Here at Take It Or Leave It we're passionate synthography aficionados. But we've been asked more than once how traditional photographers have also managed to make a mint selling NFTs?! (pun intended!) Especially those with no previous art exhibits, momentum, or AI hype cycle to ride.
So consider this post a quick consultation for all those who have impressive photography collections.
We will dissect the best kept strategies in the hopes that all of our readers can benefit by bringing their creative projects to the world.
And the best example? Kristopher Shinn.
In fact, we would propose that Shinn's ability to sell out 100 photographs at 0.25 ETH each ~ $100,000 in a down market was a direct result of his marketing methods.
His ability to propel his photos into the public consciousness.
Then translate this attention into purchases.
And continue to create value by rewarding current collectors with trending new collabs while simultaneously helping him to onboard new ones.
We might even gander that his ability to sustain and grow value for his collectors is even more impressive than his artistic skills.
But we will leave that judgement to our readers.
Afterall, art appreciation is subjective.
But the prices paid are not.
Therefore his marketing methods are worth a deep dive because Shinn's journey from humble beginnings to soaring NFT prices is an ideal playbook to emulate.
Here's a quick summary of how he masterfully took his NFTs from modest to magnificent:
Innovative Concept: Shinn's collection, "By Way of Water," started with a unique and relatable theme – photographs taken on ferries in Seattle. This distinctive concept instantly grabbed attention.
Memorable Backstory: Shinn had a compelling and catchy narrative. His dad passed away from a heart attack in 2008 which turned the 18 year old Shinn's life upside down. His mother gave him his father's mint condition Canon AE-1, which Shinn used to posthumously connect with his father while on Seattle ferry trips to visit the rest of his remaining family.
This story allows you to connect with Shinn both as an artist and a person that is worth supporting, whether his art appreciates in value or not.
Gradual Release: Shinn didn’t flood the market; he started with a modest drop of 30 NFTs in August 2021. The first thirty were mainly collected by fellow photographers, friends, and family. While unfortunately he did not have a famous art influencer pick up any of his first work, the fact that it was "sold out" was a critical lever that helped to start the flywheel of fame. The scarcity also created a buzz and a sense of exclusivity among early buyers.
Then Kristopher followed up with 20 more photographs in October (which again sold out) and then 50 more in January, by which time he had strongly established his reputation as an artist that would sell out. He also established himself as that "ferry guy" as he kept to this style to create a cohesive collection.
His slow dripping drop and instantly recognizable "ferry guy" branding worked.
He made 0.25 ETH x 100 =~ $100,000 which is impressive for a completely unknown traditional photographer with no network, no hype cycle, nor previous history to lean upon.
At a time when other projects were not moving at all.
And he never veered from the 0.25 ETH price point.
Community Engagement: Shinn actively engaged with his community. He nurtured relationships with fellow photographers and art enthusiasts, building a strong foundation of support.
Gratitude to Early Supporters: Shinn also recognized the value of his early supporters. He rewarded their belief in him by surprising them with free drops of his NFT collabs. It was like giving free money away to his original supporters, fostering loyalty. For example, his gifted Terrell Jones collab was fetching as much as 1.35 ETH on the secondary market.
This allowed early collectors to take some gains from selling the collabs instead of his original NFTs. More importantly, these gifted collabs also increased the perceived value of holding his original 100 NFTs because now they included an unknown number of free future art drops.
The handful of collectors that did sell his works helped him to establish higher price points than the original 0.25 ETH. Everyone who was holding or thinking of selling appreciated higher price points being established as a point of reference in appraising their potential value.
Strategic Timing of Airdrops: Shinn also smartly used intermittent dopamine inducing airdrops, randomly gifting these exclusive artworks to his existing holders and creating a craving and addiction for more. This not only delighted his community but also created a secondary market, driving up demand and prices.
Strategic Collaborations: Shinn researched trending artists and was successful in pitching key collaborators like Terrell Jones, Storm, Efdot, and Space Case due to his community involvement. These crucial collaborations not only expanded his audience by introducing his work to their collectors, but also increased the perceived value of his own collection (as seen above.)
Investment in Art: Shinn invested his own capital into commissioning artworks from trending creators and then split the royalties 50/50 with the artists. By sharing future royalties, he incentivized the artists to produce exceptional work, enhancing the overall value of his collection.
Consistent Engagement: Shinn stayed active in the art space. He didn’t rest on his laurels after the initial success but continued to engage with the community, ensuring "By Way of Water" remained a topic of conversation. Afterall, we live in an economy that drives value through attention, so the fact that he was able to consistently engage attention helped him to positively impact the value of his art.
As we always say at Take it or Leave It, where attention flows money soon follows.
Building Anticipation: By periodically releasing new batches of artwork, Shinn kept the momentum going. Each release created anticipation, drawing in new buyers and driving up prices for existing pieces. We've seen this again and again in previous posts; i.e. the day an artist releases what looks to be a successful new collection, the prices of previous pieces in his or her oeuvre increase as well.
Market Timing: Shinn’s strategic moves coincided with market trends. During periods of low activity, he injected excitement with surprise drops and collaborations, capitalizing on the heightened interest.
Brand Extension via Location: Recently Shinn has been leveraging his "ferry guy" theme with similar ferry photos in the uber trendy travel spot of Japan.
He also did a drop of doors in SF's Outer Sunset district, which is easily recognizable as a Shinn collection even though it moves away from his main "ferry guy" theme. He uses the same modern cut off angles, plays of light, and 0.25 ETH mint price that are hallmarks of his earlier work.
Brand Extension via Format: Taking a page from Matt DesLauriers' super successful book launch, Shinn has produced a beautiful "By Way of Water" photobook that only NFT owners have a chance to claim in November.
In addition, similar to many other NFT artists, he has pivoted to now include a signed, fine art print with every purchase.
In sum, moving to where the market is and adding value for his collectors in whatever format works.
Shinn's success story can be attributed to a combination of creativity, community engagement, strategic collaborations, and a keen sense of dopamine inducing market dynamics.
Whatever you think of his photos, he is an absolute artist at conducting the symphony of his NFT art economy.
His ability to adapt, innovate, and reward his supporters transformed his NFT collection into a highly valuable and sought-after entity.
In addition to being super smart about how to create value via marketing, he has of course also mastered social media.
He has 45.1K Followers on X (Twitter) and 45.8K followers on Instagram.
Due to his ability to consistently reward his current collectors, expand his base, and add value by creatively extending his brand, the "By Way of Water" collection gets a Cecily score of 6/10.
Take it or Leave It?!
by Cecily Lough