The artist used a social network based on blockchain technology to sell his artwork in cryptocurrencies.
Osinachi, a cryptocurrency artist and enthusiast of these digital assets, sold his latest artwork “I Can’t Breathe” using a social network based on blockchain technology.
According to a press report, the Nigerian artist sold his artwork on May 31st for 7 Ethereum (ETH). The sum is currently equivalent to USD 1,703. The blockchain art site of the social network SuperRare auctioned the piece of art.
The Artwork Reflects the Fight for a Cause
According to the specifications of the artwork, Osinachi seeks to reflect on the violence, injustice, pain, and helplessness that is taking place in Minneapolis, the American city that is currently submerged in strong protests for the murder of its Afro-American citizen George Floyd.
Osinachi sold the art piece in less than six hours after he published it on the social network. According to the artist, a part of the artwork’s funds will go to foundations that help fight against racism and discrimination. “Part of the proceeds from this NFT will go to the Black Lives Matter movement.”
The Nigerian artist has already participated in events that links art, blockchain technology, and cryptocurrencies. Experts and curators also recognized the value of the piece of art. In 2018, this artist exhibited many of his works at the Ethereal Summit in New York. He was also the recipient of an award at the Bridgeman Studio Award, in 2019.
Currently, cryptocurrencies are a form of payment for different works of art around the world. This option offers ease and speed of payment that could surpass other traditional methods, especially in transcontinental and high-value transactions.
Blockchain Technology and Cryptocurrencies Could Drive Art Sales
According to data shared by SuperRare social network, artists published each artwork in the art section throughout the network. The Ethereum blockchain network conducts a verification that backs each piece of art. The aforementioned verification has a method of tracking the artwork, it records the origin of the piece and certifies its authenticity.
The social network allows artists to publish their artworks for as long as they require it and offers the facility of establishing a fixed price for the piece or including it in the auction sale method.
Cryptocurrencies and artworks have been linked on previous occasions. Cryptocurrencies have not only served as an engine to drive sales of unique pieces, but they have also served to promote and facilitate new methods of acquiring rewards and valuing art and tokens.
An example of this occurred at the beginning of last 2019 when the artist Pascal Boyart concealed a Bitcoin reward in his street work that honored the so-called “Yellow Vests”. On that occasion, the artwork concealed 0.26 Bitcoin.
At that time, the art piece was equivalent to about USD 1,000. This is further proof that cryptocurrency adoption continues and it could help drive the sale of artwork in almost any country.
By María Rodríguez
