Why are NFTs a big deal for Nigerian artists – Nairametrics

by AryanArtnews
0 comment

The use, usefulness and acceptance of crypto assets and their derivatives has brought about many innovations using blockchain technology around the world.

NFT, the latest digital trend in Africa’s largest economy and rapidly gaining attention, is an irreplaceable token. This is a unique, non-exchangeable unit of data on a digital ledger called the blockchain, which is the underlying technology for cryptocurrencies such as Bitcoin and Ethereum. ..

At the 2018 Ethereal Blockchain Summit, Jacon Osinachi Igwe was the first Nigerian to present his work and became a finalist at the Bridgeman Studio Awards in 2019. Pre-pandemic knowledge of NFT minting allowed him to sell his work in the crypto sphere. In the middle of COVID-19, where most physical galleries have their doors closed.

As a result of the success of his work in the crypto market, he is considered the first African artist to exhibit a series of NFTs at London’s famous auction house Christie’s.

JP Morgan, the world’s most valuable bank, has revealed that the NFT market is growing at an explosive rate this year, with monthly sales reaching about $ 2 billion and Nigeria is already suffering.

The market valuation of the NFT Universe has risen from $ 400 million in monthly sales at the beginning of the year to about $ 7 billion.

Kathleen Obakpolor, founder of QLIP, a Nigerian-based NFT marketplace, elaborated on the value of NFTs and how African artists can take advantage of this new asset class to make significant profits.

“”Art is one of the uses of NFT. Using this use case, African artists can sell their art while adding “UTILITY”.

Make it so that anyone who buys your NFT can get a physical job. If it is a photographic work, photography may be an option,She said.

Currently, NFT owners may only be “flexible” on the NFT Marketplace page. NFTs become more valuable as they become more social and influential.

AFEN Group Chief Executive Officer Deborah Ojengbede discussed how NFTs raise interesting questions about African art ownership.

She said, “Millions of devices have copied and downloaded digital art in the past. Museums even have digital copies of art. In this context, NFT acts as a proof of credibility or ownership of digital artifacts. I can do it.”

Deborah added that Nigerian art creators are using NFTs to take advantage of the transition of art to the digital world. Despite government crackdowns on cryptocurrencies, they are increasing their net worth while working on it.

Tunji Anjorin of Panaramic Comics said (non-fungible tokens) are rapidly evolving as a medium of community involvement, causing confusion in multiple industries (art, games, social media, intellectual property).

As the digital ecosystem grows, FTX Africa’s Business Development Manager Adebayo Juwon said in an exclusive with Nairametrics:“Digital identity” is more important than “physical identity”, and the demand for content creators and curators is also increasing.

As the world fully embraces cryptocurrencies and digital assets, NFTs are expected to continue to gain attention and become even more popular. In addition, regulators will continue to consider ways to regulate NFTs and other digital assets around the world, and Nigerian regulators will continue to devise policies to keep up with technological advances.

Therefore, creators and potential buyers need to consult with experts to guide and protect their interests when dealing with NFTs.

Related Posts

Leave a Comment