NFT Technology and Decentralized Storage Empower Digital Photography

According to Zion Market Research, the global digital photography market reached US$105.2 billion in 2020 and is expected to reach US$149.4 billion by 2028, growing at a CAGR of approximately 4.4% from 2021 to 2028.

With the development of time and technology, the advance of productive forces and the development of the relations of production affect all aspects of social life, including digital photography, which is a huge and growing market.

This article focuses on exploring the current situation and challenges facing digital photography and how NFT technology and decentralized storage technology can empower digital photography and commerce. This article has taken the Datamall Chain as an example to discover how decentralized storage technology can be used to support digital photography. As a trading platform that can maximize the value of decentralized storage, Datamall Chain can provide basic support for digital photography and NFT artworks, promoting the healthy development of the digital photography market.

Today’s digital photography, especially the commercial market, faces the following two problems:

Because of the ease with which digital content can be duplicated, photographers can lose control of their work. Since digital photographs can be easily duplicated and distributed on the Internet without cost, it is often difficult for artists and photographers to obtain appropriate copyright protection and profit sharing.

Monolithic business model. Currently, the commercial approach to photographs mostly involves one-off buyouts by image sharing platforms, meaning that authors can no longer profit from their work and only a small number of photographers can participate in the commercial market and generate sustainable revenue through licensing.

In the coming era of Web 3, the combination of blockchain technology and NFT technology offers photographers a new path.

By converting photos to NFT, this is possible Permanently record ownership information of the photos on the blockchainincluding the photographer, creation time, copyright, etc. No matter where the photos are displayed, the ownership and copyright information can be clearly demonstrated, thereby protecting the intellectual property and interests of the photographer.

Governments around the world are also increasingly accepting information about blockchain as evidence to support litigation. For example, Vermont (2016), Arizona (2017), and Ohio (2018) have introduced laws allowing the use of signed blockchain records as evidence in court.

The advent of NFT technology has also broke the traditional digital copyright protection and business model, which gives photographers more opportunities to create and sell their work. Artists and photographers can share and benefit from their photography through NFTs. Additionally, photographs can also be auctioned and traded on the NFT market, bringing a more open and free business model to the digital art market.

While NFT technology addresses the problems in the digital photography market, it also adds new forms of presentation and development.

For example, there was a reason an ecosystem of supporters. With NFT technology, digital photographers can turn their works into a unique type of digital asset and distribute them to contributors who own the digital works and can receive a share of the digital work’s revenue.

And it has brought new distribution channels. Traditional photographs are mostly sold through traditional offline auctions and online platforms, but these sales methods come with issues like brokerage fees and handling fees. NFT technology allows photos to be auctioned directly with cryptocurrency, significantly reducing commissions and handling fees.

In addition to NFT technology, decentralized storage technologies, represented by Datamall Chain, as a more fundamental support, can make photos and NFTs safer, more reliable, cheaper, and faster to access.

Stronger data security. Traditional centralized storage involves storing data centrally on a central server, which means that if attackers breach the server’s security defenses, they can easily access all data stored on the server. Datamall Chain uses a distributed storage mode and distributes and stores data across multiple nodes, so even if an attacker breaches one node, they cannot access all of the data.

Higher data reliability. The decentralized storage solution that Datamall Chain offers allows data to be stored on multiple nodes, ensuring data backup and redundancy. Even if one node is attacked, it does not affect the normal operation of the entire system or compromise the integrity of the original data.

Lower storage costs. Traditional centralized storage requires a large number of servers and storage devices to store large amounts of data, which means high costs. Decentralized storage can use idle computer resources to store data, reducing storage costs.

In addition, Datamall Chain is a Nash Consensus-based decentralized storage platform where storage providers can list orders with different prices and lease terms to sell their unused storage space. At the same time, storage providers need to use DMC as a back-up to prove their storage capacity and ensure they have the promised storage data. If storage providers violate the contract, they face penalties and lose their deployed DMC. This market model of free competition allows storage consumers to freely choose their preferred storage service providers.

Faster access speed. Users can choose the node closest to them for access

Overall, the combination of NFT technology and decentralized storage technology has brought many new opportunities and challenges to digital photography. It has not only enhanced the uniqueness and value of photographs, but also provided better solutions for protecting and preserving them. At the same time, these technologies will also drive the development and innovation of the digital art market, creating more business opportunities for artists and collectors.