NFTs have recently proved to be a new way for artists to promote and monetize their artwork. After discussing with Ryan Koopmans and Fred Lahache, this time we had a chat with photographer Esra Sam to understand how are photographers using NFTs.
Esra is currently presenting her work on Rarible. You can see and buy it here.
1. What does NFT stand for?
NFT stands for non-fungible token. These digital tokens were built using the same kind of programming as cryptocurrency, like Bitcoin or other coins. They are bought and sold online on different NFT platforms, regularly with cryptocurrency for example Ethereum.
An NFT is unique and can’t be exchanged. They could take the form of a piece of digital art – anything unique that could be stored digitally and be thought of to hold value. They are like any other physical collector’s item, the difference is instead of receiving something physical, you get a JPG file for example.
It’s a new way and a new chance for artists to promote their artwork and to monetize. One of the greatest things I really like about NFT’s is, every time an item is resold, the original creator of this piece of art gets royalty which is usually 10% but you can change this number while minting process.
2. Why is it currently hyped?
The hype started with all these big auctions I think. The Beeple artwork made the headlines: “NFT sold for $69 million“ — and there were many other articles about NFTs.
3. What does it mean to sell? What does it mean not to sell?
I am selling my NFTs on Rarible.com. This is how it works: if you want to put an item on sale, you need to pay a gas fee. Therefore, it is wasted money if you don’t sell — you literally burned money for an NFT. In the end, you never know what will be sold and what not. It’s like Russian roulette.
4. What are the most successful pieces in the market?
3D art is very popular. But there are no rules. Illustrations, photographs, videos, or music — anything you can turn into a digital file can be minted as an NFT.
5. How can I get people to collect my work?
I think the most important thing is to build your own community that likes your art and wants to own it.
6. Gas prices, minting, blocks, collections – What are the key terms I need to know?
These key terms depend on every marketplace. The best way to find them out is, to do your own research on that. Every marketplace has its own rules about these.
7. Please explain the fundamental process in easy words.
Create something you want to put on sale and choose a marketplace you like. You also need a wallet to pay the gas fee and receive coins if you sell something, so create one. Then connect your wallet, and the marketplaces will help you with the rest.
It is a simple process in which you have guidance from the respective marketplaces. They provide questions that you must answer to mint your items. Just give it a try.
8. What are the best platforms for starters and where do the pros sell their work?
I would suggest to do your own research on that as well. Nobody can define this at the moment, because the NFT world is brand new for everyone and there is already a bunch of marketplaces you can work with.
We would like to thank Esra for her time and the interview. If you’re interested in exploring more about Esra’s work, you can have a look at her Cherrydeck profile, her website, or her Rarible profile.