For their latest collaboration – Made it to the life raft – L’MAD Collection has partnered with Latitudes Online, the biggest online marketplace for contemporary African art. The limited-edition scarves (50 in each design) feature works – ranging from purely abstract to figurative portraits – of eight exciting African artists, and are on sale on latitudes.online.
What makes this latest L'MAD Collection especially unique is that the first 25 scarves from each limited edition come with an accompanying NFT (Non-fungible token), representing one of the first opportunities to own an NFT of a South African artwork.
Buy a L'MAD Collection scarf online and receive an accompanying NFT!What is an NFT? There's been a huge amount of hype in the global art market recently surrounding Non-fungible tokens (NFTs). In March 2021 American artist Beeple sold a Non-fungible token photo collage, “Everyday: The First 5,000 Days,” for more than $69 million at a Christie's auction. It was a sale that stunned the art world, and made a major news splash that suddenly thrust NFTs into a global spotlight.
As Latitudes explain the hype surrounding NFTs is less about the works themselves and more about the technology behind them. "The hype is necessary to pique everyone’s curiosity, but after it dies down, the real value of NFTs will shine through" they explain. "While some may have considered (and hoped) them to be a flash in the pan, NFTs show no signs of slowing down".
An NFT is essentially an indestructible digital token supported by a blockchain (a kind of system ledger that records every NFT created with a unique identification code). Once created it cannot be forged, removed or replaced, making them an indisputable method of proving authenticity and ownership. The NFT system is already rapidly expanding. Even Nike has patented a method to verify sneakers’ authenticity using an NFT system called CryptoKicks.
The NFT is an innovation that Latitudes believe is here to stay, which is why they have opted to introduce the concept to South Africa by gifting online buyers with NFTs in this latest art collaboration.
"NFTs will be used to authenticate the originality of an artwork, and this can be extended into the realm of physical works, functioning as your traditional Certificate of Authenticity. Moreover, ownership can be logged on the blockchain, preventing fraud and forgery, while allowing the artist to retain their copyright and reproduction rights.
When it comes to artists being fairly compensated for their work, NFTs ensure that they will receive a royalty every time their work is resold. Latitudes has always advocated supporting independent artists, and making the art world accessible, which is why we’re ready to start talking NFTs and making them accessible ".
Browse and buy scarves from the L'MAD Made it to the life raft collection online here.