COVID19 struck every sector in Uganda but the most affected was the creative economy. The commonly used “starving artist” statement almost came to life as the artists had no gigs, no shows, and no where to make a buck from. The Invictus NFT Lab backed by Invictus Capital however is here to save the day with the recently unveiled non fungible token (NFT) project that combines the best of fine art and blockchain tech.
The Out of Africa collection features 100 unique NFTs on the Ethereum blockchain that are backed by (and redeemable for) real-world, tangible artworks by some of Southern Africa’s greatest contemporary fine artists in a variety of artistic mediums. The collection, which marks most of the artists’ first excursion into the NFT sector, will be auctioned off in February 2022.
The project is set to begin in January, 2022 with the distribution of NFT posters. An NFT representative auction of the original physical artwork will take place in February 2022 and it will allow African artists direct access to “a truly global audience and a revenue model driven by royalties enabled by the blockchain.
The initiative will include an auction of NFT representations of these physical artworks, which will serve as a proof of ownership for the original artwork, allowing the holder to accept delivery if desired. Animation or other augmented reality aspects made feasible by digitalization will frequently be included in these stylish NFT renderings. The OpenSea NFT market, the world’s largest and most trusted NFT resale platform, will host the auctions.
Participation in the auction is predicated on possessing one of 2,500 NFT tickets or posters, which can be acquired in advance of the auctions or won through giveaways. These NFT tickets will likewise be digital representations of the physical artworks that make up the collection, but they will not offer delivery rights and will serve as a more accessible entrance point into the collection for anyone looking to dip their toes into the NFT universe.
On OpenSea, there will be a secondary market where holders can buy and sell these NFTs. Excitingly, these posters will have intrinsic value thanks to an interesting experiment: 10% of all project revenue, including ongoing royalty revenues on resales, will be used to purchase and destroy posters on the open market on a regular basis, making them scarce assets with intrinsic value beyond their collectible value.
The NFT series from Invictus Capital, according to CEO Daniel Schwartzkopff, “would considerably help to introduce NFTs into mainstream investing portfolios.” The series, according to Schwartzkopff, will appeal to traditional art collectors, current NFT buyers, and those in between. Between the two, anyone.
NOTE: However, it is unclear why the NFT series is restricted to South African artists solely. Our team is investigating these factors, and you will be notified as soon as possible about the possibility of Ugandan artists joining.