Photoshop will get a ‘prepare as NFT’ option soon

NFTs occupy an interesting intersection between being relatively low effort to implement but having a very high ability to grab headlines and free publicity.

Can you think of any other easy feature that would get Photoshop into the headlines?

Adding NFT functionality to anything is an easy way to get free press right now. It’s also why so many of the aimless influencers are rushing to NFT topics: They can use those free headlines to build followings and communities.

But despite all the hype, it doesn’t seem to be the starving artists making money on NFTs. It’s all established crypto speculators and crypto businesses selling shovels in this gold rush. The starving artists are just a clever narrative to distract from who’s actually profiting.

Are there any signs that the NFT market is real?

I mean - yes, we can see coins moved around on blockchains. But how do we know that those coins aren't just moving from one pocket to another of the same person?

Any ideas on how to look at the NFT market and estimate its size would be very appreciated.

I throw in one idea in myself: The Alexa rank of the NFT marketplaces. opensea.io is at #407 which is higher than coinbase.com which is at #798. So this might be an indication that there really is something happening here.

I don't understand the unfettered hatred many have for NFTs. This is the first technology to come along and offer artists an actual avenue to payment for their creative work, and for fans to directly engage with and support with artists.

For once, photographers, artists, musicians, countless others can be in control of their own distribution and the terms of it.

Yes, you can right-click and save jpegs but that is sort of the point! Similar to having a print in your living room, copies of the original serve as marketing for it. People who own or sell NFTs aren't doing it just to "own" a jpeg, it's a digital representation of something purchased, or proof of attendance.

When in a gold rush, sell shovels.

Can someone please point me to a concise description of what an NFT is? The usual answer is "DUH! It's a non-fungible token" as if that explains everything.

I get that it's an image (maybe any digital media?) and it is associated with an entry on a blockchain somewhere but then I get confused.

For example, that beautiful graphic you're going to print and hang on your wall can still be copied just as readily as any other digital file so how is all that money someone paid for it worth anything?

If you copy it and change the color of 1 pixel (indistinguishable from the original) then reissue a new NFT, does that count?

========================================= EDIT: I won't pollute the thread with individual replies but thank you everyone for the wisdom and insight. I have a much better picture of how it all works now.