“Coffin dance” by Benjamin Aidoo and his Ghanaian pallbearers’ group has sold for NFT$1.046 million or 372 Eutherum in a public auction in Dubai after an intense bidding session. An official tweet by Africa Fact Zone on 10th April 2022 tweeted; “the auction was won by @3FMusic on the 9th April 2020”. Benjamin Aidoo on his official Twitter thanked the winners for their supporters of the NFT, he pledged 25% of the winnings to charity. 3FMusic is known for purchasing meme-inspired NFTs.
The video went viral attracting both local and international interest, Benjamin Aidoo; was featured on British Broadcasting Corporation (BBC). As a result of their fame, he has managed to employ over 100 youths who perform funerals. The 10-second dances went viral after a meme was created during the 2019 COVID breakdown and lockdown. The video shows the pallbearer group carrying a coffin dressed in suits, dark sunglasses and wearing gloves, dancing with a coffin on their shoulders.
By definition, Non Fungible Tokens (NFTs) are a digital asset that represents real-world objects like art, music, in-game items and videos. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many Crypto. NFTs are gaining popularity now because they are becoming an increasingly popular way to buy and sell digital artwork. A staggering $174 million has been spent on NFTs since November 2017.NFTS are unique, handcrafted and custom made work or achievement
NTFS is sold via blockchain; Blockchain is a powerful technology that can revolutionize business and investments. Each NFTs stores extra information to make them unique. People who buy NFTs get ownership of the digital artwork, a feature that cannot be copied or transferred unless through a sale.
Just like physical market places and Auction halls, NFT also has market places. These auctions or marketplace places are now the new way for artists to feature and sell their original work. Some of these platforms can either be public or private. The auctions can able be public or private i.e. by invitation. The artist gets a % of sales while the remaining amount goes to the platform and sellers. Most common market places include Open Sea, SuperRare, Raible, Mintable and Enjin.
How does it work? Digital creation is created; the artist sells the artwork in form of a digital code. The buyer receives a verified digital token which proves the artwork is original. The advantage of NFT is that the artist receives an amount every time that artwork or work is re-sold.
Many artists, musicians and sports personalities have embraced this new technology. with more than 2.5 million crypto wallets belonging to people holding or trading NFTs in 2021, according to Nonfungible.com’s research, up from just 89,000 a year earlier. The number of buyers rose to 2.3 million from 75,000.
Other notable NFTs sold include Eliud Kipchoge’s two videos of career highlights which were sold for $37,351.07 million, (Ksh 4,000,000.00) in 2021 and Twitter CEO, Jack Dorsey, the first tweet which sold at 1,630 Ether.
Do you have anything to showcase that is your original work ,do you want to sell or preserve for future sales, think no further than selling it as an NFT.