A Deep Dive Into The Art World With NFTs

NFTs were the biggest breakthrough in technology last year, its founding inextricable from the art world. Proponents point to a future where art is democratized, funds secure and royalties continuous. Detractors believe NFTs are a scam, and point to fraudulent activity and the exclusivity of highly-priced sales. A look at some of the African players in this space.

- By Yeshiel Panchia

Cryptoapes, Cryptokitties, Beeple – according to Collins Dictionary, NFT was the word of the year for 2021. The popularity of non-fungible tokens exploded during the course of last year, with celebrities such as Eminem and Melania Trump having jumped on the bandwagon, the total market cap was estimated to be in excess of $40 billion according to data from blockchain analytics firm Chainalysis Inc.

The founding of NFTs is inextricable from the art world; almost a decade ago, the first NFT was minted. New York-based digital artist Kevin McCoy created Quantum, a pixelated, radiating octagon, was minted on the Namecoin blockchain. The artwork was sold by major arthouse Sotheby’s through their Natively Digital online auction, and fetched just over $1.4 million last year.

Competitor Christie’s sold over $150 million worth of NFT artwork during the last year, Everydays – The First 5000 Days by artist Beeple being sold for a record-breaking $69 million, positioning him amongst the “top three most valuable living artists”, said the auction house. We examine the history, possibilities, and some of the African players in the NFT space.

THE GOOD, THE BAD, AND THE INTANGIBLE