NFTs can give Nigerian digital art players a big chance, but the costs are high

Getting into Room 6 of the Denon Wing at the Louvre seemed like a chore. The line was long; tourists stood by to admire smaller works of surrounding art – schoolchildren on an art excursion choked by their chaperones. We headed for one of the most important and historic paintings known in the world: the Mona Lisa.

Some takeaway

  • The digital disruption in the art industry has accelerated as growing interest in non-fungible tokens (NFTs) increasingly attracts the popularity of digital art.

  • The NFT market (known for the platform used for digital art sales) traded at over $ 700 million in the second quarter of 2021.

  • Nigerian artists may face challenges when trying to take up space in the NFT art market.

It was hard not to notice the Mona Lisa’s eyes as I entered the brightly lit room. This is one of the unique characteristics of high profile painting. His gaze follows you everywhere. Still, standing in the queue, moving closer to the portrait, other strategic pieces of art surrounded her, but she was the star of the play. Everyone was holding their phones to capture their frame from different angles.

The best way to experience art and all the sensations that come with it is to stroll through the halls of an art gallery. Until 2019, you could stop by an art show to get a taste of who the new kid on the art block is. All of this changed when the emergence of NFTs made its mark. People didn’t have to queue to admire the art or be physically present anyway. Digital art, works where digital technology is part of the creative process, has changed that.

I hope to build my private art collection in the future, so discovering and understanding the art world is something I have been leaning towards. But when I heard about a record sale of a $ 69.3 million digital artwork from Beeple, I knew my art knowledge had barely scratched the surface.

If you haven’t figured it out yet, this article will talk about NFTs and how digital media like Beeple’s very first tweet or Twitter CEO Jack Dorsey, which sold for $ 2.9 million. , make the headlines. And if you’ve been browsing your social media feed and haven’t come across the new fad, you should keep reading.

NFTs have become the savior of what many would consider the difficult career of an artist trying to make ends meet, and its effect is reverberating in this part of the world (Nigeria). So what exactly are NFTs, and why is there such a spark among creators and art enthusiasts?

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