Nigerian artists bank on crypto-art

Osinachi Igwe is a self-taught digital artist whose work explores personal experiences within a technological environment. The artist, who grew up in Aba, Abia State, produces drawings using Microsoft Word, where he utilizes the basic limited design palette of the word processing software to create narrative illustrations. The foremost cryptoartist’s works are further registered in the blockchain and sold as non-fungible tokens (NFTs). In 2018, he became the first-ever Nigerian artist to showcase artworks at the Ethereal Summit, a conference in New York that seeks to bridge the gap between technology and art through blockchain. He was a finalist for the Bridgeman Studio Award 2019.

At only 29, Nigerian popartist Osinachi has sold paintings on Microsoft Word for several thousand euros, or the equivalent amount in ether, a cryptocurrency often used to buy digital art.

One of his works, ‘Becoming Sochukwuma’, shows a black dancer wrapped in a tutu made of African fabric, dreadlocks tied in a bun, swirling on a computer screen. However, what makes the painting truly unique is its endorsement with an NFT (nonfungible token) — a set of data stored in a blockchain that is used as a certificate of ownership.

The digital painting was sold in April for US$80,000 worth of virtual money on the crypto-art market, a growing business in Africa’s most populous country.

Worldwide, NFTs, which serve as a unique identifier, have reassured collectors when buying online art and propelled digital artists to stardom.

Between January and May, NFTs generated around US$2.5bn worth of transactions according to the Web site NonFungible.com, sparking the interest of global auction houses Christie’s and Sotheby’s.

Osinachi’s pieces have done very well on this emerging market and in just a few months, the young