Oh I know what it's all about! I probably know more than the average crypto/blockchain enthusiast who just spout buzzwords, and want to 'stick it to the man', but don't actually know how it really works. Blockchain is here to stay, and rightly so. The get rich quick schemes won't last forever. And yes, fiat money doesn't have any intrinsic value... so congratulations, you've created a new system that doesn't have any intrinsic value either. Hoorah! (that's more to them than you, just so you know!)

Sean Locke Photography · « **Reply #33 on:** November 22, 2021, 23:14 »

Quote from: offisapup on November 22, 2021, 06:19

Quote from: Sean Locke Photography on November 21, 2021, 13:18
Nah. There’s no need for it. No benefit. Just an over complication.

That's what they said when "emails" started becoming a thing back when. Everything digital is going to be on some form of a block chain in a few years. It's inevitable, whether we like it or not. And like with any new technology, the people who benefit the most are early adopters.

Lol, no. Nobody has shown any benefit.

dook1000 · « **Reply #34 on:** November 23, 2021, 03:53 »

In the very near future stock agencies will accept crypto payments. After that they will send files to customers in form of a blockchain. It will come gradually. Shortsighted and uneducated photographers that don't see it coming will have to do nothing anyways, just to follow instructions about new upload process from agencies. Agencies will be forced to do that.

SpaceStockFootage · « **Reply #35 on:** November 23, 2021, 04:20 »

They'll only be forced to do it if another major stock agency does it and they increase revenue as a result. Too many cons and not enough pros for them at the moment, so I can't see it being as 'very near future' as you might think.

fotoVoyager · « **Reply #36 on:** November 23, 2021, 11:25 »

Has anyone actually sold any images as NFTs?

OM · « **Reply #37 on:** November 29, 2021, 21:17 »

Quote from: fotoVoyager on November 23, 2021, 11:25

Has anyone actually sold any images as NFTs?

I know someone who has but they're not a stock photographer. They've sold a few via Cardano and got paid in ADA (around 200ADA/shot). I assume that they can convert those ADAs into real money. They are an iPhone shooter which is they're claim to 'fame'.

My thoughts on the NFT bizz is that some financial market whizz kids thought about how they could make some moolah selling fantasy digits to the 'there's always a greater fool somewhere in the future I can flog this crap to for more than I paid for it' crowd. They are probably right but I would never be a buyer as that is the only purpose of NFTs (greater fool theory).

As a buyer, you don't even get to hang a nice print on your wall unless you pay for a print to be made (or maybe that's not allowed either as you don't own the copyright!). I have no idea about what 'rights' the purchaser of an NFT has but, hell, if you are an artist and can make loads of dosh with it, why not? Maybe the buyers of today are the greater fools but become the genius investors of the future!

Whatever. It's not about beautiful photos or art...it's just about money and profit/loss and that someone in the financial world is making their commission which is all that matters in the banking/finance world!

Level6 · « **Reply #38 on:** November 29, 2021, 21:45 »

Whatever. It's not about beautiful photos or art...it's just about money and profit/loss and that someone in the financial world is making their commission which is all that matters in the banking/finance world!
[/quote]

It's hard to understand but from what I've read anyone can mint anything, photo or video as an NFT even if they don't own the copyright, it's the wild west right now like most things crypto, crypto itself can do up or down in value in seconds compared to real money.

It you are using ETH to pay to upload you have to pay what they call gas fees which are very high as the ETH network can only hand 15 transactions per second, I guess Cardano is supposed to be better.

I was also reading that the actual jpegs or video files are stored on random places like Google drive, various other servers and people's computers so you are buying an entry on the blockchain, kinda like buying a line in a windows registry but the program resides on a normal drive or cloud server.

Good money has been made by some you gotta be a master of social media and know how to work it to promote it, There is money to be made tho, this guy did it as a joke for a video and..... https://www.youtube.com/watch?v=6dYc966_o4I and https://www.youtube.com/watch?v=-l-ba69P_Sc

Level6 · « **Reply #39 on:** December 08, 2021, 19:16 »

I still don't quite get it as it doesn't stop piracy, doesn't stop anyone from minting a stolen NFT jpeg and it involves using crpyto which is a huge learning curve in itself plus the value of the digital money can rise or drop in seconds.

And there is no central authority governing this wild west known as the blockchain at least not yet, interesting article on it though and money is being made...... https://www.coindesk.com/policy/2021/10/15/nfts-are-an-internet-game-changer/

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Author Topic: microstock goes NFT? (Read 11855 times)

StockGuy101

offisapup

SpaceStockFootage

ShadySue

offisapup

SpaceStockFootage

offisapup

SpaceStockFootage

Sean Locke Photography

dook1000

SpaceStockFootage

fotoVoyager

OM

Level6

Level6

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