The Covid-19 pandemic allowed us to imagine the future while experiencing it. This is the case with blockchain technology, virtual reality and non-fungible tokens . The convergence of reality and the future has offered opportunities to continue disrupting specific industries, including the cultural and creative sector.
Founded by Dan Jordan and Trevor Stuurman, the South African-based marketplace The Tree provides artists with a curated entry into NFTs. Stuurman that although sales measures success for an artist, this experience has also “been about pioneering a new space and creating new pathways for the consumption and creation of art”. , by digital artist Pak, was auctioned off for $91.8-million in December last year, beating the digital artworkby Mike Winkelmann, which was sold for $69.3-million in March 2021.
Through the innovative Out of Africa NFT collection, created by the Invictus NFT Lab, top artists displayed 118 NFT representations of physical artwork to bridge the divide between physical and digital artwork using OpenSea as their NFT marketplace. Although NFTs are sold on auctions, Nxumalo said: “As its prices grow, we signed a thing where artists will be paid royalties as the NFT is re-sold, which, if you think about it, in the normal art world and the secondary market, once I sell my work and if it goes to the secondary market, whatever the art is sold at the artist is out of the picture, which is a problem for artists from a financial sustainability perspective.
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