Speaking of NFT, it is said that games and art are the main ones. But there are also NFT photos. It is actually for sale on the marketplace. Therefore, photographers should try the NFT market.
Selling photos on the NFT market
The reality is that art and games are currently the main items in the NFT market. Is it possible to sell photos? In conclusion, it is possible to sell photos. In the conventional society, it was common sense that it was difficult to add value to digital content such as photographs and illustrations. Things with value are tangible things such as houses and cars. The reason why it has no value is that it can be copied or duplicated, and there was a lot of risk that the original work could be stolen.
However, in recent years, non-fungible tokens called NFTs have appeared, and it is now possible to know who owns them no matter what they do. The latest technology has made it difficult to reproduce digital content such as photographs and illustrations, and we have entered an era in which value is created in digital works. This has also encouraged photographers to enter the NFT market.
Changes in the NFT market
The NFT market is expanding rapidly in the 2020s. NFT boom is taking place in developed countries that are content powerhouses, especially in Europe and the United States. The NFT market suddenly expanded explosively around 2020. The global NFT transaction value has tripled in one year, from $24.5 million in 2019 to $82.5 million in 2020. and $17.6 billion in 2021.
Source : 調査結果 (caa.go.jp)
NFT photos are hard to sell
The reality is that NFT photos do not sell well compared to games and art. Therefore, you should sell works that do not fall under any of the following. I will explain the characteristics of the photo works that do not sell below.
high set amount
If the price is too high, it will not sell. No one will buy it because the high set amount will reduce the willingness to buy. I have the impression that many NFT photos are about 0.05ETH to 0.1ETH. Also, the NFT market is not stable yet, so the price fluctuates. As a seller, you should always check the market conditions.
Exhibit only similar works
In the case of NFT photos, even if you sell a large number of similar photos, they will not sell. The biggest selling points of NFT works are rarity and originality. Buyers want high-quality works that are unique in the world. No one will be interested if there are only similar works.
Even if you simply put your NFT photos on the marketplace, no one will buy them. The reason is simple, no one knows it’s for sale. Especially when you are not well known yet, you have to advertise on SNS and blogs. In order to exhibit, you must first attract customers.
no sense of unity
It is difficult if there is no sense of unity on the photo NFT collection page. If you have some kind of policy and sell it, it will be easier to attract fans. If you sell anything at random, it won’t be very effective.
NFT is coming
The era of NFTs is likely to continue.
New entry by companies
Companies and celebrities are entering NFT one after another. Therefore, it is believed that the NFT boom will not end while there are still new entrants. As a result, the awareness of NFT is increasing even among people who have never known about NFT. Famous companies include Facebook and Adidas.
NFT introduction by SNS
Instagram and Twitter have introduced NFTs. You can now set your Twitter icon to a one-of-a-kind NFT. As a result, NFT is advertised to the general public, so it is expected that awareness will increase.
Resellers are also appearing on the NFT boom. Resellers are generally disliked, but they are helping to revitalize the NFT market. The advantage of NFT resale is that it will be a digital asset, so there will be no fixed costs. Since the market is still developing, it is said that profits can be increased in the future.
Bybit’s NFT Marketplace
Bybit has an NFT Marketplace. If you open an account, you can actually enter and trade, so let’s try it.