The art world has been abuzz with news of a digital art craze due to NFTs — or Non-Fungible Token. In a nutshell, an NFT is a unique digital file stored on a digital ledger, better known as a blockchain. That means it’s a cryptographic token, but it’s not a type of cryptocurrency because it’s not interchangeable (i.e. you cannot exchange it to another NFT). The thing is, some artists are selling these digital artworks for insane prices, like $69 million for a single JPEG file.
Since any digital art can be sold as an NFT, even photographers can join in on the fun (or the frenzy). But, what does the entire process entail? If you’ve been hearing a lot about this trend and got curious enough if it works great for photographers, street photographer Faizal Westcott has some answers for you.
In the video above, he shares his experience with putting up one of his photos for sale on an NFT platform. Aside from breaking down the process and the requirements, he also quickly explains what makes this digital art market enticing for artists. It’s not all rainbows and sunshine however, as he eventually realized. He also raised some legit and serious concerns about this practice that will certainly make you think twice about going this route.