Out of Africa Collection is Ready to Revolutionize Fine Art

Many people around the world have had a difficult time as a result of the global pandemic. It’s been a difficult time for individuals involved in art, entertainment, and sports, with the closing of galleries and other public display places and venues. However, a new pioneering concept emerging from Africa has the potential to transform all of that.

One hundred one-of-a-kind works of art are being created to be sold using blockchain technology in the form of NFTs. Many modern South African artists who have never engaged in such a plan will see it as a new horizon. The initiative excites officials at the project’s developers, Invictus Capital.  “This inaugural collection is a first of its kind for Southern African artists, and global investors,” said their CEO Daniel Schwartzkopff.

The ‘Out of Africa’ collection will assist the artists raise cash by introducing their works to a new worldwide audience. The curator of the works, Marelize van Zyl, is overjoyed to present the paintings to a digital audience. “This collection is a triumph for these artists, including some of the finest young, emerging, and established talent,” she remarked.

These digital sales provide artists with a new royalty-driven revenue model that is only achievable due to the utilization of the Ethereum blockchain. There will be two sales of NFTs (non-fungible tokens), the first of which will be digital posters of the artwork, followed by a second sale of tokens.

The owners of these will then have something that serves as an authentic certificate of ownership of the original, one-of-a-kind pieces of physical art kept in a digital wallet, allowing them to have the original artworks mailed to them if they so desire. It is not the first time that blockchain technology has been used in the art sector, but the majority of NFT sales have centred around ownership of digital artworks.

According to Forbes, world-renowned dance music DJ Steve Aoki has published some of his tunes through the sale of NFTs, and the world of sport has also seen an increase in people’s interest in digital assets. However, while fine art sales can stretch into substantial figures, some of the digital options for sports fans can cost as little as just $2.

These low-cost options are Socios fan tokens; while the customer receives a branded, individual digital collectible ‘token,’ the value is determined by what is tied to it. This can range from an invitation to meet their idols to a VIP tour of their organization, and they’ve proven to be quite popular and profitable in the process. As a result of what many would term a non-traditional way of fundraising, the clubs involved have added millions to their balance sheets.

In a time of global financial turmoil, it’s fascinating to see so many companies looking to disrupt the typical constraints associated with investment in order to find new revenue sources.

But we shouldn’t be surprised that the pioneers are here on our continent; as we’ve previously mentioned here on Apps Africa, we like to leapfrog our way into the future.