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THE CONTRADICTING ERA
THE CONFLICTING ERA
The art world today, as compared to 20 years ago, has changed. As we all know, with the recent changes and the shift to a digitalized form of art, more and more African artists are getting into the digital space.
The NFT era, as I have so popularly seen in various ads and magazines, has been described so illusively(strong choice of word here, but you get my point ); but to third world continents, what exactly is a non-fungible token.
Well, I will try and explain in the simplest of terms. We have all heard about blockchain technology, which generally refers to a series of digital blocks that contain different data about a particular 'subject.' Information is protected and secured through that specific blockchain, making it difficult to hack or change it.
So, what about a non-fungible token? NFTs are digital content linked to blockchain technology. They provide a way to upload their digital content and exchange it for other NFTs and money.
So how has the digital era, the NFT era, precisely affected the art world, especially in Africa?. Well, NFT has created a platform for artists worldwide to sell new or old digital art content in a safe and secure digital platform, which has tripled the value of both established and semi-established artists. NFT s have also provided leeway for artists and people in business worldwide to secure themselves and their investments as NFTs because it is a low-risk market currently (speculative Information).
There has not been such an era as this in the art industry as the digital era. NFTs have created a sort of mini verse in the art industry. It generally means that digital artists worldwide can sell, buy, and monetize their artwork through blockchain technology. This comes a such a reasonable time, especially for the third world market, as more and more artists are becoming increasingly aware of the value of their artworks and are shifting to the digital art world.
Nfts have not only changed the art industry but have provided an opportunity for artists and other investors to understand and appreciate the value of art today. When more and more artists worldwide are shifting to the digital era, it is only foreseeable that the NFT market will grow and continue to support more and more artists from the different art mediums that exist today.
However, it is so easy to wonder what about live art, paintings, sculptures, etc., well how do they benefit, or how have they changed since the rise of NFTs?
I named this article the conflicting era because, with so much change, certain aspects of history will always be lingering in our midst. In this case, the physical aspect of art; live art exhibitions, paintings, etc.,
In my own biased opinion, I believe that the art industry hit a wall over the past five years because, to date, the same artists from 50 years ago still have a significant influence on what we know as art today, which in my opinion is quite imperialistic.
The various art movements and mediums that exist today are all products of the west, and they haven't changed for quite some time. With NFTs, I believe that artists are becoming more expressive and original in their artwork. All you need is a blockchain wallet, Ethereum preferable, and you upload your digital content as a secondary market object and wait for your people. The best part is, you will always retain ownership of the asset despite the NFTs market being secondary.
Art x Lagos has shone a light on various African artists in the not market: Youssef El Idrissi, Linda Dounia, and Rendani Nemakhavhani. It is the first-ever NFT event organized by Chrissie and 1-54 art. More and more African artists are joining the NFT market and are getting real value for their work. Osinachi, a digital artist in Nigeria, was among the artists featured art x Lagos last week, selling up to $27 000 worth of NFTs.
Although the value for digital artwork is increasingly high, in my opinion, as the market continues to flood with new digital art, I believe that the same stagnation that occurred before the rise of NFTs will happen if there are no new inventions soon.
So what happens now?
Well, now we create. The conflicting era is also so; fortunately, a time of change and blooms as more dynasties are becoming extinct and new empires are being formulated as speak. As artists, there is a lot of potential in our different creative mediums. The art industry may suffer tremendous changes in the coming year and probably even start to decline in the next decade, but still, there is enough opportunities and chance to create for now.
In business, a time of bloom is always followed by a decline; that is why we have stock evaluations with various formulas. It is necessary for artists worldwide to understand the actual value of art and their work subject to their specific avenues, as this will save them numerous hurdles in the near future.
The digital economy is at a high now, especially in art, as a beeple NFT is worth as much as $60million. I know most of us may be skeptical about the pricing; the answer is simple: as artists continue to innovate and grow in their artistry, so does the value of their art.
Mike Winkelmann has forged his own identity as an artist by using different mediums to create clever and chimerical works that shine a light on the current social and political situations while still maintaining an aspect of contemporary pop culture.
Africa is at an essential advantage as more local and international investors and people in business are switching to digitalized forms in their firms. Hopefully, this will impact the art world immensely. I hope that more and more artists learn and embrace the current changes happening in the art industry as they will learn the actual value of their artwork and the impacts that it has on not only the economy but on the human mind.