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Nigerian artists are now increasing their net worth by leveraging the art world\u2019s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank\u2019s renewed anti-crypto stance. <\/strong><\/p>\n
NFT Bubble Concerns<\/h2>\nAs a recent CNN report<\/a> explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported<\/a> that NFTs sales plummeted by 90% since the market\u2019s record sales on May 3. The same report also revealed that the number of active NFT wallets dropped from 12,000 per day to 3,900, which is a loss of close to 70%.<\/p>\n
Similarly, Bitcoin.com News has reported extensively on the Central Bank of Nigeria (CBN)\u2019s renewed drive against cryptocurrencies that started after it issued an order<\/a> directing financial institutions to end business relationships with crypto entities.<\/p>\n
\nI went in and explored the marketplaces and it wasn\u2019t until 2019 that the markets picked up and we saw the boom. The pandemic helped because collectors couldn\u2019t go to physical galleries, so a lot of them discovered the NFT space. And then (from) 2020 to 2021, the Christie\u2019s auction happened and everybody\u2019s screaming NFTs.<\/p>\n<\/blockquote>\n
Osinachi now says \u201che can command up to five figures for his NFT works\u201d and he suggests that his ability to \u201cput my work in a place where many people would see it\u201d is helping to drive up his earnings.<\/p>\n
Not Everyone Is Optimistic<\/h2>\nNFT excitement notwithstanding, not everyone shares Osinachi\u2019s optimism. Ferdy \u2018Ladi Adimefe, the founder and CEO of Magic Carpet Studios, believes many artists cannot enter this space as they still face many economic barriers. He explained:<\/p>\n
\nI think African artists are fast embracing the NFT space and getting on board, but let\u2019s not also forget that the continent has quite a number of people who are still not within the data economy.<\/p>\n<\/blockquote>\n
Another artist, Kenyan Rich Allela, laments the fees on NFT trading platforms and lack of technical know-how as the other key barriers to entry.<\/p>\n
In the meantime, Adimefe says he is now creating workshops and platforms \u201cwhere we can help traditional artists to start acquiring the digital tools through which they can now digitize and monetize their art.\u201d It remains to be seen, however, if such workshops can lead to increased NFT participation by African artists.<\/p>\n
Do you agree with the assertion that NFTs are a bubble? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n
Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, mundissima<\/em><\/p>\n
\nDisclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div><\/div>\n
I went in and explored the marketplaces and it wasn\u2019t until 2019 that the markets picked up and we saw the boom. The pandemic helped because collectors couldn\u2019t go to physical galleries, so a lot of them discovered the NFT space. And then (from) 2020 to 2021, the Christie\u2019s auction happened and everybody\u2019s screaming NFTs.<\/p>\n<\/blockquote>\n
Osinachi now says \u201che can command up to five figures for his NFT works\u201d and he suggests that his ability to \u201cput my work in a place where many people would see it\u201d is helping to drive up his earnings.<\/p>\n
Not Everyone Is Optimistic<\/h2>\nNFT excitement notwithstanding, not everyone shares Osinachi\u2019s optimism. Ferdy \u2018Ladi Adimefe, the founder and CEO of Magic Carpet Studios, believes many artists cannot enter this space as they still face many economic barriers. He explained:<\/p>\n
\nI think African artists are fast embracing the NFT space and getting on board, but let\u2019s not also forget that the continent has quite a number of people who are still not within the data economy.<\/p>\n<\/blockquote>\n
Another artist, Kenyan Rich Allela, laments the fees on NFT trading platforms and lack of technical know-how as the other key barriers to entry.<\/p>\n
In the meantime, Adimefe says he is now creating workshops and platforms \u201cwhere we can help traditional artists to start acquiring the digital tools through which they can now digitize and monetize their art.\u201d It remains to be seen, however, if such workshops can lead to increased NFT participation by African artists.<\/p>\n
Do you agree with the assertion that NFTs are a bubble? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n
Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, mundissima<\/em><\/p>\n
\nDisclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div><\/div>\n
I think African artists are fast embracing the NFT space and getting on board, but let\u2019s not also forget that the continent has quite a number of people who are still not within the data economy.<\/p>\n<\/blockquote>\n
Another artist, Kenyan Rich Allela, laments the fees on NFT trading platforms and lack of technical know-how as the other key barriers to entry.<\/p>\n
In the meantime, Adimefe says he is now creating workshops and platforms \u201cwhere we can help traditional artists to start acquiring the digital tools through which they can now digitize and monetize their art.\u201d It remains to be seen, however, if such workshops can lead to increased NFT participation by African artists.<\/p>\n
Do you agree with the assertion that NFTs are a bubble? Tell us what you think in the comments section below.<\/strong><\/em><\/p>\n
Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, mundissima<\/em><\/p>\n
Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div><\/div>\n