November 27, 2022
Events Lifestyle Uncategorized

African artists embrace NFTs for better rewards – Reuters

  • November 19, 2021
  • 3 min read
African artists embrace NFTs for better rewards – Reuters

LAGOS, Nov 8 (Reuters) – Nigerian artist Abdulrahman Yusuf used to sell his work online but in May he was introduced to non-fungible tokens (NFTs), which he said presented "life-changing opportunities" and has increased the number of pieces he can sell at higher prices.
NFTs are a type of digital asset which use blockchain to record the ownership of items such as images, videos and other collectibles. Their roaring popularity has baffled many but the explosive growth shows no sign of abating. read more
And African artists like Yusuf are increasingly using NFTs, where the buyer has the status of being the official owner – a kind of digital bragging rights.
Yusuf, who lives in Nigeria's commercial capital Lagos, said he had sold 44 digital works on various NFT platforms since joining in May under the name 'Arclight'.
"There are life-changing opportunities on the NFT platforms. People who have been selling their artworks for 200 (U.S.) dollars just wake up and see their works sold for 40,000 dollars," Yusuf, 24, told Reuters at his home studio.
Exhibitor Cecile Fakhoury looks at an art piece displayed at the ART X fair in Lagos, Nigeria November 5, 2021. Picture taken November 5, 2021. REUTERS/Nneka Chile
The growing influence of NFTs took centre stage at the four-day, annual Art X Lagos, West Africa's premier international art fair that ended on Sunday.
Yusuf, whose work is partly inspired by pop culture and fashion, sold one piece at the fair but did not reveal the price. His most expensive piece before the fair cost 2.2 ethereum ($10,274), he said.
The founder of Art X Lagos, Tokini Peterside, said the 2021 fair involved a special NFTs sale in partnership with digital art marketplace SuperRare, the first such collaboration with an African art fair.
The fair hosted NFT artists from across Africa and its diaspora, some of whom have their works on SuperRare.
"NFTs are now bringing formidable opportunities to these artists to commercialise their work, secure their work on the blockchain, attach smart contracts to their work, which govern the way the work is sold and resold," Peterside told Reuters.
This year's Art X Lagos was the first full hybrid fair, combining an online and physical presence, she said.
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source

About Author

redex

Red ExplorerNG is an online platform showcasing the richness of African culture. It provides online information that is not only limited to the following categories: Culture, Lifestyle, Entertainment, Business, Sports, Books, News, and Opinions.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.