NFTs and photography: a passing 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. 

Learning the lingo

Blockchain A digital ledger that facilitates the process of recording transactions and tracking assets in a business network.

Copyright Literally means the right to copy (and if you own it, on the flipside, the right to prevent copying). Copyright protection does not extend to ideas, styles, methods of producing art or formats.

Copyright Agency You can register for resale royalty rights through this agency.

Cryptocurrency The broader term used to describe digital currencies that Etherium uses. 

Ethereum A blockchain platform with its own cryptocurrency. It has its own programming language with a decentralized, open source blockchain with smart contract functionality. Ethereum tokens are called ETHER, which can be used to buy and sell goods and services (like Bitcoin).

Intangible Something that is not physical in nature, but gives the author or artist the right to secure legal protection by preventing others from reproducing the work. 

NFT Exchanges OpenSea, Binance NFT Marketplace, Nifty Gateway, Known Origin, SuperRare and Rarible, to name a few.

Non-Fungible Token (NFT) A unique digital token or ‘certificate’ that cannot be interchanged with anything. Being one of a kind, an NFT allows for artwork to be tokenized to create a certificate of ownership that can be bought and sold. The buyer receives this blockchain-based certificate of ownership, which showcases every previous owner including the date and

Steve Liem

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