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In recent times, many Nigerian artists are paving the way across the NFT space. Most Nigerian people have learned of NFTs from Prince Jacon Osinachi. He is credited as being the first artist in Nigeria to popularize NFTs.
He joined Rare Art Lab in 2018, and numerous Nigerian artists have drawn inspiration from his experience over time.
In March 2021, he sold $75,000 worth of art in 10 days, followed by an $80,000 sale for his piece, Becoming Sochukwuma. His achievements brought the NFT markets into the eyes of the Nigerian public.
Nigeria’s NFT scene is the biggest in Africa’s blockchain art ecosystem due to the size of its creator population.
Despite being in its early phases, it has achieved a great deal in a short period of time. Central figures like Jacon Osinachi made enormous sales of $25,400 for his piece The Red Man and Anthony Azewoh earned $83,200 for his work, The Future is Female.
In related news, the Nigerian central bank (CBN) released a press statement on February 5, 2021, prohibiting financial institutions across the nation from trading in cryptocurrency.
Though peer-to-peer (P2P) trading could provide a loophole, this could account for Nigeria’s limited NFT collector base. Currently, just 13.7% of Nigerian people hold NFT investments.
One of Nigeria’s best-known NFT artists, Anthony Azekwoh, had his first-ever online exhibition in November 2021. The event attracted more than a thousand viewers and earned promising sales.
The largest art expo in west Africa, Art X Lagos, is also redefining the role of art in the future of blockchain technology. The fair teamed up with SuperRare in November 2021 at the 6th international expo to host discussions on the burgeoning NFT market in Nigeria and around Africa.