MicrostockGroup Sponsors


Author Topic: Illustrators (and photographers) We Need to talk about NFTs  (Read 4063 times)

0 Members and 1 Guest are viewing this topic.

EO

« on: March 03, 2021, 15:05 »
0
Y'all. Crypto has come to digital art in the form of non-fungible tokens. To my understanding, it's a way to instantiate your art so that there is a traceable, trackable original that can be sold as an original. It doesn't prevent copies, but in-demand artists are already profiting. It's not limited to art but I wanted to hear you guys thoughts. Could it address any of the problems with selling stock? Is it a flash in the pan?

Watch the brief video and share your thoughts
https://youtu.be/rztmblQAmjI


« Reply #1 on: March 03, 2021, 17:57 »
+4
Didn't follow your link but did happen upon an article in the Verge on the same subject

https://www.theverge.com/22310188/nft-explainer-what-is-blockchain-crypto-art-faq

Not really sure how it relates to stock licensing, but possibly this might be interesting for people looking for a side hustle to boost income if stock royalties are down from years past. As always, the real trick is finding buyers; second consideration, avoiding all the administrative & financial hassle so one can spend more time making things to license.

« Reply #2 on: March 04, 2021, 00:21 »
+1
I signed up earlier today. I heard they are very selective. They only seem to accept artists with a strong presence in social media... and I don't have a strong presence in social media. We'll see what happens.

« Reply #3 on: March 04, 2021, 01:06 »
+2
I signed up earlier today. I heard they are very selective. They only seem to accept artists with a strong presence in social media... and I don't have a strong presence in social media. We'll see what happens.
This is a general trend last years. Not the main subject is the main criteria, but what is around. In the world out of the artists environment a social profile (not social media presence of course, but everything what 'cannot' be updated by a person) is more important than skills.

« Reply #4 on: March 04, 2021, 13:40 »
+2
Right now on most of these marketplaces, there is some sort of "listing" fee. So it would be an upfront investment just to get there with no guarantee that you would sell anything. If you already got a lot of followers it might work.

EO

« Reply #5 on: March 08, 2021, 22:28 »
0
@Jo Ann, that's what I was wondering, if it might somehow be more profitable than stock. The way you explain it, though, it would be hard to get there, as the artist is now handling all the admin work which takes time away from making art. Seth Godin basically agrees in his blog, calling it a dangerous trap:

https://seths.blog/2021/03/nfts-are-a-dangerous-trap/

@melastmohican, Yes, those fees would further cut into how profitable this could be for your average artist. And then there are the "gas prices", the extra fees buyers have to pay. I can only see it being non-prohibitive for really high value art, artists, and collectors. In other words, a rich person's game. But you never know.

For what it's worth there are environmental arguments against it:
https://everestpipkin.medium.com/but-the-environmental-issues-with-cryptoart-1128ef72e6a3

But now Artstation, a major showcase platform for artists has announced they are getting in the game:
https://amp.artstation.com/magazine/36801?__twitter_impression=true

They are taking the carbon offsetting route. One thing they mentioned that was interesting was how NFTs are supposed to continue earning the artist a profit whenever they are resold and change hands, but that breaks down when the NFT is sold on a different market than the original transaction. So they will be "incentivizing" resale on their platform so artists can continue making money.

Seems rather like there are a lot of loose ends to be worked out overall, if it is to be more than a flash in the pan. And I'm not so sure much of the buzz is because people see "crypto" and "blockchain" and don't want miss out on another bitcoin.

But it's certainly fascinating to watch where it goes.



« Last Edit: March 08, 2021, 22:30 by EO »

« Reply #6 on: March 09, 2021, 07:15 »
0
I like Hive, as it has zero transaction fees. Used to be Steem, but all the good people moved, when Steem had some issues. I haven't got into NFT's, but they do have a marketplace, that might be worth checking out. I know almost zero about this, they do have a discord, so that might help https://nftshowroom.com/
Edit, I see they have one for photos too
https://lensy.io/
Edit 2, now I see they have fees too. Still not likely to be as expensive as Ethereuem, but too much for my liking.
« Last Edit: March 09, 2021, 07:21 by sharpshot »

« Reply #7 on: March 11, 2021, 01:24 »
0
Wow, I just learnt about this NFT thing today. It is really exciting, but then there's a lot of questions about it.

I understand that we still own the copyright of our work even after we sell the NFT, but can we continue to sell the vector/photo in marketplace like Adobe Stock, Dreamstime, and etc...?

« Reply #8 on: March 11, 2021, 11:25 »
0
I think NFTs will be great for photographers who are producing material that justifies things like limited edition print runs. I.e. not 99.99% of microstockers (myself included).
You are basically selling the right to say that you "own" a copy of something very exclusive. Banksy will love it.

For the average photographer and particularly for stock photographers it will be virtually meaningless unless your work is incredibly unique and hard to replicate. Continuing to sell your images on stock sites will reduce the value of the NFT to virtually zero.

« Reply #9 on: March 11, 2021, 12:04 »
+1
Continuing to sell your images on stock sites will reduce the value of the NFT to virtually zero.

Except it wouldn't.  As I understand it, it doesn't matter how many "copies" are out there, the "original" still holds its value.

Of course, it all sounds like nonsense to me, but that's what I glean from what I've read.

« Reply #10 on: March 11, 2021, 14:04 »
0
NFT's are here since bitcoin and your work is already copyrighted by law.

I will sum this talk for you with 2 questions...
Are you an well known artist? Do you want to spend 60-80$ for gas to buy NFT's for your digital work?

If you respond yes to these questions than this can be for you and maybe you can win 1 million dollars like Beeple 3d artist did a couple months ago.
Otherwise continue creating work and do social media so one day it justifies to buy nft's to sell original copies of your work.
Beeple also did that for 10 years before buying an NFT last year.


 

« Reply #11 on: March 11, 2021, 22:28 »
0
Continuing to sell your images on stock sites will reduce the value of the NFT to virtually zero.

Except it wouldn't.  As I understand it, it doesn't matter how many "copies" are out there, the "original" still holds its value.

Of course, it all sounds like nonsense to me, but that's what I glean from what I've read.

The "original" holds its value but if you are trying to sell an exclusive item for $XXXX.XX nobody is likely to pay that if they can download it for $0.XX

Having a small number of copies around would be fine. Sort of like limited edition art prints or something. But trying to sell things in a similar fashion to microstock (generic images with many similar available ones being sold at extremely low prices) is not really a model that would fit with NFTs as far as I know.

« Reply #12 on: March 12, 2021, 03:34 »
0
Continuing to sell your images on stock sites will reduce the value of the NFT to virtually zero.

Except it wouldn't.  As I understand it, it doesn't matter how many "copies" are out there, the "original" still holds its value.

Of course, it all sounds like nonsense to me, but that's what I glean from what I've read.

The "original" holds its value but if you are trying to sell an exclusive item for $XXXX.XX nobody is likely to pay that if they can download it for $0.XX

Having a small number of copies around would be fine. Sort of like limited edition art prints or something. But trying to sell things in a similar fashion to microstock (generic images with many similar available ones being sold at extremely low prices) is not really a model that would fit with NFTs as far as I know.
No one knows if the original holds its value...it only does if someone wants to buy it (or more correctly the token) which is how art has always worked. I'm not sure about it probably because I'm too old to grasp it. Someone was saying that its the same as having the original Mona Lisa vs a copy. My issue though is that in the digital world the copy is identical to the original. Art collectors tend not to buy Art to monetise it by selling copies but either because they are rich enough to indulge their passion or they believe the value of the original will increase.
« Last Edit: March 12, 2021, 03:45 by Pauws99 »

« Reply #13 on: March 12, 2021, 03:57 »
0
Continuing to sell your images on stock sites will reduce the value of the NFT to virtually zero.

Except it wouldn't.  As I understand it, it doesn't matter how many "copies" are out there, the "original" still holds its value.

Of course, it all sounds like nonsense to me, but that's what I glean from what I've read.

The "original" holds its value but if you are trying to sell an exclusive item for $XXXX.XX nobody is likely to pay that if they can download it for $0.XX

Having a small number of copies around would be fine. Sort of like limited edition art prints or something. But trying to sell things in a similar fashion to microstock (generic images with many similar available ones being sold at extremely low prices) is not really a model that would fit with NFTs as far as I know.
But oddly a number of things that have been sold are available free on You Tube. See Logan Paul. It seems to be all about the idea that you "own" something. You can buy a massive range of merchandising of the worlds most famous art works like the monet fridge magnet on my noticeboard and it doesn't detract from the value of the original..if anything it increases it.
« Last Edit: March 12, 2021, 04:04 by Pauws99 »

« Reply #14 on: March 12, 2021, 06:35 »
0
This artwork is now selling at 26 ETH, which is equivalent to 46,367.88 USD.

https://opensea.io/assets/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb/5323

It has transacted (change hand) a few times already.

Here's the whole ranking at OpenSea (the largest NFT marketplace).

https://opensea.io/rankings

Are we (microstock artist) too old to catch and understand this trend?
« Last Edit: March 12, 2021, 06:39 by leremy »

ShadySue

  • There is a crack in everything
« Reply #15 on: March 12, 2021, 10:13 »
0

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #16 on: March 12, 2021, 10:22 »
0
This artwork is now selling at 26 ETH, which is equivalent to 46,367.88 USD.

https://opensea.io/assets/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb/5323

It has transacted (change hand) a few times already.

Here's the whole ranking at OpenSea (the largest NFT marketplace).

https://opensea.io/rankings

Are we (microstock artist) too old to catch and understand this trend?

I'm still learning. How do I sell something? Can I make a collection, or try just one image?

The one you linked to, is apparently not an artwork, but a collection of 10,000? Did I read that right?  "The CryptoPunks are the first NFT. A fixed set of 10,000, they were launched in mid-2017 and became one of the inspirations for the ERC-721 standard. They have been featured in places like The New York Times, Christies of London, Art|Basel Miami, and The PBS NewsHour." Also: 10,000 unique collectible characters with proof of ownership stored on the Ethereum blockchain. The project that inspired the modern CryptoArt movement.

Yes I still own some crypto kitties. I wonder if they are selling anymore? I'd be able to cash out for about four times what I paid for them. Not because the prices have gone up, in number, but because the ETH has gone up in value.  8)

« Reply #17 on: March 12, 2021, 10:35 »
+4
"The same guys who've always been at it, trying to come up with a new form of worthless magic bean that they can sell for money."

Uncle Pete

  • Great Place by a Great Lake - My Home Port
« Reply #18 on: March 12, 2021, 10:51 »
0
"The same guys who've always been at it, trying to come up with a new form of worthless magic bean that they can sell for money."

Or a Ponzi scheme. Hey wait, maybe I can use some of the ETH I have saved?

So I make a one of a kind work. Then I sell it for 1/100th of an ETH. Which is around $18 today. Then that person sells for double and I get 10% and every time someone sells the art, as these are investments in original digital art, I make 10%. Wow, cool scam. Until the bubble bursts, but what do I care? I have my money and my profits from commissions.

Tomorrow I start on my way to fame, riches and fortunes!

Today I have to fix the bird feeder and take a trip to Harbor Freight for some "manly stuff", then a battery for the iPhone, and grocery shopping. Last stop, fish for dinner, because it's Friday. But tomorrow... the world.



Yes I can see it now, and I have a plan. bwahahaha


 

Related Topics

  Subject / Started by Replies Last post
1 Replies
3361 Views
Last post March 05, 2009, 10:19
by Sean Locke Photography
14 Replies
4021 Views
Last post September 02, 2009, 19:47
by loop
31 Replies
32427 Views
Last post July 22, 2015, 13:22
by Zero Talent
28 Replies
4835 Views
Last post June 14, 2021, 13:00
by PokemonMaster
9 Replies
1864 Views
Last post April 14, 2021, 08:50
by lark

Sponsors

Mega Bundle of 5,900+ Professional Lightroom Presets

Microstock Poll Results

Sponsors

3100 Posing Cards Bundle