Hi all...Having heard of NFT (Non fungible tokens) i wondered if anyone has sold images via this route. I am aware of this being a digital sell (not prints) but I have been approached by someone who wishes to purchase via this system. Firstly upon reading about it, I cannot see any benefit to it at all but I wondered if anyone can share their knowledge or experiences ?
Thank you 🙏🏻
John
On the basis that NFT provides almost nothing of value to the buyer, anyone actively wanting to buy through this route should be treated with extreme distrust.
When I say nothing of value, purchasing a NFT entitles you to say you own the NFT associated with a work (and no one can take it away from you without your consent.) So a bit like those parcels of land in Scotland that entitle you to call yourself a laird/lord in that regard.
so there is a venture capitalist called Fred Wilson who has backed quite a few famous start ups who is very long on NFTs, I think it's worth googling him and seeing what he has to say. In theory I think they are a good idea from a proof of ownership perspective and creating a market for a picture. As a get rich quick scheme if you are being offered a way to sell images via NFTs outside of the main marketplaces I think it's a scam. There was a UK startup that was offering models an onlyfans type platform revolving around NFT's who were then pushing it on Instagram, no idea if it still exists but it looked more like a pyramid selling scheme to me.
I very much like the idea of adding value to digital products, but the only times I've seen them in practice have all been get-rich-quick schemes or scams.
There's an argument to be made that NFT marketplaces can act as a place to showcase your work more broadly, but I'm not sure I buy that.
It is grift, and people who want to purchase your work as an NFT are either grifters or marks.
In this case, grifters: they will want you to first mint the work on their suggested "exchange", which will cost you money up front... and then they will not be heard of again. Because it's not even a real exchange. It's a fake.
https://www.wetcanvas.com/forums/topic/offer-on-instagram-to-buy-my-art-as-nft/
https://www.artsyshark.com/2023/09/20/dont-fall-for-nft-scams/
You could follow up with them and tell us what they say here, if you have the time; it would be a service to the community. But it is a con.
Edited by Unfocussed Mike
I had a request a couple of weeks ago from woman in Texas via FB to buy images. I asked her to message with details, the reply was send me a friend request, which I cba doing. I looked at her profile worked NFT since 2014, then considered the image she mentioned and immediately disregarded the approach....no good will come of that. Who in their right mind would want to buy this....
I think there was about a week 3 years ago when there was money to be made with NFTs but that has long gone. Its a shame as there was genuine potential there to be able to monetise digital artwork, but before that potential was realised a million shit cartoon monkeys and scammers killed the whole thing.
Paranoid Android Photography said
I think there was about a week 3 years ago when there was money to be made with NFTs but that has long gone. Its a shame as there was genuine potential there to be able to monetise digital artwork, but before that potential was realised a million shit cartoon monkeys and scammers killed the whole thing.
I agree, it's another use for Blockchain technology used by Cryptocurrency. I have never looked into it, but in theory it should work well but as I understood it the creator is left with the ability to continue selling or licensing the artwork in digital or hardcopy formats which devalues the NFT if you purchased it. Basically it's just a digital certificate of ownership that can be transferred, and if I understand it correctly, the original creator continues to get royalties on the resale of the NFT, which sounds great. Nowadays, I would imagine the only profits are in creating and storing the NFT's so they will be pushing NFT's so they can create the NFT and store the blockchain.
Hopefully someone will know far more and inform us all so we are all better informed!
indemnity said
I had a request a couple of weeks ago from woman in Texas via FB to buy images. I asked her to message with details, the reply was send me a friend request, which I cba doing. I looked at her profile worked NFT since 2014, then considered the image she mentioned and immediately disregarded the approach....no good will come of that. Who in their right mind would want to buy this....
Possibly the owners of Johnny's Sports Bar?
I was gifted a bit of the moon a while back from one of my kids. It's official.
I think of this as a bit like an NFT
