NFT is a digital asset that employs blockchain to record images, videos, and other collectibles.
Its rapid popularity has baffled many, but its explosive growth shows no signs of losing weight. Nigerian artist Abdulrahman Yusuf sells his work online. Still, in May, he launched with an irreplaceable token (NFT) which he believes is a “life-changing opportunity” and increases the number of works he can sell at a higher price.
NFT is a digital asset that uses blockchain to record images, videos, and other collectibles. Its rapid popularity has baffled many, but its explosive growth shows no signs of losing weight. And African artists like Yusuf are using NFT, where buyers have legal owner status – a kind of digital bragging rights.
Yusuf, who responds in Nigeria’s commercial capital Lagos, says he had sold 44 digital works on various NFT platforms under the Arclight name since joining last May. “There is a life-changing opportunity on the NFT platform.” People who have sold their art for $200 wake up and see that their art is $40,000,” Yusuf, 24, told Reuters in his home studio.
The growing influence of NFT is at the center of the annual four-day Art X Lagos, West Africa’s leading international art exhibition, which concludes on Sunday.
Yusuf, whose work is partly roused by pop culture also fashion, sold a piece at the exhibition but did not disclose the price. His most expensive cut before the fair price was 2.2 Ethereum (10,274), he said. Tokina Peterside, the founder of Art X Lagos, said shows in 2021 include a special sale by NFT in partnership with digital art marketplace Super Rare, the first collaboration with the African Art Fair.
The exhibition hosts NFT artists from across Africa and its diaspora, some of whom have their work on super rare. NFT now provides an excellent opportunity for these artists to commercialize their work, secure their work on the blockchain, and have intelligent contracts attached to their work that governs how the work is sold and resold,” Peterside told Reuters. This year, Art X Lagos is the first entire hybrid exhibition that combines online and physical presence, he said.
Source: The Indian EXPRESS