NFT technology and decentralized storage empower digital photography

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

With the development of time and technology, the progress of productive power and the development of production conditions affect all aspects of social life, including digital photography, which is a large and growing market.

This article focuses on exploring the current situation and challenges facing digital photography, as well as how NFT technology and decentralized storage technology can strengthen digital photography and commerce. This paper has chosen the Datamall chain as an example to explore 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 underlying support for digital photography and NFT artwork, and promote the healthy development of the digital photography market.

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

• Due to the ease of replication of digital content, photographers can lose control of their works. Because digital photographs can be easily replicated and distributed on the Internet without incurring any costs, it is often difficult for artists and photographers to obtain similar copyright protection and profit sharing.
• Monolithic business model. Currently, the commercial approach to photography mostly involves a one-off purchase of image platforms, meaning that authors cannot continue to benefit from their works and only a small number of photographers can participate in the commercial market and achieve sustained income through licensing.

In the upcoming era of Web 3, the combination of blockchain technology and NFT technology provides a new way for photographers.

By converting photographs to NFT, it is possible to permanently record ownership information of the photographs on the blockchain, including the photographer, time of creation, copyright, etc. No matter where the photographs are displayed, it can clearly display ownership and copyright information, thus protecting the photographer’s intellectual property rights and interests.

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

The rise of NFT technology has also broken the traditional digital copyright protection and business model, providing more opportunities for photographers to create and sell their works. Artists and photographers can publish their images through NFTs and get profit from it. Furthermore, photographs can also be auctioned and traded in the NFT market, thus bringing a more open and free business model to the digital art market.

At the same time that NFT technology solves the problems in the digital photography market, it also adds new forms of presentation and development.

For example, it has given rise to an ecosystem of supporters. With NFT technology, digital photographers can turn their works into a unique type of digital asset and distribute them to supporters, who can own the digital works and receive a share of the revenue of the digital works.

And it has brought new sales channels. Traditional photographs are mainly sold through traditional offline auctions and online platforms, but these sales methods are associated with problems such as intermediary fees and handling costs. With NFT technology, photographs can be auctioned directly using cryptocurrency, significantly reducing brokerage commissions and handling fees.

In addition to NFT technology, decentralized storage technologies represented by the Datamall Chain, as a more fundamental support, can make the storage of photographs and NFTs safer, more reliable, lower costs and make access to them faster.

• Stronger data security. Traditional centralized storage involves central storage of data on a central server, which means that if attackers breach the security defenses of the server, they can easily access all the data stored on the server. Datamall Chain adopts a distributed storage mode and spreads and stores data on multiple nodes, so even if an attacker breaks a node, they still cannot access all the data.
• Higher data reliability. The decentralized storage solution Datamall Chain allows for the storage of data on several nodes, and ensures data backup and redundancy. Even if a node encounters attack, it will not affect the normal operation of the entire system or compromise the integrity of the original data.
• Lower storage cost. 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, thereby reducing storage costs.

Furthermore, Datamall Chain is a Nash Consensus-based decentralized storage platform, where storage providers can list orders with varying prices and lease terms to sell their available storage spaces. At the same time, storage vendors must stake DMC as a backup to prove their storage capacity and ensure they have the store data they promised. If storage providers breach the contract, they will face penalties and lose their stake DMC. This market model of free competition allows storage consumers to freely choose their preferred storage service providers.

• Faster access speed. Users can select 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 their protection and storage. At the same time, these technologies will also increase the development and innovation of the digital art market, creating more business opportunities for artists and collectors.

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