Nigerian artists are carving their own path in the NFT space

Most people became aware of non-fungible tokens (NFT) last year when Beeple’s Everyday: The first 5,000 Days sold for Sale for $69.3 million at Christie’s in New York. Even as blockchain technology and web3 became more widely known, it was still unclear to most what impact NFTs would have on the global art scene.

This was also the case in Nigeria, where most people’s knowledge of NFTs came from Prince Jacon Osinachi – considered the first artist to popularize crypto or blockchain art in Nigeria.

In 2018, he joined Weird Art Lab, a platform that taught him how to navigate art on the blockchain, and with that he started using Microsoft word as his medium. His story has inspired several Nigerian artists and he is the first African to have been shown at the Christie’s NFT auction. In March 2021, he sold $75,000 worth of art in ten days followed by selling his piece, Becoming Sochukwuma for $80,000 on SuperRare. His success has built visibility for the Nigerian NFT scene.

The NFT scene in Nigeria is the largest in Africa’s art on the blockchain ecosystem due to the scale of the creator base. Although it is still in its initial stages, it has achieved a lot of success in a short period of time; with major players such as Anthony Azekwoh and Prince Jacon Osinachi selling massively at 5.5 ETH or $25.4k and 22ETH or $83.2k respectively for their The Red Man and The future is female art at SuperRare.

But the scene’s exceptional talent is what keeps it afloat, with several artists experimenting with different art disciplines and art forms, including abstract figuration, sculpture, photography and others.

Despite the space being in its early days with several challenges, including a crypto ban and a small collector base, there are signs of promise.

Navigating the Nigerian NFT scene

“I always wanted to be an artist, but there was no way for me to make a living considering how saturated the traditional art market is,” says Adewale Mayowa, a Nigerian artist. “So when I discovered NFT, it felt like the perfect place for me to begin my creative journey.”

Mayowa is one of the digital artists making waves in the NFT space in Nigeria. Before becoming a digital artist, Mayowa was in the medical field, but found it too demanding and wasn’t sure how long it would take him to land a good job position. Learning about NFTs was much easier for him as he only needed to read articles and watch YouTube tutorials to understand how the technical system works.

“I wanted to escape from reality, but at the same time create my own reality to express my urge to create [through surreal portraits]Mayowa tells Quartz. But despite Mayowa’s success, being an NFT creator hasn’t been an easy road.

“When I started NFT, it was difficult for me because it felt like I wasn’t being seen despite how unique my work is. What I didn’t realize was that it wouldn’t be an overnight success.”

But Mayowa’s story is very common in the Nigerian NFT scene. For new artists, it is very difficult to navigate the blockchain space, especially when trying to make sales – which plays heavily on the lack of a massive collector base in the country. NFT creators have to rely on international collectors to get their work sold and have to work hard to get attention.

Nigeria’s Cryptocurrency Ban

The lack of a strong collector base in Nigeria is partly a result of the Nigerian ban on cryptocurrency, given that NFTs are mostly purchased using cryptocurrencies.

5 February 2021 Central Bank of Nigeria (CBN) issued a press release restricting financial institutions around the country from trading in cryptocurrencies. Although there may be a loophole in this through peer-to-peer (P2P) trading, it may explain the low NFT collector base in Nigeria. According to research by finder.comonly 13.7% of Nigerians own NFT assets.

Another artist, Freddie Jacob, likes the independence the NFT space gives her. She does not want to dig herself and refers to herself as “an artist who also happens to sell NFTs” rather than an NFT artist. “I create art that is often inspired by stories I have experienced in society through a lens of identity, culture, mental health and the portrayal of strong characters.”

She is one of the women in the Nigerian NFT space trying to get more women into the space. Together with King Omobolarinwa, they both host “Nigeria Women in the NFT Community” on Twitter.

“Web 3 still has some reflections of the real world, there is still little diversity and inclusion,” she tells Quartz.

Jacob’s biggest challenge is the bear markets, “when the crypto market affects the buying and selling of NFTs” that often discourages artists like herself.

She also talks about the issue of high coinage fees which are difficult to pay, especially given Nigeria’s current economic difficulties.

Nigeria’s first digital exhibition and digital museum

The intangibility of NFTs does not reduce the possibility of exhibitions. This is thanks to the intersection between art and technology. In November 2021, one of Nigeria’s prominent NFT creators Anthony Azekwoh held his first ever digital exhibition, becoming. The show had more than a thousand viewers and received good sales.

The exhibition was organized by Art Tech District, a West African digital art museum. Founded by Mosope Olaosebikan in 2021, the Art Tech District was his vision to provide a tourist experience while showcasing Nigeria’s past, present and future stories through a technological lens.

“When I traveled the world and absorbed the sights and sounds, I always thought, ‘What if most of the tourist destinations we sought out as Nigerians were within reach?'” says Olaosebikan. “During the lockdown, I started exploring the creation of experiential spaces and when the world opened up, I immediately got to work. I wanted Disneyland, Universal Studios and the Smithsonian in one place. I am passionate about introducing technology to Nigerians in a fun, immersive and interactive way.”

Although NFTs were not Olaosebikan’s plan, he was intrigued when they went viral and realized how innovative it was. Now his mission is to showcase the immense talent NFT creators in Nigeria and West Africa possess by bringing them to the world’s attention through exhibitions and shows.

NFT inclusion in West Africa’s largest art fair

Art X Lagos, West Africa’s largest art fair, is also revolutionizing the future of art on the blockchain. In November 2021, during the sixth international exhibition, tHe went fair with SuperRare to organize discussions around the thriving NFT space in Nigeria and Africa at large. The fair held events such as NFT talks and exhibition shows for digital artists on the continent and conducted sales.

Izu Udokwu is a storyteller, fashion designer and artist who began his pivot to NFTs in February 2021. He had been heavily influenced by his friend Prince Osinachi’s art and he thought of trying his luck in the space. He started making NFTs at the intersection of art and fashion.

His only difficulty with the space is trying to bring in more fashion designers who can tell fashion stories through art. “I was the first NFT fashion designer in Africa and probably still the only one in Nigeria,” says Udokwu. “I think it’s really hard to try to get more fashion designers into the space, a lot of designers are really terrified of the space because they’re not aware of how to exist in the space and there’s a need for the fashion NFT forum to really expand, to go beyond myself because you cannot exist alone.”

But he loves the space and the optimism of people who are keen to educate others about the space.