What are nonfungible tokens, how do they work and what do they mean for photographers? Pro Jordan Banks explains more

Alone ‘Alone’ is the first single image I have listed on Foundation, a creative platform for artists, curators and collectors.

© Jordan Banks

What are NFTs? This is a question that has been asked a lot of late. NFTs or non-fungible tokens are a new form of digital investable stored on the Ethereum blockchain. NFTs can be collected in the same way editions of photographic prints are in the traditional market. The result is a potential new avenue for photographers of all levels and genres to market and sell their work.

The only difference from the traditional art market is that everything from transactions to ownership is conducted in a digital manner via the blockchain. If you’re thinking this doesn’t make much sense then I will explain all…

What is an NFT? What does nonfungible token even mean?

One of the main confusions around NFTs is simply the name. Once we make sense of this things usually become a lot clearer. ‘Token’ is the name given to a digital asset that can be transferred between people/buyers/collectors on a blockchain. ‘Non-fungible’ references the fact that the token can’t be replicated or divided into sections as you could say with a more common token such as bitcoin. What makes NFTs unique is the digital asset attached to the token.

Where did NFTs come from?

The tech behind NFTs has been around since 2015 when unique tokens were added to the Ethereum blockchain but didn’t become a big deal until early in 2021 when artist Beeple’s composite NFT sold for $69.3 million at auction. News of other big-figure sales along with the ever-growing list of success stories from far lesser-known creatives has attracted a lot of attention to NFTs, which doesn’t look to be dying down.