NFT, a new investment from enthusiasts and speculators

80,000 dollars! This is the price offered for the five artworks, produced by Nigerian Hokni Osinachi, during an online auction in the Christie’s catalog.
Osinachi celebrates digital art news with his exhibition Different Shades of Water. The special touch is based on the use of the Microsoft Word tool, where one can quickly see the centrality of the darker bodies of the letters and the splendor of the colors used. Thus Osinachi becomes the first African NFT artist to be honored by a major auction house. This first success is at the heart of the crypto art market, in particular the NFT market where the originality and uniqueness of the work is highlighted by decentralized blockchain technology that ensures its traceability and digital artistic properties. Decentralization works in favor of artists because it allows them to communicate directly with collectors and buyers without going through intermediary institutions and selling their products to a global audience. It is a renewal of the art world offering buyers the possibility of owning an exclusive property. “When we say we have created an NFT, we are writing an identity card for the artwork in the blockchain. The advantage is that when we write a transaction into the blockchain, it never disappears. A paper is lost, and the NFT is not lost,” explains Albertine Meunier, Digital Art Artist. Today, many African artists want to take this turn and savor this digital novelty that has revolutionized the art market. A revolution that is their true means of transmitting their culture to the world and highlighting the African identity. In most African countries, traditional artworks are generally funded by international organizations, associations or financial institutions. Thanks to the NFT, creators systematically receive a percentage of the sale price that is automatically paid into the cryptocurrency wallet, which opens the way to more interesting income. Although many African artists have been tracking the art scene and filling contemporary art houses for a few years, the African art market still has a few institutions and galleries. French or American galleries mainly present African art, the most famous of which are located in New York, Paris and London. A frequent need for Westerners which limits the productivity of African art, and pushes artists to sell their products at very low prices. However, in the art market, local promotion of artworks is crucial. The emergence of NFTs today is an outlet for the majority of African artists who are benefiting from the globalization of their work while preserving their originality and originality. However, NFTs are not only works of art, but also unique digital assets, investment funds whose value is unstable and subject to market fluctuations (non-fungible), which poses a risk of capital loss. Take, for example, the first Twitter post that was sold for 2.9 million to a businessman, who, in turn, announced that he wanted to resell it. However, the proposed offers do not exceed $12,000. The NFT market has grown exponentially in 2021 as sales sparked a lot of controversy in the technical field. $69.3 million from Christie’s catalog of digital creation Everydays: The First 5,000 Days by American artist Beeple. It is a collage of 5,000 digital works represented by figures from popular culture and public figures, in which the artist commits to drawing a work every day by forming a mosaic of images that can be enlarged without losing image quality. The work The Merge by artist Buck, which was sold for $91 million in December 2021 on the online auction platform NIFTY, also made headlines with great particularity: the work was purchased by 28,984 people, 266,445 units were purchased allowing for the final to be achieved. work. Today, many people are investing in the digital NFT market, much more than the traditional physical market. Global growth which can also increase the risks of fraud and plagiarism due to copyright theft. Opensea, a platform that specializes in selling digital tokens, recently revealed on Twitter that 80% of NFTs in circulation are scam, spam or spoofing. These risks manifest themselves in two main aspects: First, there is the case where a person poses as a famous artist and sells fake NFTs, and there is the case where a fake online magazine sells NFTs that do not even exist in the digital space. . This is closely related to the intellectual property rights of the decentralized blockchain technology, which is not quite like copyright in the traditional art market. Hence the need to regulate and design a legal model, particularly in Africa where NFTs are increasingly popular.

Leave a Reply

Your email address will not be published.