DECRYPTING THE WORLD OF DIGITAL PHOTOGRAPHY AND NFTS ARE THEY A FAD OR HERE TO STAY?
Since its very beginning, the rise of new digital technologies, like blockchain, have made all of us sit up in our seats and wonder – what does this mean for us and our daily lives? Nowhere is this truer than the recent explosion of non-fungible tokens or NFTs.
While we’ll go into more detail later, in a nutshell, the word “non-fungible” simply means that it cannot be exchanged for something of similar value. A “token” is a digital asset that has been issued by a blockchain – blockchain being a system of recording information in a way that makes it difficult or impossible to change or hack.
Online communities give photographers and artists the chance to sell digital artwork that might not have been noticed otherwise. Take for example, a 12-year-old boy from London who reportedly made an approximate AUD $540,000 from selling his Weird Whales images.
The question on everyone’s mind is: are NFT’s here to stay or are they just a case of the emperor’s new clothes?
Intellectual property lawyer Sharon Givoni says she’s now regularly receiving questions from artists, including photographers, about the future of the industry and what effects the rise of NFTs will have in both the short and long term. Whether
