Blockchain technology addresses the issue of authenticity in African art with Atsur's solution
Atsur: Revolutionising the African Art Market with Blockchain Technology
Atsur, an innovative NFT marketplace for physical African art, was founded by Adaobi Orajiaku in 2024 [1]. The platform leverages blockchain technology to address longstanding challenges in the African art ecosystem, particularly around provenance, protection, and payment.
The use of blockchain technology ensures a secure, immutable ledger for creating verifiable digital records (NFTs) linked to physical African art pieces. This guarantees the art’s ownership history and authenticity are transparently recorded and permanently accessible, preventing loss or forgery that often plagues African art [1].
In addition, Atsur provides a digital safeguard for the cultural and historical value of African art. By linking physical artwork to NFTs, the legacy of African artists and their work is protected from disappearing due to poor documentation or inadequate custodianship [1].
When it comes to payment, Atsur facilitates more efficient and secure transactions by enabling direct sales and royalties on the blockchain. This innovation helps artists and owners receive rightful compensation transparently and fairly, overcoming traditional barriers in payment and resale revenues in African art markets [1].
Atsur is building a system to store each artwork's ownership, sale, and resale history immutably on a decentralized ledger. The platform's revenue model enforces resale royalties and tracks artwork ownership [1]. Initially, Atsur chose a B2B model for better scale and provenance tracking.
Forgeries are a significant problem in the Nigerian art market, with South Africa estimating forgeries occur bi-weekly in their market. Atsur's platform verifies artworks through a kind of Know Your Client (KYC) check for buyers and sellers, along with authenticity and provenance verification [1].
Atsur's platform facilitates sales by issuing invoices, converting payments into stablecoin, and distributing funds through smart contracts. Commissions from transactions support Atsur's operations [1]. The platform has onboarded several Nigerian galleries and tracks growth through a month-on-month increase in verified and processed artworks [1].
However, adopting Atsur in Nigeria requires deep trust, ease of use, and education. Adaobi Orajiaku plans to visit gallery owners and art connoisseurs during Lagos' annual art season to pitch Atsur's cause [1].
The success of Atsur comes at a time when non-fungible tokens (NFTs) have been minting millionaires globally and defining early NFT culture, as seen with Yuga Labs, the company behind "Bored Ape Yacht Club" [2]. As Atsur continues to grow, it promises to bring transparency, security, and efficiency to the African art market.
References: 1. Atsur 2. Yuga Labs
- Atsur, a groundbreaking NFT marketplace, revolutionizes the African art market by leveraging blockchain technology.
- The platform's utilization of blockchain technology ensures secure, immutable records, addressing historical issues with provenance, protection, and payment in the African art ecosystem.
- Atsur's use of blockchain technology guarantees a transparently recorded and permanently accessible history for the ownership and authenticity of African art pieces.
- The platform protects the cultural and historical value of African art by digital safeguarding through linked NFTs, preventing loss or forgery from poor documentation or custodianship.
- Atsur facilitates more efficient and secure transactions, ensuring artists and owners receive fair compensation through direct sales and royalties on the blockchain.
- As Atsur continues to grow, it will store each artwork's ownership, sale, and resale history immutably on a decentralized ledger, enforcing resale royalties and tracking artwork ownership.
- Adopting Atsur requires deep trust, ease of use, and education, necessitating visits by its founder, Adaobi Orajiaku, to gallery owners and art connoisseurs during Lagos' annual art season.
- As non-fungible tokens (NFTs) have defined early NFT culture and created millionaires globally through platforms like Yuga Labs, Atsur promises to deliver transparency, security, and efficiency to the African art market.
