The 2010s saw a surge in technological advancements that have become mainstays of global culture, including smart devices, movie streaming platforms, and cryptocurrencies. The way we interact with each other and the space we inhabit is constantly evolving with the biggest change that has occurred over the past decade. The need for social distancing has made wireless transfers and QR codes a necessary part of the status quo. Since the COVID-19 pandemic, restaurants now offer a scanned QR code that directs customers to an online menu, as opposed to the physical menu books most people are used to.
In 2007, Satoshi Nakamoto started coding what we will all know as Bitcoin. Satoshi, however, is a pseudonym, so we don’t actually know the person (s) behind it. It is a peer-to-peer electronic money system without a central bank or a single administrator. It was created as an alternative payment system that would be free of control but can be used like traditional currencies. Bitcoin is one of the advancements that have shaped Nigeria’s economic and material culture in recent years. He played a huge role in international donations to the 2020 SARS protests.
The recent increase in relevance and demand for NFT is a consequence of the push for greater ownership of digital assets in an increasingly virtual world. NFTs or non-fungible tokens are a kind of crypto-asset i.e. a digital asset that uses cryptographic techniques to generate a monetary system or medium of exchange for financial transactions or signify ownership of a virtual element. Other types of cryptoassets are cryptocurrencies, utility coins, and security tokens.
NFTs use the same blockchain technology that powers cryptocurrencies, but they’re not currencies like Litecoin, Ethereum, or Dogecoin. The peculiarity of NFTs is that each token is unique – unlike Bitcoin and Legal Tender which are exactly the same amount (i.e., every 1000 bill is valued at the same amount.)
Between February and March 2021, a 10-second video was sold online for $ 6.6 million and a collage of 5,000 digital works of art was put up for virtual auction with a starting price of $ 100 and sold. for $ 69 million.
Prince Jacon Osinachi Igwe or Osinachi as he is best known is a Nigerian digital artist and non-fungible token maker. He is particularly known for using Microsoft Office as a medium. He launched his own social currency $ OSINA. He has been described as “Africa’s greatest crypto artist”. He turned collectors’ eyes to Nigeria with a showcase at the Ethereal Summit in 2018, and his ranking as a 2019 Bridgeman Studio Award finalist. Earlier this year, he sold three NFTs for the equivalent of $ 75,000 in just 10 days, making them one of Nigeria’s top digital artists and the most sought after in spaces where NFTs are used.
On September 15, Don Jazzy announced on his social media account that he would collaborate with Osinachi on mixed media pieces. On Wednesday, September 29, it was released on Nifty Gateway. This collection is the first of Osinachi’s collaborative efforts. Together, this duo created three digital works of art that marry Osinachi’s signature style and Don Jazzy’s Afrobeats.
The NFTs have raised an interesting question about art ownership. Digital art can and has been copied and downloaded endlessly by millions of devices. Even art in museums has digital copies everywhere. This is where the importance of NFTs comes in – they can function as certificates of authenticity or ownership for digital artifacts.