African NFTs
The rise of NFTs took the art scene by storm. Independent artists for the first time had a new medium pegged to emerging tech by which they could market their art too would be collectors. The traditional art scene has always presented a barrier for entry to aspiring collectors due to high prices, but for the first time affordable art fuelled by currency speculation has offered hope. African artists have also been keen to capitalise on this opportunity, and today we are going to explore the African NFT market.
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African art
When we think of African art we can’t help but think about appropriation and colonisation. Priceless pieces taken from the continent hang in museum and private galleries all over the world, from Benin bronzes to Egyptian pottery. Modern cultural inspired works face a similar issue, this time called appropriation and this issue isn’t unique to African art. However an old problem now has a modern solution called NFTs.
What are NFTs
So for those who don’t know, a non-fungible token (NFT) is an asset with unique properties which means it can't be interchanged with something else, making it one of a kind. NFTs are "one-of-a-kind" assets in the digital world that can be bought and sold like any other piece of property, but which have no tangible form of their own.
The digital tokens can be thought of as certificates of ownership for virtual or physical assets. Traditional works of art such as paintings are valuable precisely because they are one of a kind.
But digital files can be easily and endlessly duplicated.
With NFTs, artwork can be "tokenised" to create a digital certificate of ownership that can be bought and sold.
NFT groups
NFTs exploded in popularity through 2020, with groups of artists forming collectives to produce collectable pieces. Within the African community we’ve seen the likes of Rise Collectors Club supporting in onboarding Black artists into NFTs, amplifying them, and creating positive NFT spaces for Black people to network, learn, and build relationships.
We’ve also seen independent collectors such as Freddie Jacob experience the diversity for Africa’s youth through digital pieces.
So what does this mean for Africa? As with all opportunities NFTs are nothing but that, an opportunity. A chance for show case the diversity of the continent and to be paid fairly for it. But let us know what you think. What do you think are the opportunities for Africa in NFTs? Do you have a favourite artist, Continue the conversation over on the NoirMarche app, and in the comments section.
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