{"id":696,"date":"2023-01-12T15:09:59","date_gmt":"2023-01-12T15:09:59","guid":{"rendered":"https:\/\/magazine.digitalartists.com\/?p=696"},"modified":"2023-11-29T10:08:58","modified_gmt":"2023-11-29T08:08:58","slug":"nfts-vs-stock-photography","status":"publish","type":"post","link":"https:\/\/www.digitalartists.com\/blog\/nfts-vs-stock-photography\/","title":{"rendered":"NFTs vs Stock Photography"},"content":{"rendered":"\n<p>Ever since Non-Fungible Tokens (NFTs) hit the mainstream a few years ago, there&#8217;s been an ongoing debate on whether they&#8217;ll ever replace stock photography. In this article, we will take a deep dive into the topic of <strong>NFTs vs stock photography<\/strong>.<\/p>\n\n\n\n<p id=\"summary\">For many years, photographers have been upset with the dwindling funds available for stock photography. While it is true that photography sites such as <strong>Unsplash and iStock<\/strong> have seen a dramatic downward trend in revenues over the past few years, are NFTs to blame?\u202f&nbsp;<\/p>\n\n\n\n<p>The big question remains &#8211; are NFTs going to have a positive or detrimental effect over the long-lasting future of photography? Even though both appear to go hand-in-hand, as we have already written about in a previous article, How NFTs will change the world,<strong> <\/strong>NFTs will soon take a different form and digital artwork will be just one string in their vast bow.&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"digital\">Digital Artwork and Photography<\/h2>\n\n\n\n<p>Without going into the <strong>complex<\/strong> detail of how NFTs work on the Blockchain, the primary attribute is their ability to independently verify ownership and create uniqueness. It is these very components that are extremely critical to any photographer.\u202f&nbsp;<\/p>\n\n\n\n<p>Once an artist can protect their copyright &#8211; without the need of a third-party interaction, it can and will change the face of stock photography forever. Unless stock photography websites such as Shutterstock adapt to the NFT capabilities, they&#8217;ll simply become <strong>obsolete entities.\u202f<\/strong>&nbsp;<\/p>\n\n\n\n<p><em>Continue reading <a href=\"https:\/\/www.digitalartists.com\/blog\/nft-gallery\/\">here<\/a>.<\/em><\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"copyright\">Copyright Lawsuits Due to NFTs<\/h2>\n\n\n\n<p>Copyright infringement is the number one concern for all artists on the planet. The main reason for this is that when their work is distributed without consent, it waters down the true value, hence giving the creator less profits. NFTs <strong>will give the copyright back<\/strong> to the artist, which in turn will return them a higher yield for their work. Let&#8217;s take a look at a high profile copyright lawsuit involving artwork and NFTs.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image alignfull size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nfts-and-stock-sites-copyright-1-1024x508.jpg\" alt=\"NFTs and Stock Sites Copyright \" class=\"wp-image-702\" srcset=\"https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nfts-and-stock-sites-copyright-1-1024x508.jpg 1024w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nfts-and-stock-sites-copyright-1-300x149.jpg 300w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nfts-and-stock-sites-copyright-1-768x381.jpg 768w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nfts-and-stock-sites-copyright-1.jpg 1330w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"tarantino\">Miramax vs Quentin Tarantino<\/h3>\n\n\n\n<p>Famed actor and director Quentin Tarantino was sued by production company Miramax earlier this year (2022) for selling an image as a NFT from the <strong>cult movie Pulp Fiction<\/strong>.<strong>\u202f<\/strong>&nbsp;<\/p>\n\n\n\n<p>Miramax filed the lawsuit after Tarantino sold the <strong>NFT for over one million dollars<\/strong> and Miramax claimed he did not own the rights to the image. However, Tarantino argued that because NFTs didn&#8217;t exist in the 90s when the image was created, then it was impossible for them to own the rights over that particular image.\u202f&nbsp;<\/p>\n\n\n\n<p>The lawsuit recently came to its conclusion with an out-of-court settlement. It is believed both parties agreed to a partial settlement. It was the first known example of Web2 copyright laws venturing into a <strong>Web3 environment<\/strong>.\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"marketplace\">NFT Photography and the Marketplace<\/h2>\n\n\n\n<p>There is no hiding place, NFTs have already marked their territory in the world and as the Web3 integration takes its grip, NFTs are only going to become bigger, better and more widely-accepted. As an example, <strong>NFT photography<\/strong> reached The State Hermitage, one of the biggest museums in the world, in August 2021.\u202fThe NFT collection had world famous painting in the form of NFTs on display, such as \u201cThe Lilac Bush\u201d by Vicent Van Gogh, \u201cMadonna Litta\u201d by Leonardo Di Vinci, \u201cLilac Bush\u201d by Vincent van Gogh and also featuring Claude<strong> <\/strong>Monet with his famous painting \u201cCorner of the Garden at Montgeron\u201d.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image alignfull size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nft-marketplace-vs-stock-sites-_-1024x508.jpg\" alt=\"NFT Marketplace vs Stock Sites \" class=\"wp-image-699\" srcset=\"https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nft-marketplace-vs-stock-sites-_-1024x508.jpg 1024w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nft-marketplace-vs-stock-sites-_-300x149.jpg 300w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nft-marketplace-vs-stock-sites-_-768x381.jpg 768w, https:\/\/www.digitalartists.com\/blog\/wp-content\/uploads\/2023\/01\/nft-marketplace-vs-stock-sites-_.jpg 1330w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Each famous painting had two NFTs minted. One for the buyer and the other for the museum&#8217;s collection. It was the <strong>very first NFT artwork auction<\/strong> based on real world art collections. The NFTs raised almost half a million dollars which went towards the renovations of the famous museum.\u202f&nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.digitalartists.com\/blog\/art-basel-nft\/\">As NFT marketplaces and auctions continue to flourish<\/a>, in the not-too-distant-future, the NFT marketplaces will render all stock photography websites obsolete. Surely, for them to survive, they must implement NFTs in their framework in order to bring back their competitive edge.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Let&#8217;s take a look at some mind-boggling facts when it comes to NFTs vs stock photography:&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"photography\">Photography<\/h3>\n\n\n\n<p>\u2714\ufe0f The <strong>world&#8217;s most expensive<\/strong> photograph in history sold in Dec 2014 for $6.5 million. The black and white photo named &#8216;Phantom&#8217; was taken in Arizona&#8217;s Antelope Canyon by Australian landscape photographer Peter Lik.\u202f&nbsp;<\/p>\n\n\n\n<p>\u2714\ufe0f The <strong>most &#8216;liked&#8217; photograph on Instagram<\/strong> is a picture of an egg. Just a plain brown egg. To date, the image by Serghei Platanov has reached an incredible 55 million likes on the platform and continues to increase its popularity.\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"nfts\">NFTs<\/h3>\n\n\n\n<p>\u2714\ufe0f The world&#8217;s most expensive NFT photo was sold in Nov 2021. Named &#8216;Twin flames&#8217;, it depicts twin sisters Alyson and Courtney Aliano taking a photo through a mirror. Sold for 871 ETH ($2.5 million), it is the <strong>5th most expensive photo<\/strong> in history!\u202f&nbsp;<\/p>\n\n\n\n<p>\u2714\ufe0f One of the most expensive NFT collections was given away for free? Cyberpunk &#8211; often <strong>selling in their millions<\/strong> were advertised on a well-known social media platform as &#8220;anyone with an Ethereum-based wallet can have a Cyberpunk for free!&#8221;\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"merging\">NFTs Merging with Photography<\/h2>\n\n\n\n<p>The integration with NFTs and photography is already on its way. The <em>Associated Press<\/em> have recently announced that they intend to bring an NFT <strong>marketplace for their photojournalists<\/strong>. Together with <em><a href=\"https:\/\/xooa.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Xooa<\/a><\/em>, they promise to bring award-winning photography in the form of NFTs.\u202f&nbsp;<\/p>\n\n\n\n<p>The media outlet goes on to announce the system will be built on the <strong>environmentally friendly Polygon Blockchain<\/strong>. Launching in January 2023, they promise each NFT will have a variety of data added, including how, where and when the photograph was taken.\u202f&nbsp;<\/p>\n\n\n\n<p>The NFT photography will have different price points, depending on rarity and can be bought with either a credit card or Ethereum and Metamask will be their first supported wallet, however, they plan to <strong>implement other wallets<\/strong> in the near future.\u202f\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"pitfalls\">The Pitfalls of Using NFTs for Photography<\/h2>\n\n\n\n<p>The costs for photography creation either includes a camera or a paintbrush. When they come in the form of a NFT, the image needs to be processed on the Blockchain. The verification is confirmed once all devices in the network have validated the transaction. The amount of electricity consumed to complete the process is quite high. Not something recommended in today&#8217;s <strong>energy efficient world<\/strong>.\u202fHence, the cost of creating NFTs vs Stock photography images is a lot higher.&nbsp;&nbsp;<\/p>\n\n\n\n<p>As it is a hot topic, discussions are taking place on how to reduce the emissions caused by the verification process on the <strong>Blockchain<\/strong>, however, as things stand at the moment, it is safe to say, many artists will be wary of their carbon footprint and will be tentative to make the transition over to NFTs until there&#8217;s a better solution.\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:1px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">Our Verdict<\/h2>\n\n\n\n<p>Our conclusion is that NFTs will be very beneficial to the photography sector and they should be looked at hand-in-hand to one another. In the Web3 environment, the premise is that third party ownership becomes almost non-existent. That can only be a good thing for photographers and artists alike. <strong>Taking away a middleman<\/strong> will ultimately <a href=\"https:\/\/www.digitalartists.com\/blog\/how-to-use-nft-for-your-business\/\">increase asset value<\/a>.\u202f&nbsp;<\/p>\n\n\n\n<p>Finally, the creator will be able to decide how their work is distributed. Highly sought after photography will generate further income from re-sales. While the energy consumption to verify transactions on the Blockchain is a slight concern, as technology advances, very much the same way certain <strong>Cryptocurrencies have become more energy-efficient<\/strong>, we&#8217;re sure a solution is just around the corner.\u202f&nbsp;<\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<hr class=\"wp-block-separator alignfull has-text-color has-alpha-channel-opacity has-background is-style-wide separator-faq\" style=\"background-color:#e8e8e8;color:#e8e8e8\"\/>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-group faq-wrapper is-layout-constrained wp-container-core-group-is-layout-39ed9c76 wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-left faqs-heading\" id=\"faqs\">What else we can say:<\/h2>\n\n\n\n<p class=\"faqs-intro\" style=\"line-height:1.6\">We have answered for you some of the most frequently asked questions based around the topic NFTs vs Stock photography that come to mind.<\/p>\n\n\n\n<div class=\"wp-block-group faq-listing is-layout-flow wp-container-core-group-is-layout-d6743c7d wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group faq collapsed is-layout-constrained wp-container-core-group-is-layout-12243e0f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group faq-title is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-cb46ffcb wp-block-group-is-layout-flex\">\n<h3 class=\"wp-block-heading\" style=\"line-height:1.6\">Are NFTs to Blame for the Current Downfalls in Stock Photography?<\/h3>\n\n\n\n<div class=\"wp-block-group faq-btn is-vertical is-content-justification-right is-layout-flex wp-container-core-group-is-layout-c0d519fa wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq-body is-layout-flow wp-container-core-group-is-layout-1c3a4942 wp-block-group-is-layout-flow\" style=\"margin-top:0px;margin-bottom:0px\">\n<p class=\"scroll-to-link\">As stock photography continues to plummet in value, it is a safe assumption that they will need to adapt to NFTs <strong>to thrive in a web3 environment<\/strong>. <a href=\"#summary\">NFTs vs Stock photography<\/a> &#8211; they&#8217;ll only be one winner once web3 takes shape.&nbsp;&nbsp;<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq collapsed is-layout-constrained wp-container-core-group-is-layout-12243e0f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group faq-title is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-cb46ffcb wp-block-group-is-layout-flex\">\n<h3 class=\"wp-block-heading\" style=\"line-height:1.6\">Is It True That an Artist Will Be Able to Have Full Control of Their Copyright by Using a NFT?<\/h3>\n\n\n\n<div class=\"wp-block-group faq-btn is-vertical is-content-justification-right is-layout-flex wp-container-core-group-is-layout-c0d519fa wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq-body is-layout-flow wp-container-core-group-is-layout-1c3a4942 wp-block-group-is-layout-flow\" style=\"margin-top:0px;margin-bottom:0px\">\n<p>There are many other benefits such as increased value, but yes, one of the main benefits to <a href=\"#copyright\">adding your photography or artwork<\/a> behind a NFT is the creator\u2019s ability to <strong>own their own copyright<\/strong>, cutting out a middleman who is usually associated with additional unnecessary costs for the creator.&nbsp;<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq collapsed is-layout-constrained wp-container-core-group-is-layout-12243e0f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group faq-title is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-cb46ffcb wp-block-group-is-layout-flex\">\n<h3 class=\"wp-block-heading\" style=\"line-height:1.6\">I Read That There Was a Lawsuit Regarding a NFT and a Celebrity, What Was That About?<\/h3>\n\n\n\n<div class=\"wp-block-group faq-btn is-vertical is-content-justification-right is-layout-flex wp-container-core-group-is-layout-c0d519fa wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq-body is-layout-flow wp-container-core-group-is-layout-1c3a4942 wp-block-group-is-layout-flow\" style=\"margin-top:0px;margin-bottom:0px\">\n<p>One recent <strong>copyright lawsuit<\/strong> included famous director <a href=\"#tarantino\">Quentin Taratino<\/a>. He sold an image from Pulp Fiction in the form of a NFT and was sued by the production company, Miramax. Ultimately, the case was settled out of court for an undisclosed amount.&nbsp;&nbsp;&nbsp;<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq collapsed is-layout-constrained wp-container-core-group-is-layout-12243e0f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group faq-title is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-cb46ffcb wp-block-group-is-layout-flex\">\n<h3 class=\"wp-block-heading\" style=\"line-height:1.6\">Are There Any Downfalls of Bringing My Photography to the Blockchain?<\/h3>\n\n\n\n<div class=\"wp-block-group faq-btn is-vertical is-content-justification-right is-layout-flex wp-container-core-group-is-layout-c0d519fa wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq-body is-layout-flow wp-container-core-group-is-layout-1c3a4942 wp-block-group-is-layout-flow\" style=\"margin-top:0px;margin-bottom:0px\">\n<p>The only <a href=\"#pitfalls\">downfall<\/a> we can see at the moment is the amount of electricity the verification process takes on the Blockchain. It could severely impact one&#8217;s <strong>carbon footprint<\/strong>. In this day and age, it could prevent some artists from transitioning over to the NFTs world.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq collapsed is-layout-constrained wp-container-core-group-is-layout-12243e0f wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group faq-title is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-cb46ffcb wp-block-group-is-layout-flex\">\n<h3 class=\"wp-block-heading\" style=\"line-height:1.6\">Will Photography Ever Merge With Web3?<\/h3>\n\n\n\n<div class=\"wp-block-group faq-btn is-vertical is-content-justification-right is-layout-flex wp-container-core-group-is-layout-c0d519fa wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group faq-body is-layout-flow wp-container-core-group-is-layout-1c3a4942 wp-block-group-is-layout-flow\" style=\"margin-top:0px;margin-bottom:0px\">\n<p>Believe it or not, the <a href=\"#marketplace\">framework<\/a> to transfuse both <strong>Web2 and Web3 photography<\/strong> is already in motion and hopes to be finalized by late January 2023. There are many companies out there looking for ways to connect with the oncoming web3 phrase which is believed to seriously disrupt the internet as we know it today.&nbsp;<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ever since Non-Fungible Tokens (NFTs) hit the mainstream a few years ago, there&#8217;s been an ongoing debate on whether they&#8217;ll ever replace stock photography.<\/p>\n","protected":false},"author":1,"featured_media":697,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-696","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-guides"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFTs vs Stock Photography \ud83d\udcf8<\/title>\n<meta name=\"description\" content=\"NFTs vs Stock Photography - Which is better? 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