2022 was a difficult year for NFT photography collectors. Out of all the NFT photography collections, only 10 collections traded above their 2021 levels, while the remaining collections continued to grind lower as attention flowed toward other categories, such as PFPs and Generative Art. Looking at the chart, we can see the overall trading volume is dominated by 3 collections, namely Twin Flames, Where My Vans Go, and Editions x Guido. While Quantum Art Curated has a 15% volume share over other photography NFT collections, they consist of more than 10 active collections worth of volume.

The overall volume was dominated by two major collections, namely Twin Flames and Where My Vans Go. In particular, photograph #0 from Driftershoots’ collection was auctioned off for 100.69 ETH, setting the record highest sale for Where My Vans Go.

Collections that tend to do well typically also have a small collection size, as the implied scarcity and provenance of the creator dictate the value derived from their NFT photographs. This is unlike the typical 10K PFP collections we see today, which focus more on digital collectibles and utility as social networks.

Despite their initial success, the top photography NFT collections are currently still underwater since the start of the year. Driftershoots’s Where My Vans Go is down 53% YTD, while Justin Aversano’s Twin Flames and Editions x Guido collections are down 66% and 78%, respectively. Further, the lack of volume is also a concern, with the 3 collections having a combined 90-day volume of just 788 ETH (~$1.3M). In comparison, popular PFP collections like BAYC alone os doing 2459 ETH (~$4M) worth of volume in just a day.

Stay tuned for the upcoming NFT Photography report, where we will cover this emerging field, including notable NFT photography platforms, photographers, and DAOs.