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Author Topic: Thoughts on Non-Fungible Tokens (NFTs)  (Read 3621 times)

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« on: April 06, 2021, 23:18 »
+1
NFTs have proven themselves as a way for larger artists to make decent, if not significant, extra income in the past few months specifically. I realize that they may not be as relevant for stock footage, but my guess is that they still have potential. Has anybody tried creating and selling NFTs, and if so, on what platforms?



« Reply #1 on: April 13, 2021, 04:07 »
0
I would recommend foundation.app but to sell there you need invitation.

« Reply #2 on: April 15, 2021, 03:16 »
0
I'm waiting for Ethereum fees to come down, or I'll use alternative blockchains, if I can be bothered with NFTs. This one is on the Hive blockchain, so it costs much less to make an NFT, but they wont have as many buyers https://lensy.io/ I see EOS Voice is going to implement NFTs, that might be worth using, as they should have a lot to spend on advertising.

« Reply #3 on: April 15, 2021, 07:42 »
+4
Shutterstock's new microscopic contributor payments are in line with this. Their next move is to make them non-existent,  and it will be so much fun to go shopping with imaginary money.

« Reply #4 on: April 15, 2021, 12:09 »
0
Have account on mintable, opensea and rarible. For mintable and opensea you don't need to pay gas upfront now. There is a lot of hype and to be honest i did not put on sale yet. Last year I just register and put some of my work for fun there but not available for sale.

I did not try the invitation yet for Superare, foundation or nifty gateway. the invitation process requires an interview video, website and/or a lot of social media accounts (more is better). I heard rumors that this last three takes a cut from your sale but i could not understand exactly how much.   

For Stock Photo & Video Marketplace there is a site that is being build for NFT (Non-Fungible Tokens). It's not launched yet but you can joined the email list so you know when it will be launched. I know this from "photerloo" youtube channel 2/3 weeks ago... the site: https://www.uniquestock.io/​ 

There is other one called https://www.unique.one/ where you can mint with different coins instead of Ethereum with BSC and xDAI. Never tried...



« Reply #5 on: April 30, 2021, 11:02 »
+5
My personal views on NFTs are that it's more a tulip bulb bubble crossed with the Dot Com boom/bust.

Buzzy, excited talk generates more of the same - NFTs are enjoying their spotlight - including a link posted elsewhere today about a would-be rights managed stock licensing site:

https://www.uniquestock.io/?fbclid=IwAR0dGQjy1XPUXEfKoK_8d5LUqbKwLUCNZHbb4xTA6d0-I7SaDxkMiaFWZZk

I think the key sentence on that front page is "We are also looking for buyers of rights managed images"

If you don't have buyers, you don't have a business. I don't think the reasons for the decline of rights managed licenses will go away with a new mechanism for licensing work. NFTs can't fix the problem that Royalty Free licensing is much less hassle to purchase and frequently cheaper. They also can't eliminate all the tracking of uses beyond the license time or terms that goes with Rights Managed.

ShadySue

  • There is a crack in everything
« Reply #6 on: May 30, 2021, 04:50 »
0

« Reply #7 on: May 30, 2021, 06:31 »
+3
Maybe its my age but I can just about grasp Crypto. NFT are a mystery to me....you seem to be paying for virtually nothing....

ShadySue

  • There is a crack in everything
« Reply #8 on: May 30, 2021, 08:23 »
+1
Maybe its my age but I can just about grasp Crypto. NFT are a mystery to me....you seem to be paying for virtually nothing....
You're doing better than me, I can't grasp Crypto at all.
One thing which interested me is that I've recently joined a couple of totally unrelated facebook groups, and noticed that both of them said in their 'group rules' that there was to be no discussion about Crypto on the groups, from which I'm inferring that there is some concerted effort by crypto-fans, or those who stand to benefit, to infiltrate internet groups.

farbled

« Reply #9 on: May 30, 2021, 11:43 »
0
You're doing better than me, I can't grasp Crypto at all.
One thing which interested me is that I've recently joined a couple of totally unrelated facebook groups, and noticed that both of them said in their 'group rules' that there was to be no discussion about Crypto on the groups, from which I'm inferring that there is some concerted effort by crypto-fans, or those who stand to benefit, to infiltrate internet groups.
I've been playing with microwallets and faucets to try and learn without paying anything but time. Its kinda fun and I have a bunch of what are politely called "poo coins", but I have little idea of what I am actually doing. I learned quickly that the airdrops are mostly scams used to pump up a coin and then dump it, so I am staying away from those. NFT's baffle me, but I will figure them out someday. I just wish I had the artistic chops to create them. Some are real money makers..

I think sooner or later some enterprising agency might provide an option to be paid in crypto, which might be interesting if we get to choose the currency.

« Reply #10 on: May 31, 2021, 02:11 »
+1
Maybe its my age but I can just about grasp Crypto. NFT are a mystery to me....you seem to be paying for virtually nothing....
You're doing better than me, I can't grasp Crypto at all.
One thing which interested me is that I've recently joined a couple of totally unrelated facebook groups, and noticed that both of them said in their 'group rules' that there was to be no discussion about Crypto on the groups, from which I'm inferring that there is some concerted effort by crypto-fans, or those who stand to benefit, to infiltrate internet groups.
I get quite a few posts on totally unrelated Facebook groups urging me to make my fortune from various Crypto schemes.

« Reply #11 on: May 31, 2021, 02:15 »
+3
You're doing better than me, I can't grasp Crypto at all.
One thing which interested me is that I've recently joined a couple of totally unrelated facebook groups, and noticed that both of them said in their 'group rules' that there was to be no discussion about Crypto on the groups, from which I'm inferring that there is some concerted effort by crypto-fans, or those who stand to benefit, to infiltrate internet groups.
I've been playing with microwallets and faucets to try and learn without paying anything but time. Its kinda fun and I have a bunch of what are politely called "poo coins", but I have little idea of what I am actually doing. I learned quickly that the airdrops are mostly scams used to pump up a coin and then dump it, so I am staying away from those. NFT's baffle me, but I will figure them out someday. I just wish I had the artistic chops to create them. Some are real money makers..

I think sooner or later some enterprising agency might provide an option to be paid in crypto, which might be interesting if we get to choose the currency.
Wemark had a go which ended in......nothing. I suspect crypto in time will become mainstream but not without some massive winners and losers....Elon Musk is gaming the market like a stradivarius at the moment.

farbled

« Reply #12 on: June 05, 2021, 12:53 »
0
Sort-of related, I am thinking about rebuilding my personal stock photo site, but with a cryptocurrency shopping cart. I know there some for Woo and EDD, but has anyone seen a generic one I can use for other Wordpress carts? I have a donations and EDD one on my regular website for my books, but one for a far larger library is something I'd be interested in...

« Reply #13 on: June 06, 2021, 09:38 »
+3
I spent 3 months in the NFT world (yes, you should treat it as a separate world) and I have to say that I invested MUCH more money than I returned. Much more than I expected. Ridiculously much. So, today I can say:
1. It is not a way of making money
2. It's a fulltime job with the community. You will live in Twitter
3. You can make profit only if you are a celebrity in any area. Or you will have to became it.
4. Overall, community is crazy good (especially around Hic Et Nunc). Reminds me the early Internet years.
5. If someone asked you, is it a right time to jump in microstock business, what would you say? Multiply it on 100 for NFTs. Market is way more tight and changing every second. Also, imagine you can't walk, read and talk, like a child.
6. If you want to get in - start right now. Best time, lowest fees, tomorrow it will be harder to find your place in it.
7. Microstock approach and content do not fit there. Mostly.

Funniest thing I found so far - people love the similars :) Not sure, if the buyers love it, but artists do. They call it "collectables" :) Well, collectors like collecting. It's like a baseball cards or any other cards - it's reasonable. But it's so funny, when you have a huge experience of recoloring the illustration in 500 color schemes and then you see artists changing pixel hats on pixel heads :)

« Reply #14 on: June 07, 2021, 00:22 »
+1
The primary reason for creating an NFT is to have a record of ownership on the Ethereum blockchain, not making money.

I've been involved in buying and selling cryptocurrency for about 6 years now, and the most important thing to understand about it is the purpose of blockchains. There's several different types. In the case of NFTs, the blockchain acts as a ledger and records transactions, contracts, etc. Various uses include cataloging county records, real estate transactions, antique collections and transactions, etc. I'm planning on creating NFTs for my physical antique collection, so I can have a record of ownership in case of a fire or theft. If anything is stolen, I can prove I'm the rightful owner should it turn up somewhere. If my house burns down, I can prove my insurance company that I owned this collection.

I'm also going to do the same for my best photography and digital art. What's so great about this is I no longer have to save all my RAW files or PSD files to prove I created my photos. I can prove it via the record on the blockchain and produce those files via the website where I uploaded them.

Because the blockchain is a ledger that records transactions, sales of my antiques or photography are also recorded on the blockchain, if they are sold on auction or art sites that deal in NFTs. It's the NFT record that is most valuable, because it establishes and tracks provenance. For example, I have a complete press kit for the debut of "The Simpsons" that I got at a national college journalism conference that I'd like to sell one day. Matt Groening chose the conference to announce "The Simpson's" because he'd been a journalism major, got his start at his college newspaper, and wanted to give us the scoop. I can document that when I create and later mint an NFT for the press kit, and that documentation will follow it for the life of the press kit. It also documents the press kit actually exists (or existed, in the event it's lost or destroyed).

For all these reasons and more, NFTs aren't just a bubble waiting to burst.

As for making money from selling your art (or whatever), it can definitely be done. Just make sure you price your work so it covers your time and expenses at the very least (including the gas fee for minting and equipment/office costs). Only mint and sell your very best work. Price it fairly, but don't overprice hoping for a huge sale or sell yourself short. Keep in mind you're selling the original, not a copy. That adds value, too. You can also sell images as limited editions, which lets you lower the purchase price to something more reasonable. So say I want to sell an image for $1000. That might seem like too much money for an original by an unknown artist, but if I sell 5 limited editions at $200 each, I can still earn the $1000 I believe it's worth. Those who buy them know they aren't getting the original (or my copyright), because they're limited editions.

Etc. etc. etc.  ;)

« Reply #15 on: June 07, 2021, 02:28 »
+1
i haven't tried it yet, but the thing that's bother me is, how buyer can know that seller is real owner of the art he is selling?

what if someone stole some stock illustration or photo and sell it as NFT?

then whole that blockchain thing is useless, please explain me if I am wrong?

« Reply #16 on: June 07, 2021, 06:46 »
+1
i haven't tried it yet, but the thing that's bother me is, how buyer can know that seller is real owner of the art he is selling?

what if someone stole some stock illustration or photo and sell it as NFT?

then whole that blockchain thing is useless, please explain me if I am wrong?
It is actually happening. There's two relatively weak defense mechanisms against it:
1. Big and known marketplaces is curated and invite-only. So they track who they work with.
2. Community is social-network based, so if you have a name, you have sales. If not - you just waste the money on minting. And you can't build a name on stolen images.
Also, there's a possibility to write an abuse. Sometimes you can't find it on the marketplace, but you can try to reach the team in Twitter or there's may be a channel in Discord.

What I see as much worse and complicated thing is collages and photoshopped images. It's difficult to draw the line between art and copyright. You can not blame Picasso to include scraps of newspaper articles or Marcel Duchamp for using a factory-made urinal. The same is here. People do use third-party sources.


« Reply #17 on: June 07, 2021, 07:35 »
+3
If anything is stolen, I can prove I'm the rightful owner should it turn up somewhere.

Except it doesnt prove anything.  How about I make an nft for the Mona Lisa and then claim it was stolen?  None of that making a digital file about something and making it an nft proves anything.

« Reply #18 on: June 07, 2021, 07:53 »
0
If anything is stolen, I can prove I'm the rightful owner should it turn up somewhere.

Except it doesnt prove anything.  How about I make an nft for the Mona Lisa and then claim it was stolen?  None of that making a digital file about something and making it an nft proves anything.
NFTs are so young, I feel like many questions was not even asked yet.
You mixing up proof of authorship and proof of ownership. Microstocks are more about first, NFTs are 100% about second. Proof of authorship for NFTs is questionable, but it is as solvable, as any other PoA in the Internet.

« Reply #19 on: June 07, 2021, 08:18 »
+2
I didnt mix up anything.  Karimala said they were going to make nfts to prove they owned something in the real world and my point is that that doesnt prove anything.

Clair Voyant

« Reply #20 on: June 07, 2021, 09:23 »
+1
Right click and save.... save hundreds or thousands of dollars. Lemmings over the cliff.

« Reply #21 on: June 07, 2021, 12:53 »
+1
I didnt mix up anything.  Karimala said they were going to make nfts to prove they owned something in the real world and my point is that that doesnt prove anything.
Then what do you think about the projects using blockchain to verify authorship of microstock photographers and illustrators? Like Wemark and a few others. It seemed like a very helpful thing for us, but a bit hard to understand. And a few years earlier than the right time. So, they are all closing by now and now we actually have NFTs to build this kind of service from scratch and do it right. But no, we prefer to laugh on new technology and call it a bubble :) Guys, neighborhood market took the idea we had a long time ago and make it work!

Anyway, I don't want to be an NFT advocate here. I just told you what I learned (hard).

« Reply #22 on: June 07, 2021, 13:00 »
0
Right click and save.... save hundreds or thousands of dollars. Lemmings over the cliff.
Sure, you can just listen to the music on Bandcamp. Why pay?

Also, all thousands are already paid and spent. You can't just be a second Michael Jackson. Or make a living with 500 photos on Shutterstock, like in 2005. The moment is gone here, and moment is gone there.

SpaceStockFootage

  • Space, Sci-Fi and Astronomy Related Stock Footage

« Reply #23 on: June 08, 2021, 00:56 »
+1
I'm with Sean on this one. It's not about doubting the technology, thinking its a bubble or being against the concept... I just don't understand how somebody can prove ownership of a physical item with an NFT.

When you create an NFT you create a token... an entry in the blockchain. You own that entry, that token... but what information does that entry in the blockchain contain to prove ownership of the item it relates to?

Even with digital items... the NFT artwork... the artwork itself is very rarely embedded within the token as the file sizes are too large. So you just own the token... they only send you a jpg as a courtesy, you don't own it.

So as Sean says... how can you prove ownership with an NFT? What's to stop me from making NFTs of all your stuff before you do... and then reporting that you stole them? Surely you need some official physical or digital proof of ownership in the first place to prove ownership... and if you do, then there's no need to create an NFT for proof that you already have? Do any insurance companies check the blockchain for proof of owneship... is it something they'd accept?

« Reply #24 on: June 13, 2021, 19:27 »
0
https://theconversation.com/how-nonfungible-tokens-work-and-where-they-get-their-value-a-cryptocurrency-expert-explains-nfts-157489

interesting: "each NFT transaction on the Ethereum network consumes the equivalent of daily energy used by two American households."

and creating an nft isnt simple -- see http://erc721.org/

and of course, we're back to the same old discussion about self-hosted websites - how are people supposed to find your 'unique' nft?


 

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