Non-Fungible Tokens (NFT) for Visibility and Intellectual Property Protection in the Nigerian Visual Art Industry

Abstract

The efforts and talents of Nigerian creative artists have not turned into proportionate economic benefits. However, Non-Fungible Tokens (NFT) and their marketplaces are causing a revolution in the gaming, literature, art and music industries. Despite these opportunities, NFTs hold, of concern is the effectiveness, awareness and risks it poses to Nigerian visual art stakeholders. Through a triangular method, data was collected, analysed and discussed utilising media economics and the diffusion of innovation theories. A total of 28 stakeholders, predominantly artists, including art collectors and copyright regulators, showed that early adopters in Nigeria consider NFT marketplaces for showcasing and selling digital artworks. Notwithstanding, this trust is not seen when it comes to copyright-ability. The study also showcases various policy, structural and economic issues limiting Nigerian art space besides technology adoption. Nigerian creatives must keep an eye on the evolution of NFTs to aid their sustainable growth. Although pirated creative works have been sold on the streets of Nigeria over the years, NFTs can help Nigerian creatives earn on the streets of the metaverse.