The Fastest Way to Make Money in Photography is to Sell Your Gear!

Wait a minute, What……..?

This is a joke between photographers among other jokes, but it is not completely true. Photographers are artists and Photography certainly is a very competitive field, and a lot of people are doing it and it is all digital now. There is a lot of websites out there for photographers but most don’t make any living out of it. It is changing but you gotta be very good and consistent.

NFTs (Non-Fungible Token) is shaking up the art world.  A lot of photographers are selling their artwork as NFTs nowadays and more and more are considering it. An NFT stands for a Non-Fungible Token, which proves ownership of a unique digital piece of art. It is used on platforms that offer collectible items in digital format like photos, videos, memes, GIFS, etc.  You can sell your digital art to many (in different digital editions). These digital tokens tied to assets can be bought, sold, and traded. NFTs have a feature that can be enabled that will pay artists a percentage every time they are sold or changes hands, which comes in handy when the value of the artwork increases. You are not going to going to give up your Intellectual Property Right when you sell an NFT to a buyer or collector. We will still retain the copyright just as we had sold a physical print.

NFTs are like computer files combined with proof of ownership and authenticity. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—most photographs are on Ethereum blockchain, a rival platform to Bitcoin, which is a cryptocurrency. But cryptocurrencies are “fungible,” meaning one bitcoin is always worth the same as any other bitcoin and like dollars. Not the same with NFTs. NFTs are wholly inflexible and not interchangeable with each other, unlike currency or commodities.

There are many websites that photographers post their NFTs for sale, but these are the most popular ones; Foundation, OpenSea, SuperRare, and Nifty Gateway. Well-known photographers like Paul Zizka using it and you should check out one of his amazing works recently (link)

This is what you need to do to make lots of extra money, hopefully:

  1. Pic the photos you want to sell- it is hard work going through them.
  2. You need to decide how many editions of it you want to sell
  3. Pick a platform you want to sell it at
  4. You have to choose a minimum bid
  5. Setting a percentage royalty if it is sold and sold again
  6. Images are minted or “tokenized,” which certifies ownership on the blockchain before making it available for sale
  7. Then is $$$$$$ flowing time!

So, if there is a Vincent van Gogh or Picasso in you, hopefully also you have a good-paying day job, good health, health insurance and can live long enough to see the fruit of your labor! 

Can you be the next Jack Dorsey, CEO of Twitter and Square, and sell your signed tweet as an NFT for 2.9 million dollars?   I am not sure, but you can certainly try and all indications things are going that way.

Let’s get out and start shooting photographs, so we can get rich, Folks!

Author: Kouros Farro

I am a family physician, educator, and photographer who loves landscape photography.

2 thoughts on “The Fastest Way to Make Money in Photography is to Sell Your Gear!”

  1. Kouros, Thanks for providing an excellent background on NFTs with art and photography. Your explanation certainly helps one grasp the opportunity from this relatively new manner to share your art.

    Like

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