Blockchain technology and non-fungible tokens (NFTs), in our opinion, are an ideal instrument for revolutionizing the traditional Fine Art sector, benefiting both artists and collectors. With this in mind, the Invictus NFT Lab’s inaugural Out of Africa collection intends to set the standard by facilitating the sale of a professionally curated selection of 118 unique physical artworks from Southern Africa’s finest artistic talent via the Ethereum blockchain. Major socio-economic change has mostly occurred throughout history as new generations displaced older generations who were more entrenched in their ways. Often, technological advancement forces or facilitates these transitions. Growing up in a time when computers, the internet, and cellphones revolutionized our way of life has left Millenials and Gen Z with a skeptical eye toward many established institutions that have failed to adapt. Fine art is a field that is perilously on the verge of being obsolete. A decades-old economic model passes on large middlemen expenses, limiting the market’s ability to attract fresh demand and, as a result, unrealized artistic potential. A Generational Divide Younger generations own a small portion of global wealth, with the Baby Boomer generation controlling more than half of all wealth in the United States. This is expected to alter in the future decades as money is passed down through the generations. Source: Generational Power Index Repo...
