With that, you’ve just taken that perfect, aesthetically pleasing photo. Are you going to upload it to Instagram now to like it … Or sell it on OpenSea for ETH? Following the announcement of this NFT marketplace, YouTubers may have a new way to monetize their photos.
Say cheese!
OpenSea recognizes the request for a photo option on its platform and encourages photographers to share their collections before launch.
“Check to take photos of the category?” ????
Very early.
Put your gallery link in the comments if you’d like to be considered a pre-launch!
– OpenSea (@opensea) December 20, 2021
A few hours later, OpenSea announced the photo page was live and a number of creators will be featured there.
You asked. We delivered
The photography category is active! Go to your gallery edit page, select Photography, and buyers can browse the latest trending pieces right here: https://t.co/1Qg5VBOucg
Tag your friends, collectors, favorite artists – do it. pic.twitter.com/D6B5xGHZ59
– OpenSea (@opensea) December 20, 2021
The question, however, is: what does a new user base of photographers as an established giant in the NFT space mean for OpenSea’s dominance?
Take a close look at the “lens”
In early December, ConsenSys’s Web 3 report showed that OpenSea held 97% of the market for the most recent quarter. The report also notes
“And the transactions on OpenSea speak volumes: In the record month of August, the platform accounted for $ 3.16 billion of the $ 3.25 billion in NFT sales.”
Is this number possible – or sustainable – even higher? Now it can be argued that taking photos will lower the barriers to entry for NFT creators even further. After all, which crypto dealer doesn’t have a smartphone nearby?
However, there are other factors to consider as well. With the introduction of Coinbase NFT, the influence of OpenSea could grow. This is a possible scenario if Coinbase goes down the same path and decides to allow photos. Additionally, frustration over Ethereum gas fees or failed transactions on OpenSea is common and costs many users dearly.
On the other hand, Coinbase NFT aims to create a more open ecosystem where NFTs can be bought on any blockchain.
All in all, Coinbase NFT has the opportunity to address the weaknesses of OpenSea on its own platform – and to address artist protection.
“Flash” messages
A post by Marvel and DC cartoonist Liam Sharp recently went viral after the artist reported that one of his works was cast on NFT and submitted to OpenSea without his permission.
Sharp criticized OpenSea, arguing that the NFT market had to do more to prevent original works from being stolen.
@open sea – This is not the first time, there have been many. The reporting process is not intuitive and I have to prove that I am the artist / owner / creator – which seems wrong – IF I even find out about it. NFT creators should be stricter.
– Liam ‘Sharpy’ Sharp (@LiamRSharp) December 17, 2021
Now that photos hit the platform, it remains to be seen how OpenSea and its community will address the risk of artwork theft.