In case you haven’t heard, NFTs have been making money for photographers and, for some of them, a lot of money. This is the kind of thing that generally piques people’s interest, especially in an industry such as photography, where it is hard to make money. In late 2021, when several photographers and former guests of the B&H Photography Podcast began to find success in selling their work as NFTs, I concluded that this was something worth my attention.
What are NFTs?
An offshoot of cryptocurrency, NFT stands for “non-fungible token.” In essence, when something is “non-fungible,” it has a unique identity unto itself. I like to think of NFTs as digital “one-of-a-kinds,” so to speak.
Unlike a JPEG, an NFT cannot be copied or duplicated. This is because each NFT created gets a unique ID code that is recorded on a giant, public ledger and stored on a decentralized network of computers, commonly called a “blockchain.” Regular, run-of-the-mill JPEGs, MP3s, GIFs, or any other kind of digital asset can be immutably associated with an NFT through a process called “minting.” Once minted, the token acts as the digital deed for that particular digital good. This public, decentralized bookkeeping of digital goods and who owns them, has allowed for a new form of digital ownership. The ability to differentiate the “real” or “original” version of a digital asset from a worthless copy has spawned a market of digital scarcity, paving the way for a new creative economy to emerge.
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