In 2021, over $105.6 Billion of cryptocurrency flowed into African wallets, up 1,200% from the previous year. Black and African participation in buying Non-Fungible Tokens (NFTs) was 50% less than the global average during the same period, which amounts to $400M less dollars from crypto wallets alone that could have made its way to Black creators.
The challenge is that NFTs of art & culture are presented in a marketplace format that focuses on financial aspects around sales or basic category search. Unfortunately, the audience for Black art & culture have benefitted from digital distribution and personalized algorithms. So, lovers of Black culture have become accustomed to curation allowing them to easily discover their favorite artists which has translated into over $1.2B in music & film streaming and secondary art market transactions.
The leading wallet for NFTs, MetaMask, only has an estimated 10M users, while adoption of blockchain wallets worldwide has reached over 200M users. This indicates, despite the $40B in NFT transactions, we are in the beginning stages of a global shift in digital cultural content distribution, storage & monetization.
We believe that every single art form will migrate to this new system, but Black creators must be deliberate, so the existing system of gatekeepers sharing pennies or digital piracy isn’t replicated. Black creators have a rare opportunity to rewrite the rules around their funding and distribution to their audiences. Unlike other marketplaces we are focused on unlocking the resources of crypto-community through curation of Black creators and enabling the mass adoption cultural content by providing seamless fiat onboarding for payment for digital goods.