THE ROLE OF AFRICAN ART IN PRESERVING CULTURAL HERITAGE AND HOW NFT CAN EMPOWER AFRICAN ARTIST TO REACH A GLOBAL AUDIENCE.

African culture, history, and traditions have long fascinated the world, with its artwork and artifacts sought after by foreigners. With the advent of NFTs, a path has opened for anyone to invest in Africa’s arts, transforming them from local treasures into valuable digital assets.

To grasp the concept of NFTs, let’s begin with the basics.

WHAT IS NFT?

Have you ever met someone passionate about owning a particular piece of art, and you wondered what made it so special? That piece of art is known as a Non-Fungible Token (NFT). It’s a unique asset, with ownership claimed by one person through a passcode. What sets NFTs apart from Bitcoin is their non-fungibility.

HOW CAN NFT IMPACT AFRICAN?

1. Conservation of African Culture:

Africa’s rich arts and culture lie at its core, but they’ve been underrepresented in the global art market. By digitizing these arts as NFTs, we can ensure their preservation for future generations.

2. Financial Opportunities:

With the flourishing NFT market, creative African artists have found a platform to showcase their works to a global audience of collectors and enthusiasts.

For example, consider the case of a young Nigerian artist, Osinachi, who has taken NFT art to prestigious heights. His works, which delve into themes like identity, culture, and the human experience, have fetched impressive prices at auctions, including his historic sale at Sotheby’s “Natively Digital” auction, where he became the first African artist with an NFT artwork included.

3. Global Exposure:

African art can now transcend local galleries and exhibitions. Artists can showcase their work to the world through global NFT art galleries, reaching a broader audience of collectors and enthusiasts.

4. NFT Crowdfunding:

NFTs offer a new way for investors to access partial ownership of African art that would typically be out of reach. For instance, a Scottish fast-food chain in the UK offered NFTs to its equity crowdfund backers, providing them with automatic savings on all food and drink orders. Such added benefits are designed to encourage retail investors to support crowdfunding projects.

Challenges in African NFT Art:

One of the most significant challenges in the African NFT space is the high gas fees required by NFT companies for mining on most NFT marketplaces. These costs hinder many creative African artists from trading their artwork, calling for innovative solutions. However, despite these obstacles, African art creators continue to embrace NFTs to bring art into the digital world. Projections indicate that NFT art will continue to gain awareness and become more influential as the world fully embraces virtual currencies and digital investments.