{"id":4733,"date":"2022-12-20T12:28:48","date_gmt":"2022-12-20T11:28:48","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=4733"},"modified":"2022-12-20T12:28:51","modified_gmt":"2022-12-20T11:28:51","slug":"nigerian-artists-carve-their-own-path-in-the-nft-space","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2022\/12\/20\/nigerian-artists-carve-their-own-path-in-the-nft-space\/","title":{"rendered":"Nigerian Artists Carve Their Own Path in the NFT Space"},"content":{"rendered":"\n
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Most people became aware of non-fungible tokens (NFTs) last year when Beeple\u2019s Everydays: The First 5,000<\/em> Days <\/em>sold for $69.3 million sale<\/a> at Christie\u2019s in New York. Though blockchain technology and web3 were becoming better known, for most, it was still unclear what impact NFTs would have on the global art scene.<\/p>\n

This was the case too in Nigeria where most people\u2019s knowledge of NFTs had come from Prince Jacon Osinachi\u2014regarded as the first artist who popularized crypto art or art on the blockchain in Nigeria.<\/p>\n

In 2018, he joined Rare Art Lab<\/a>, a platform that educated him on how to navigate art on the blockchain and with that he began to use Microsoft word as his medium. His story has gone on to inspire several Nigerian artists and he is the first African to be featured at the Christie\u2019s NFT auction<\/a>. In March 2021, he sold art worth $75,000 in ten days followed by selling his piece, Becoming Sochukwuma <\/em>for $80,000 on SuperRare<\/a>. His success has built visibility for the Nigerian NFT scene.<\/p>\n

The NFT scene in Nigeria is the largest in Africa\u2019s art on the blockchain ecosystem due to the magnitude of its creator base. Though it is still in its infancy stages it has amassed a lot of success within a short span; with major players like Anthony Azekwoh and Prince Jacon Osinachi making huge sales of 5.5ETH or $25.4k and 22ETH or $83.2k respectively for their The Red Man <\/em>and The Future is Female<\/em> arts on SuperRare.<\/p>\n

But the scene\u2019s exceptional talent is what keeps it afloat, with several artists experimenting on different art disciplines and forms of arts including abstract figurations, sculpture, photography, and others.<\/p>\n

Despite the space being in its early days with several challenges including a crypto ban and a small collector base, there are signs of promise.<\/p>\n

Navigating the Nigerian NFT scene<\/strong><\/h2>\n

\u201cI\u2019ve always wanted to be an artist but there wasn\u2019t a way for me to make a living out of it considering how saturated the traditional art market is,\u201d says Adewale Mayowa, a Nigerian artist. \u201cSo when I discovered NFT, it felt like the perfect place for me to begin my creative journey.\u201d<\/p>\n

Mayowa is one of the digital artists making waves in the NFT space in Nigeria. Prior to becoming a digital artist, Mayowa was in the medical field, but found it too demanding and was not sure how long it would take him to get a good job position. Learning about NFTs was much simpler for him with him only needing to read articles and watch YouTube tutorials to grasp the workings of the tech system.<\/p>\n

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Image: Adewale Mayowa<\/figcaption>
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Image: Adewale Mayowa<\/figcaption>
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\u201cI wanted to escape from reality but at the same time create my own reality to express my creative urge [through surreal portraits]\u201d Mayowa tells Quartz. But despite Mayowa\u2019s success, being an NFT creator has not been an easy road.<\/p>\n

\u201cWhen I started NFT, it was hard for me because it felt like I wasn\u2019t seen despite how unique my work is. What I didn\u2019t realize is that it wouldn\u2019t be an overnight success.\u201d<\/p>\n

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Image: Adewale Mayowa<\/figcaption>
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But Mayowa\u2019s story is very common in the Nigerian NFT scene. For new artists, navigating the blockchain space is very difficult, especially when trying to make sales\u2014which plays heavily on the lack of a massive collector base in the country. NFT creators have to rely on international collectors to get their work sold and have to work hard to garner attention.<\/p>\n

Nigeria\u2019s cryptocurrency ban<\/h2>\n

The lack of a strong collector base in Nigeria is partly as a result on the Nigerian cryptocurrency ban, given that NFTs are mostly bought using cryptocurrencies.<\/p>\n

On Feb. 5, 2021, the central bank of Nigeria (CBN)<\/a> issued a press release restricting financial institutions around the country from transacting in cryptocurrencies. Though there might be a loophole to this through peer to peer (P2P) trades, it could explain the low NFT collector base in Nigeria. According to research by finder.com<\/a>, only 13.7% of Nigerians own NFT assets.<\/p>\n

Another artist, Freddie Jacob, likes the independence the NFT space affords her. She doesn\u2019t want to pigeonhole herself and refers to herself as \u00a0<\/strong>\u201can artist who happens to also sell NFTs\u201d rather than an NFT artist. \u201cI make art that is often inspired by stories I have experienced in society through an identity lens, culture, mental health, and portrayal of strong characters.\u201d<\/p>\n

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Image: Freddie Jacob<\/figcaption>
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She\u2019s one of the women in the Nigerian NFT space who are trying to get more women into the space. Together with King Omobolarinwa, they both host the \u201cNigeria women in the NFT community\u201d spaces on Twitter.<\/p>\n

\u201cWeb 3 still has some reflections of the real world, there is still little diversity and inclusion,\u201d she tells Quartz.<\/p>\n

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Image: Freddie Jacob<\/figcaption>
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Jacob\u2019s biggest challenge is the bear markets, \u201cwhen the crypto market affects the buying and selling of NFTs\u201d which often discourages artists like herself.<\/p>\n

She also speaks of the issue of high minting fees which are difficult to pay especially given Nigeria\u2019s current economic hardships.<\/p>\n

Nigeria first digital exhibition and digital museum<\/strong><\/h2>\n

The non-tangibility of NFTs, doesn\u2019t reduce the possibility of exhibitions. This is thanks to the intersection of art and technology. In November 2021, one of Nigeria\u2019s prominent NFT creators Anthony Azekwoh held his first ever digital exhibition, becoming<\/em><\/a>. The show had more than a thousand viewers and garnered good sales.<\/p>\n

The exhibition was organized by Art Tech District<\/a>, a west African digital art museum. Founded by Mosope Olaosebikan in 2021, Art Tech District was his vision to provide a tourist experience while showing Nigeria\u2019s past, present, and future stories through a technological lens.<\/p>\n

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Photo: Art Tech District<\/figcaption>
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\u201cTraveling around the world and absorbing the sights and sounds, I\u2019d always thought, \u2018What if most of the tourist destinations we sought out as Nigerians were within our reach?\u2019\u201d says Olaosebikan. \u201cDuring the lockdown, I started exploring the creation of experiential spaces, and when the world opened up, I immediately got to work. I wanted Disneyland, Universal Studios, and the Smithsonian all in one place. I am passionate about introducing technology to Nigerians in a fun, immersive, and interactive way.\u201d<\/p>\n

Though NFTs weren\u2019t Olaosebikan\u2019s plan, when they went viral, he got curious and realized how innovative it was. Now his mission is to show the enormous talent NFT creators in Nigeria and west Africa possess by bringing the world\u2019s attention to them through exhibitions and shows.<\/p>\n

NFT inclusivity in west Africa biggest art fair<\/strong><\/h2>\n

Art X Lagos, west Africa\u2019s biggest art fair is also revolutionizing the future of art on the blockchain. In November 2021, during the 6th international exhibition, the fair partnered with SuperRare<\/a> to organize discussions around the blooming NFT space in Nigeria and Africa at large. The fair held events like NFT talks and also exhibition shows for digital artists within the continent and conducted sales.<\/p>\n

Izu Udokwu is a storyteller, fashion designer, and artist who began his pivot to NFTs in February 2021. He had been heavily influenced by his friend Prince Osinachi\u2019s art and he thought to try his luck in the space. He started making NFTs at the intersection of art and fashion.<\/p>\n

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Photo: Izu Udokwu<\/figcaption>
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Photo: Izu Udokwu<\/figcaption>
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His only difficulty with the space is trying to bring in more fashion designers who can tell fashion stories through art. \u201cI was the first NFT fashion creator in Africa and probably still the only one in Nigeria,\u201d says Udokwu. \u201cI think trying to bring in more fashion designers in the space is really hard, a lot of designers are really terrified of the space because they are unaware of how to exist in the space and there is a need for the fashion NFT forum to really expand, to go beyond myself because you can\u2019t exist alone.\u201d<\/p>\n

But he loves the space and the optimism from people who are keen to educate others about the space.<\/p>\n<\/div>\n\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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