Whats the deal with photographers and NFTs?

2 years 9 months ago #721251 by Fess Walker
I've been hearing more and more about photographers doing something with NFTs, or selling their prints via NFTs.  I know this has something to do with crypto world, but how exactly does this work?


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2 years 9 months ago - 2 years 9 months ago #721264 by icepics
In a very unstable way is how it probably works...

A good friend works at a bank and any crypto transactions are automatically flagged and don't go thru because most of those are overseas and sketchy to say the least. People have called angry and upset and the bank will allow the transactions but my friend said they should be glad it didn't go thru and would be better off not to insist the transaction be allowed.

Apparently the old saying about fools and their money being soon parted applies to crypto.

Sharon
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2 years 9 months ago #721277 by Fess Walker
Thank you, but if someone is in the USA, is there any benefit from selling on NFTs?  Isn't that what photographers are doing?


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2 years 9 months ago #721312 by icepics
No, I don't know of any photographers doing this. Seems to be people selling digital rights to their so-called digital art, if it can be called that since mostly it seems to be cutesy or funny gifs, videos, things that go viral? etc.

According to a CNBC article I just looked at, the sales of NFTs since the beginning of the year went sky high in May and already dropped from $170+ mil to $8 mil. Seems like it pretty well tanked. Don't know if what sold will hold its value or not. Also says these are considered speculative, and those markets are unstable and likely to dry up.

The reason a bank won't let these transactions go thru is because there are so many that are fraudulent or scams. But they can't stop people from throwing away their money. It's the lure of making big money I guess; I think it seems like chances are better they'll lose everything.

Sharon
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2 years 9 months ago #721595 by EOS Man
Unstable and mystery land if you ask me.  Play it safe is my opinion of this one.  

5D Mark II | 50mm f/1.4 EX | 24-70mm f/2.8L | 70-200mm f/2.8L | 430EX
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