US-born crypto art market emerges in Africa. The value of these fully virtualized creations is guaranteed by NFTs (Digital Title Certificates based on blockchain technology).
In October 2021, Prince Jacon Osinachi of Nigeria became the first African artist to participate in the NFT Christie’s auction house in London. Since then, the digital works have sold for thousands of euros and inspired many artists across the continent.
the 24-year-old from South Africa, Rick Lane, has bounced back and forth between the real and the virtual ever since he was trapped in the world of NFTs. His trademark is oil portraits on canvas, scanned and retouched in Photoshop.
Noteworthy that the biggest sale is $500. “We are just getting started,” says the young talent who hopes to one day make a living in cryptocurrencies. But the young artist happily says that” selling my work will help my mother, so I can help with groceries, rent, bills, etc…”
The market is expected to double the number of users in Nigeria and South Africa in the next few years. However, in order to gain a place in the cryptocurrency scene, the African artist must overcome several obstacles, including the poor quality of internet connectivity in his country and the difficulty of converting cryptocurrencies into local currencies.
seeing the central bank of Nigeria wage war on cryptocurrencies explains NFT specialist Axel Raines. Morocco, for example, has difficulty raising funds and cryptocurrencies are not seen as an alternative at all.” the young artist added.
Despite market volatility, central bank restrictions and various national laws, Alex Raines says “more and more African artists and consumers of African descent are entering the market.”