The Localpics NFT project is a side project that I recently started to see if I can raise some money for good causes while I get started with building / selling NFT’s.
What are some examples of the NFT’s that you’ve created?
NorCal Lights 01
OpenSea | OBJKT
Greetings from San Francisco 02
OpenSea | OBJKT
8-bit SF 001
OpenSea | OBJKT
Save the Cliff House Collection
Are you making money from the NFT’S that you’ve created?
As mentioned above, my main goal with this project is getting some experience with building NFT’s. Any proceeds that I make will be donated to the charities / organizations mentioned below.
Which organizations are you going to donate to and how much are you trying to raise?
For now, I’ll be donating to organizations that are based in the San Francisco Bay area or other areas that my NFT’s represent- e.g. the Chicago area.
Here’s a list of the the San Francisco based organizations that I want to support:
- SF New Deal
- Western Neighborhood Project
- Avenue Greenlight
- SF / Marin Food Bank
- Shanti Project
- SF Beautiful
- SF Parks Alliance
- Surfrider Foundation / San Francisco
FYI – I have no formal relationship with these organizations (yet!).
My goal is to raise at least $1500 for these (and other) organizations by the end of 2022. So far, I’m almost 10% towards that goal through the sales of these NFT’s:
- Greetings from San Francisco ($100 donated to SF New Deal)
- Chicago at Night 01 ($40 donated to Connections for the Homeless)
Why are you posting the NFT’s to multiple NFT marketplaces?
When I started this project, I posted all of the NFT’s to OpenSea. You can find my NFT’s here: https://opensea.io/localpics. I also have a couple of NFT’s posted under a separate account: https://opensea.io/m_doeff
These NFT’s are using the Ethereum blockchain. Like many others selling / buying NFT’s, I quickly found out about the high gas fees. These high gas fees have been really discouraging because the gas fees end up being about the same cost as the NFT thatI’ve listed. I’m looking forward to when Ethereum becomes more sustainable / scalable but who knows when this will happen. For now, I’m going to continue to list my NFT’s on OpenSea but – as described below – I’m also using a more sustainable blockchains that has significantly lower fees. If you’re considering purchasing one of my NFT’s on OpenSea, please be aware that the gas fees are extremely high ($100 or more) lately.
The first alternate blockchain that I’m also listing NFT’s on is Tezos. So far, I have the SF at Night, 8-bit SF, and Greetings from San Francisco NFT’s posted on OBJKT, which is the largest Tezos NFT marketplace. I’m pricing these NFT’s much lower and the fees are significantly lower. Another difference with the NFT’s posted on OBJKT is each NFT has multiple editions (usually 10 or 15), whereas the NFT’s posted on OpenSea are unique (1/1) editions.
I’ve also listed some NFT’s using Polygon (an Ethereum layer 2 side chain) on OpenSea. You can find these NFT’s here. While Polygon sounds very promising, there are still the ridiculous gas feels involved when you transfer crypto from ETH to Polygon (MATIC) so please be aware of that. FYI – if you want a deep dive on Polygon, I listening to this Modern Finance podcast episode.
Are Localpics NFT’s based on your photographs?
Yes – all of my NFT’s are based on photographs that I’ve taken over the years. I’m using various apps to apply the digital effects / filters to the photos.
I’m brand new to NFT’s. How do I purchase Ehereum and Tezos so that I can acquire NFT’s?
First you’ll need to get set up on a platform such as Coinbase that allows you to buy and sell cryptocurrencies. You’ll need to link it to your bank account or a credit card.
Next, you’ll need to get set up with a crypto wallet that you will connect to you when you’re using OpenSea or OBJKT. Once you have the wallet set up and you’ve purchased some ETH or Tezos, transfer the ETH or Tezos from Coinbase (or whatever exchange you’re using) to your crypto wallet.
If you’re going to be buying NFT’s on OBJKT, you’ll need a wallet that supports Tezos. I recommend using the Temple wallet. Wallets like Kukai will also work but be aware that there seems to be an issue with the Localpics NFT’s being viewable in the Kukai wallet – i.e. the image links are broken.
What is your process for donating the proceeds of the NFT sales to the charities / organizations?
I wish there was a more efficient way to do this, but for now it will look like this:
- After the sale of the NFT, I’ll check what my proceeds were from the sale of the NFT. For example, my proceeds could be .026 ETH (around $90 depending on the price of Ethereum). I’ll also confirm with the purchaser of the NFT which organization will benefit if that hasn’t already been established for the NFT. For example, we could agree that it will go to Western Neighborhoods Project or SF New Deal. For the multi-edition NFT’s that are posted on OBJKT, I’ll be making the donation once all editions of the NFT have been sold (due to the much lower price of each individual edition).
- I’ll convert that to USD based on the current price of Ethereum. For example, if the price of Ethereum is $3900, that .026 ETH would convert to $101.
- Using the organization’s online donation form, I will make the contribution to the organization in the converted USD amount – e.g. $101. If the donation form allows for it, I will provide the name & email address of the person who purchased the NFT if that is the preference of the NFT purchaser.
- If the NFT is re-sold, I’ll get a 10% royalty. For example, this could be .0026 ETH (around $10) using the earlier example. Once the royalties build up to $25, I’ll make another donation to the organization that benefitted from the original sale of the NFT. So if that NFT is re-sold 10 times, the organization will end up getting around $200 in donations.
- I’ll be keeping track of all of this in a spreadsheet that I’m happy to share with anyone who wants to see this level of detail.
Once I have more established relationships with the organizations that are receiving donations, I could automate this process by specifying the organization’s crypto wallet address (assuming they have one) in the smart contract of the NFT.
I also want to mention here that it would be great if the person who re-sells the NFT also makes a donation to the benefitting organization – i.e. “pay it forward” – but I can’t force this to happen.
My organization would like to benefit from the sale of Localpics NFT’s. How do I set that up?
Will Localpics NFT’s be a good investment?
There is no guarantee! Please only purchase my NFT’s if you like how they look and if you share my interest in supporting local charities / organizations. There’s a chance that you could profit from the NFT by re-selling it at a higher price, but there’s also a good chance that nobody else will purchase it, the value of Ethereum or Tezos goes down, etc. What I can say is that my proceeds from the sale of the NFT will go to a worthy organization.
I’m not ready to buy an NFT but I like what you’re doing with this project. Is there some other way I can support it?
I completely understand people who are hesitant about NFT’s because of the cumbersome user experience, confusing wallet setup / fees, sustainability issues, etc. There are a few other ways you can support this project…
- Spread the word about it. Follow my localpics accounts on Twitter and Instagram and spread the word about these.
- Donate directly to the great organizations mentioned earlier.
- If you’re an photographer / artist and would like to collaborate with me on something, I have some ideas about hoiw this could work. Please contact me if you’re interested.
- I’ve started selling prints of some of my NFT’s on a site called Fine Art America. I make a percentage of every sale and will also be donating the proceeds from those sales to the same organizations once these are built up to at least $25. You can find these on the Shop page or you can go directly to my page on the Fine Art America site.