NEW YORK (1010 WINS) -- On this episode of "Beyond Black History Month," listen as we talk to Black artist Nick Davis about turning his drawings into a sold-out NFT collection. We also speak with rapper and entrepreneur Ja Rule about why he thinks crypto is the future for both Black artists and investors.
What you need to know:
• Art and cryptocurrency are two areas that have been historically dominated by white men, but that’s changing.
• NFTS, a.k.a non-fungible tokens, are helping Black folks sell, buy, and share artwork.
What are NFTS:
• In simple terms, NFTS are unique digital collectibles that are traded online.
• A lot of NFTs are artwork, but they can be audio, video, or other digital assets.
• They’re also used as virtual tokens for tangible things like real estate or physical art.
Why artists like them:
• Artists have historically been underpaid and NFTs offer more opportunities for revenue. After the initial sale, creators earn royalties every time their NFT is resold.
• This space relies less on galleries, critics, or curators.
• Artists have more control over their work.
How Black investors are involved:
• Black Americans have been wary of participating in the stock market, but more are getting involved with digital investing.
• Experts warn that NFTs can be a gamble since it’s such a new space. But Black investors are less likely than their white counterparts to think of crypto investments as risky.