We have taken the next natural step in these modern times. More than digitizing Black images, art and artifacts, we are now working with some of our partners to mint and market their collectables as Obsidian NFTs. The first collection we are working with is a set of very rare photos of Martin Luther King’s visit to Chicago in 1966, owned by celebrated Publisher, Hermene Hartman of N’Digo Studios.
An NFT is a non-fungible token which is a digital piece of art. The internet is full of detailed information about NFTs. What is unique is our contribution to this new frontier. The Obsidian Collection is in a unique position to share this modern form of art with the world. NFTs are often put up for auction in the NFT marketplace. Certain websites specialize in these transactions. The items are purchased with crypto currencies. The transaction is permanently documented on the blockchain. This web 3 interface cannot be tampered with or altered. It is a very safe way to identify an original piece of art as well as its potentially growing value.
A good question people ask is “why bother?” Why would someone purchase a digital image that can be seen by anyone on the internet? That same question could be asked about "The Mona Lisa" or any famous piece of work. Everyone’s ability to see it and appreciate it adds its value. Still one person or one entity owns it. The admiration helps add to the value. An NFT is also much more than just digital art. Attached to the digital artwork is a smart contract. This is a document digitally attached to the artwork. It lists the pedigree of the art and affords the original owner the opportunity to secure a royalty every time the art piece resells. This allows the artists/owners to participate in an ongoing revenue stream as the artwork appraises up and resells. Owners can choose to retain ownership of their original physical pieces of art or include them in the smart contracts for the new owner. Owners/artists can attach videos explaining the pieces, the history, or the motivation for creating the art. This information can be embedded in the coding of the original digital art and transferred with each sale.
The NFT marketplace has exploded. Already, 2022 has seen over $1 billion in NFT trades. We want to make sure the Black global diaspora has a gateway to this brave new world. We launched this effort with one of our closest partners, Hermene Hartman. She has always been a trailblazer and has a wealth of historic images in her archives. We are getting a lot of inquiries from our Obsidian NFT site. The modern world is interested in learning about and possibly owning a piece of our history through digital means.
It’s exciting to have our global Black culture participate in this decentralized world of our art exchange. We are curating this history, making it available, keeping the revenue in the community and telling our own stories. It’s a good thing.