By Selva Ozelli

SNPIT is a groundbreaking snap-to-earn blockchain platform that allows photographers to monetize their photography by creating NFT’s and selling them.  Developed by Gallusys and published by Zeal Nova, SNPIT has garnered significant attention and success in Japan.

SNPIT a blockchain solution for photography

SNPIT taps into the contemporary habit of frequent photography by allowing photographers to earn rewards for their work by creating NFTs.  Tokenizing photography is the practice of creating and selling unique digital editions of photographs as NFTs on blockchain platforms like SNPIT. These NFTs can include anything from fine art prints to press photos, to photos of art work and they are often accompanied by exclusive content like videos or audio recordings.

A photographic NFT is more than just an expensive jpeg or a digital license allowing a collector to share photographer’s art freely. It is a digital asset and photographer’s proof of provenance traceable to the photographer at its origin on the blockchain.

Since its beta launch in September 2023 after the NFT market boom, the SNPIT platform has garnered immense attention. Within a mere 21 hours, SNPIT completely sold out its collection of 10,000 Camera NFTs priced at 150 $MATIC each.  In the US, on June 5 and then again on November 20, 2023, the Securities Exchange Commission (“SEC’)  named Polygon’s $MATIC as an ‘unregistered security’ involved in the digital asset trading on the Binance and Kraken crypto exchanges.   Since then, CoinMarketCap’s data revealed that $MATIC’s price dropped considerably.

This swift sell-out of NFTs in exchange for $MATIC in Japan, underscores the platform’s rising popularity and the considerable interest in its unique features.  SNIPIT is now expanding globally to introduce its innovative features to new markets focusing on Korea, MENA, and English-speaking regions Website hopefully with regulatory compliance in each new jurisdiction as the company expands globally following the  tokenized collectibles trend.

Toshiyuki Otsuka, the visionary CEO and founder of SNPIT, explained “SNPIT transcends being just an app; it’s a movement empowering users to transform everyday moments into valuable assets. Our successful debut in Japan validates our vision, and we are excited to introduce SNPIT to a global audience. We firmly believe that our innovative blend of lifestyle and GameFi, powered by DePIN technology, will resonate with users worldwide, and we remain committed to expanding our influence.”

Strategic partnerships have been instrumental in enhancing SNPIT’s visibility and attracting a diverse user base.  Recently, SNPIT has launched the “World Repository,” a photo database leveraging DePIN (Decentralized Physical Infrastructure Network) technology, allowing users to upload photos with precise timestamps and location data. The “World Repository” aims to revolutionize how we document, share, and use visual data, fostering a more connected and informed world by  enhancing map services with detailed area information.

By inviting global contributions, the “World Repository” securely stores and makes these photos accessible worldwide. The database supports various applications, including cultural heritage restoration, metaverse content creation, environmental conservation, and generative AI training.

For example, photographers could celebrate World Environment Day on June 5th hosted by the Kingdom of Saudi Arabia with theme of land restoration, desertification and drought resilience by uploading their photos of the desert from the Kingdom of Saudi Arabia to the World Repository.  Or photographers can celebrate World Oceans Day on June 8th, hosted in-person at the UN Headquarters in New York and broadcast digitally  live worldwide with a theme Awaken New Depths by uploading photos from the UNESCO OCEAN DECADE TIDES OF CHANGE WAVES OF HOPE ART SHOW hosted by Art on the Ave NYC at Fulton Center of art work of artists:

Alfons Rodriguez (Melting Age):  https://www.youtube.com/watch?v=QZLvhiDDlwI&embeds_referring_euri=https%3A%2F%2Fwww.trvst.world%2F&source_ve_path=MjM4NTE&feature=emb_title

Ian Hutton (Sea Slugs):  https://www.youtube.com/watch?v=HCDAiQCc6lk

Selva Ozelli (Healing Waters):   https://www.youtube.com/watch?v=94fa9hxoa9Q

Blockchain-based digital collectibles in the form of NFTs experienced an euphoric period in 2021 and changed how art is bought, sold, and made.    Several metrics, including the number of unique buyers and collectible NFT trading volume in USD have slumped to multi-year lows, according to data from non-fungible.com shows.  Nevertheless, the global collectibles market—valued at more than $360 billion in 2020—is expected to grow at a significant rate of around 4% during the forecast period 2022-2028.

Boston Consulting Group believes that in less than ten years from now, or by 2030, 10% of the global GDP will be held in Real World Asset (RWA) tokenized illiquid assets—including real estate, land, commodities, natural resources, fine art, and private equity– valued at more than USD $16 trillion to USD $68 trillion.

Real World Asset (RWA) tokenization revolutionizes traditional investment strategies by digitizing real assets –including collectible art on the blockchain. This approach breaks down highly valued assets into smaller, purchasable tokens, creating investment opportunities for collectors.  Because illiquid assets, pose challenges such as limited affordability to investors, inability to fractionalize, exclusivity, and regulatory issues. Once tokenized, collectible assets such as art can be fractionally owned and are affordable to small-scale investors, increasing their liquidity.

In expectation of this tokenized collectible market growth, the Internal Revenue Service (IRS) reently issued the draft 1099-DA form for NFT marketplaces.  If the draft 1099-DA form is finalized in its current form,  NFT marketplaces like SNIPIT will need to issue 1099-DA’s on sales of NFTs. Afterall, collectible NFTs are taxed at a higher long term capital gains tax rate of  28% instead of 20%.

Selva Ozelli Esq, CPA, is the Author of Sustainably Investing in Digital Assets Globally.  She regularly contributes opinion articles to Cointelegraph,  Crypto.News, Coincub, The Irish Tech News, Hackernoon  which are republished by over 200 publications around the world and translated into 43 languages.

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