Non-Fungible Tokens for Visibility and Intellectual Property Protection in the Nigerian Visual Art Industry
DOI:
https://doi.org/10.18533/jah.v12i06.2373Abstract
Nigerian creative artists have long faced a disparity between their efforts and economic returns. Amid this landscape, the emergence of Non-Fungible Tokens (NFTs) and their marketplaces has sparked a revolution in industries such as gaming, literature, art, and music. However, the potential of NFTs in the Nigerian visual art sector raises concerns regarding awareness, effectiveness, and associated risks. This study employs a triangular methodology - surveys, focus group discussions and in-depth interviews, while integrating media economics and the diffusion of innovation theories. Analyzing data from 28 stakeholders, primarily artists, art collectors, and copyright regulators, reveals that early adopters in Nigeria recognize NFT marketplaces for showcasing and trading digital artworks. Despite this acceptance, a lack of confidence emerges concerning the applicability of NFTs for copyright protection. The research further illuminates policy, structural, and economic barriers impeding the Nigerian art realm, underscoring the need for technology adoption. As pirated creative works continue to circulate in Nigeria, NFTs offer an avenue for artists to gain remuneration in the digital metaverse. This study advocates for Nigerian creatives to closely monitor the NFT evolution, offering potential solutions for sustainable growth and paving the way for economic empowerment within the metaverse.
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