Why cryptocurrency and NFTs could change wildlife photography forever
For some, 2021 has represented one of the golden years for cryptocurrency. You’ve likely heard of Bitcoin, Ethereum, Cardano, or even Dogecoin and Shiba Inu. The impacts of cryptocurrency can be felt far and wide throughout society.
At its core, cryptocurrency aims to improve the inefficiencies of traditional financial systems. However, its potential is much larger.
One of the areas where its potential is growing rapidly is in the art space with NFTs, which could be an excellent sign for wildlife photographers and their supporters worldwide.
But how could cryptocurrencies benefit wildlife photography?
In this blog post, I will explain how cryptocurrency and NFTs could revolutionize wildlife photography for creators and their supporters.
Also, if you’re a newcomer to the world of cryptocurrency or NFTs, this may seem overwhelming or complex. However, I’ll cover all the basics you need to know with tons of help along the way.
In fact, by the time you finish reading this article, you’ll know more about NFTs and cryptocurrency than 98% of people.
To help you along, this blog post is divided into 3 parts that you can scroll to:
What is cryptocurrency?
What are NFTs?
How can NFTs benefit wildlife photographers?
Turkey vulture | Nikon D500 + Nikon 200-500mm | ISO 5600, 1/250, f/8 @ 500mm
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What is cryptocurrency?
Before getting into what NFTs are, we need a general understanding of what cryptocurrency is.
In the simplest of terms, cryptocurrencies are similar to regular currencies, except they’re completely digital and decentralized. However, it’s not a bank or government that keeps track of the money you hold in your wallet. Instead, computers connect to a cryptocurrency network (called a blockchain) to process transactions.
In 2008, Bitcoin, the first, biggest, and most well-known cryptocurrency, launched. In the several years since then, many other cryptos, like Ethereum, Cardano, Dogecoin, Shiba Inu, and Solana, have emerged as digital alternatives to government-issued currencies, as explained in this article by Coinbase.
What is a blockchain?
To keep things simple, a blockchain is a digital ledger of transactions.
A blockchain records every transaction made with a particular cryptocurrency. This record is shared among every computer connected to the network (the cryptocurrency "miners") that processes transactions in exchange for the native coin of that cryptocurrency blockchain (e.g. BTC for Bitcoin).
This system of recording information makes it impossible (or extremely difficult) to hack or cheat the system. If you would like to learn more about what a blockchain is, check out this video.
What are NFTs?
NFT stands for “non-fungible token.” (We’ll get into what “non-fungible” means later on.)
There are many ways to word what an NFT is, but I think Dhaval Patel phrased it well:
“An NFT provides a way to tokenize a digital or hard asset that can be sold or traded through a digital exchange. NFTs can also be sold from party to party, such as from a photographer to a buyer.”
At the moment, most NFTs exist on the Ethereum blockchain, which is the most popular. However, others, such as Cardano, Solana, Flow, and Binance Smart Chain, have also launched their own NFTs.
Anything digital can be an NFT.
We’ve already seen NBA Top Shot use highlights, play-to-earn games such as Axie Infinity have Axies that are the creatures used to play the game, and Bored Ape Yacht Club is a popular series of NFT profile pictures that have attracted the attention of people worldwide.
If you’re still not sure what NFTs are, let me just repeat that anything digital can be an NFT. Another example would be Twitter’s founder, Jack Dorsey, who sold his first tweet for more than $2.9 million (1630.5826 Ethereum).
Non-fungible vs fungible
NFT stands for “non-fungible token.” All this means is that each NFT is unique and can’t be replaced.
To make things clearer, things that are fungible are perfectly exchangeable. There's no unique feature that differentiates one unit from another. Think money, gold, and cryptocurrencies (like Bitcoin and Ethereum). For example, one dollar in my wallet is worth exactly the same as one in yours, and they can be exchanged for each other.
In contrast, something non-fungible is the opposite. As the Coin Bureau puts it, “a non-fungible asset is therefore one that has its own unique qualities and cannot be readily exchanged with another.”
Think of the Mona Lisa. There is only one of these artworks. Even if a copy of the Mona Lisa is created, it is not interchangeable because it is not the original.
Think of NFTs in the same way (and no, I’m not saying they’ll all be as incredible as Leonardo da Vinci’s painting).
Note: I recently found an example of a non-fungible asset in the world of wildlife and nature photography. It’s Marsel van Oosten’s new book, Mother | The Collectors' Edition. Why is it non-fungible? This edition is limited to 100 copies and each has a signed and numbered certificate of authenticity. That way, if you buy the book as an investment, you have proof that you have an original.
Why would you buy an NFT?
Great blue heron | Nikon D500 + 300mm f/2.8 VR II + 1.4x TC | ISO 900, 1/1000, f/4 @ 420mm
There are many reasons people would buy NFTs, but there are two main ones.
1) Support a wildlife photographer
First, you may be a huge fan of a particular wildlife photographer, artist, or musician who has created an NFT and you want to support them.
You love their work and want to own something of theirs that is limited edition. Think of owning an original Michael Jackson “Thriller” album. Buying an NFT can be a wonderful way to support an artist you love, be they a wildlife photographer or otherwise. So, if there’s a particular artist you’re a fan of, you can support them by buying their NFT.
2) Invest in digital art
Second, you may be an investor.
People buy and sell physical art across the world every day. Their hope is that the artwork appreciates in value. The same thing happens with digital NFT art.
You might buy your favourite wildlife photographer’s NFT, hoping the value will increase to profit in the future.
Regardless of your reason, acquiring NFTs involves collecting digital, cryptocurrency assets.
Iberian ibex | Nikon D500 + 300 PF + 1.4x TC | ISO 1400, 1/500, f/5.6 @ 420mm
How can NFTs benefit wildlife photographers?
If you’re a wildlife photographer, you’re probably not in this field expecting to make money.
If you’re like me, you started taking photos of animals because you love nature and want to create a special connection with it.
However, if you can make money from it, that’s an awesome bonus.
NFTs can represent a source of income for wildlife photographers
In general, wildlife photography is not as lucrative as other genres, but with the arrival of NFTs, you have the potential to increase your earning opportunities in two ways.
You make a profit when you first sell your NFT.
You make a profit every time someone sells your NFT after that.
Let’s break this down.
It’s no surprise that you can profit when you first sell your NFT. However, you can continue to earn passive income on it afterwards.
How?
When you mint your NFT, you can create it so that each transaction includes royalties whenever your work moves on the blockchain.
This means that whenever the NFT is sold, you will receive a percentage of the sale each time. This “allows creators to be rewarded fairly for their work online,” according to OpenSea.
White-tailed deer | Nikon D850 + 300mm f/4 AF-S + 1.4x TC | ISO 2800, 1/250, f/5.6 @ 420mm
Case Study
For example, let’s say you mint an NFT of a white-tailed deer and list it on OpenSea for 0.05 Ethereum (~$240 as of writing this blog post).
You could program your NFT so that each transaction includes a 10% royalty.
Every time your NFT is sold in the future, you will receive 10% of the sale. If the price increases to 1 Ethereum, then you will get 0.1 Ethereum (double your initial sale). If it instead decreases to 0.25 Ethereum, you will get 0.025 Ethereum.
Regardless, you are still making passive income if your NFT changes digital hands.
Note: Keep in mind that gas fees (the cost of each transaction) on networks like Ethereum can be pretty expensive. If you’d like to make your own NFT, but avoid paying such high fees, it might be better to use a different blockchain with cheaper fees and lots of users. Solana, for instance, averages about $0.00025 per transaction.
NFTs solve copyright issues
Have you ever seen your wildlife photo or someone else’s circulating on Instagram or another photography platform without crediting the original creator?
Apart from representing a possible form of income for wildlife photographers, NFTs solve critical issues associated with copyright. You can sell your work online and avoid the headache of others using your work without permission because they are non-fungible, as Dhaval Patel indicates.
Reminder: Don’t remember what non-fungible means? No worries, I got you covered. Something non-fungible is unique and can’t be replaced, like the Mona Lisa.
Conclusion
So? How do you feel now that you know more about NFTs and cryptocurrency than 98% of the world?
If you’ve made it this far, it’s easy to see how NFTs can revolutionize wildlife photography and other creative spaces for two reasons:
They can be an excellent way for creators, such as wildlife photographers, to profit from and retain ownership of their work even after selling it.
They solve critical issues associated with copyright, allowing you to avoid the headache of others using your work without permission.
Now that you know what cryptocurrency, blockchain, and NFTs are, hopefully you have understood a completely new way to market yourself as a creator.
Look out for my coming articles that will explain how to create your own NFT for wildlife photography and the environmental impact of NFTs.
Where to buy
If you are interested in purchasing any of the gear I used to shoot these photos, check out the links below:
If you live in Canada, Kijiji is a great place to get even cheaper gear if you are willing to buy cameras and lenses without an intermediary service, such as Amazon or eBay.