Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). This is despite Nigeria’s central bank’s renewed anticrypto stance, according to reports.

NFT Bubble Concerns

As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings of a potential downturn in sales. For instance, Bitcoin.com News has already reported that NFTs sales plummeted by 90% since the market’s record sales on May 3. The same report also revealed that the number of active NFT wallets dropped from 12,000 per day to 3,900, which is a loss of close to 70%.

Similarly, Bitcoin.com News has reported extensively on the Central Bank of Nigeria (CBN)’s renewed drive against cryptocurrencies that started after it issued an order directing financial institutions to end business relationships with crypto entities.

Despite these concerns, some Nigerian artists claim that NFTs are an integral part of Nigeria’s art scene. For instance, Osinachi, who according to CNN is a former librarian and one of Nigeria’s most bankable digital artists, explained how NFT markets have picked up since 2019. Osinachi said:

I went in and explored the marketplaces and it wasn’t until 2019 that the markets picked up and we saw the boom. Because collectors couldn’t visit physical galleries, the pandemic helped. Many of them found the NFT space. And then (from) 2020 to 2021, the Christie’s auction happened and everybody’s screaming NFTs.

Osinachi claims that he can now command as high as five figures for NFT work and suggests that his ability “to put my work in a location where many people would find it” is what has helped him increase his earnings.

Not Everyone Is Optimistic

NFT enthusiasm notwithstanding. Not everyone shares Osinachi’s optimism. Ferdy “Ladi” Adimefe is the CEO and founder of Magic Carpet Studios. He believes that many artists are unable to enter this space because they face many economic obstacles. He explained:

I think African artists are fast embracing the NFT space and getting on board, but let’s not also forget that the continent has quite a number of people who are still not within the data economy.

Another artist from Kenya, Rich Allela, complains about the high fees for NFT trading platforms as well as the lack of technical knowledge and other barriers that prevent him from entering.

Adimefe said that he is creating platforms and workshops to help traditional artists acquire the digital tools they need to digitize and monetize art.

Do you agree with the assertion that NFTs are a bubble? Let us know what you think below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, mundissima

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