AfricaNFTArt

Overview

AfricaNFTArt is a one-stop solution to a long-overdue problem within the Art Industry. The project provides a digitized marketplace for artists to display and sell their works as NFTs, earning royalties for every resale of their artwork by collectors. This helps eliminate the market-value gap that exists in artworks sold locally by artists and encourages long-term legacy build-up.

Problem Statement

Our Solution

We combine various blockchain infrastructures with a user-friendly interface where artists can mint their work. Our platform adopts fast, secure, and almost cost-free gas fees for transactions, making us a go-to for NFT minting. Our applications support both mobile and web for even low-configuration devices and poor internet, allowing more artists to be seen even if they dwell in remote areas.

Marketplace

Our marketplace gives users the power to discover new artists and their incredible creations across various art genres. Collectors can acquire amazing items from a growing library of unique digital arts in the form of social commerce.

Virtual Galleries/Storefront

Our storefront empowers art galleries, creators, and brands to build direct relationships with their audiences. In minutes, users can set up their online store straight from their dashboard, creating custom virtual galleries to showcase their collections.

Market Validation

Market Size

According to Nasdaq, the NFT market could grow by 1,000X. In 2020, the global NFT market did about $338 million in transaction volume. By Q3 2021, this had grown to $10.7 billion. The global collectibles market – including physical trading cards, games, toys, cars, and more – is a $370 billion market.

Business Model

The global demand in the NFT market is blazing, and the art market in Africa is also strong and skyrocketing with a deep presence of culture and preservation of history. We are here to plug them together, connecting African artists to the global market and helping them with royalties, ownership verification, authenticity, and data.

Many of the artists we speak to already hear and read about crypto/blockchain and NFTs, but they have no idea when, where, and how to start. Our platform bridges this knowledge gap.

Revenue Model

We take a percentage fee depending on the transaction type. Our team is actively working on alternative solutions to the high minting fees in the NFT industry, especially for high-traffic networks such as Ethereum.

From our data gathering, we intend to capture 2% of the current NFT market share (approximately $10.7 billion) in our first year. We aim to increase from 2% to 5% in two years, representing about 150% growth.

Team