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A Scheme to Make African Art Profitable

African art sales, though they are on the rise, still currently account for less than 1% of the $50 billion global art market. What if there was a way for African artists to profit from their work in perpetuity while also growing their piece of the pie? This was one of the major motivations for Kenyan-based award-winning photographer and filmmaker, Rich Allela, to auction one of the continent’s first crypto art collections using non-fungible token (NFTs).  His work is facilitated by Picha Images, a digital media company which launched one of the first crypto art NFTs on the continent. The auction is running from April 26 to mid-May, and is hosted on OpenSea, one of the world’s largest NFT digital marketplaces.

SOURCE: QUARTZ AFRICA

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