Web3 Changing the Face of Photography
A few years ago, I was asked by a leading London photographic agency, what I thought the future of photography would be. I remember answering, some form of 3D imagery with assets, never envisaging at the time, anywhere near where we actually are today with NFT’s (Non Fungible Tokens) and Web3.
What is Web3?
Web3 is a new iteration of the World Wide Web based on blockchain technology, which incorporates concepts such as decentralization and token based economics.
In simple terms, Web3 is the name some technologists have given to the idea of a new kind of internet service that is built using decentralized apps, aka DAPPS on blockchains, the shared ledger systems used by cryptocurrencies, like Bitcoin and Ether.
How does Web3 work?
Web3 is an internet that does not require us to hand over our personal data information to companies like Facebook or Google and many others in order to use their services. Web3 is powered by blockchain technology and artificial intelligence, with all information published on the blockchain’s public ledger.
What is Web3 used for?
With Web3 you can store your data on a decentralized network called blockchain and safeguard the ownership in the form of a token. You can own cryptocurrencies, NFTs, and more. Web3 is still in a very early stage even though a lot of people have already invested in cryptocurrencies and NFTs. The Photography industry as a whole and photographers are very early to this technology, with a certainty to grow year on year.
Why is Web3 so important for Photography?
Web3 allows for direct ownership through Non Fungible Tokens (NFTs). Combining the physical and digital, a new form of photography will blend real images, digital shots, and A.I. in an ever evolving manner to create a new form of photography alongside and including traditional methods of photography. For everything related to photographic assets utilising blockchain technology to create, distribute, add value and trade photography.
Blockchain, smart contracts and NFTs are the technological innovations of our time. The Web 3.0 ethos has a close connection to the photography landscape.
However, Blockchain and NFTs are still nascent technologies and their full potential is yet to be realised. Currently, NFTs are disrupting the world of Art, Photography and virtual assets.
Photography shouldn’t be seen as a niche, it is a universal form of expression. In fact, it is almost woven into the fabric of our modern lives.
Written on 05.05.2022 by Paul Hamilton, Focus Market Community Manager, London UK.