{"id":12709,"date":"2021-06-27T17:46:02","date_gmt":"2021-06-27T17:46:02","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/?p=12709"},"modified":"2021-06-27T17:14:22","modified_gmt":"2021-06-27T17:14:22","slug":"nigerian-artists-and-entrepreneurs-bank-on-crypto-art","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/nigerian-artists-and-entrepreneurs-bank-on-crypto-art","title":{"rendered":"Nigerian artists and entrepreneurs bank on crypto-art"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>By Camille Malplat<\/p>\n

Lagos – At only 29, Nigerian pop-artist Osinachi has sold paintings on Microsoft Word for several thousand euros, or the equivalent amount in ether, a cryptocurrency often used to buy digital art.<\/p>\n

One of his works, “Becoming Sochukwuma”, shows a black dancer wrapped in a tutu made of African fabric, dreadlocks tied in a bun, swirling on a computer screen.<\/p>\n

But what makes the painting truly unique is its endorsement with an NFT (Non-Fungible Token) — a set of data stored in a blockchain that is used as a certificate of ownership.<\/p>\n

The digital painting was sold in April for $80,000 worth of virtual money on the crypto-art market, a growing business in Africa’s most populous country.<\/p>\n

Worldwide, NFTs, which serve as a unique identifier, have reassured collectors when buying online art and propelled digital artists to stardom.<\/p>\n

Between January and May, NFTs generated around $2.5 billion worth of transactions according to the website NonFungible.com sparking the interest of global auction houses Christie’s and Sotheby’s.<\/p>\n

Osinachi’s pieces have done very well on this emerging market and in just a few months the young man has become the most famous African crypto-artist.<\/p>\n

He was already using Microsoft Word to paint when he was at university but “gallerists didn’t care about digital art” until recently, he told AFP.<\/p>\n

It was in 2017 that he discovered he could sell his artwork directly to buyers using a blockchain – where a record of NFT ownership can be stored.<\/p>\n

In the past six months, as crypto-currencies and NFTs have boomed, digital art like Osinachi’s has thrived.<\/p>\n

– Revolution –<\/b><\/p>\n

“Now, galleries are after him,” said Oyindamola Fakeye, creative director at the Center for Contemporary Art in the country’s cultural capital Lagos.<\/p>\n

“He has a very positive influence on other African digital artists.”<\/p>\n

Blockchain, cryptocurrency, NFTs, are terms that are no longer foreign to Osinachi, who spends a lot of time in person and online explaining what they are to other artists.<\/p>\n

Many creative minds and entrepreneurs in Nigeria are inspired by his success.<\/p>\n

It’s a “revolution in the art space”, said fellow crypto-artist Niyi Okeowo, whose afro-futurist work combines photography, 3D and graphic design.<\/p>\n

Nigeria has about “a hundred” digital artists, Okeowo says, and “most have been inspired by Osinachi”.<\/p>\n

With its large, youthful, creative and connected population, the West African nation has “the potential to lead” when it comes to NFTs, Osinachi believes.<\/p>\n

“We have plenty of talents here. The creative energy in Lagos alone is baffling among young people.”<\/p>\n

Nigerians are also fond of cryptocurrencies, contributing to the success of NFTs.<\/p>\n

In times of economic crisis, with a devalued naira, a growing number in the country are chosing to invest in digital currency.<\/p>\n

Last year, more than $400 million were exchanged in cryptos, making Nigeria the third-largest user of digital money worldwide, behind the US and Russia, according to Statista, a German company specialising in market and consumer data.<\/p>\n

– Investment –<\/b><\/p>\n

Entrepeneur Uyi Omokaro was an early believer in the potential of NFT in Nigeria.<\/p>\n

This month, he launched Wearmasters, a platform to sell Africa-made NFT art, where he hopes to bring on some of Nigeria’s most talented emerging artists like 23-year-old painter Daniel Pengrapher.<\/p>\n

“Our ambition is to give them international visibility through NFT.”<\/p>\n

For now, NFT collectors are few in the country. One of them is Michael Ugwu, director of a digital studio in Lagos.<\/p>\n

“I’m one of the only ones,” says Ugwu.<\/p>\n

He started investing in cryptocurrencies in 2017, after several devaluations of the naira, before discovering his real passion: the crypto-art market.<\/p>\n

“The traditional art space can be a little bit snobbish,” said Ugwu. On the crypto-art market, he says he “found a community, so welcoming, so interactive”.<\/p>\n

He owns about “a hundred” NFTs he says proudly, but he also considers them investments.<\/p>\n

Ugwu has used NFTs as insurance to obtain loans on the crypto-finance market, a process that would take months in the traditional banking system.<\/p>\n

Ugwu remains confident, despite recent crypto crashes that automatically devalue his collections.<\/p>\n

“Most of my friends think that I’m crazy… Let’s wait and see in 10 years.”<\/p>\n

AFP<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. By Camille Malplat Lagos – At only 29, Nigerian pop-artist Osinachi has sold paintings on Microsoft Word for several thousand euros, or the equivalent amount in ether, a cryptocurrency often used to buy digital art. 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