Please describe your proposed solution.
<u>Our proposed solution:</u>
The Art Suite (former NFThubs) concept of artist agent already exists. Currently our first agent is operational in Catalunya and is successfully onboarding artists.
Other agents are on standby in countries such as Argentina and Chile but also the UK, Canada, Jordan, Japan and the USA.
The concept is commission based and can easily be exported everywhere. Agents are entitled to a percentage of the revenue each artist they onboard will produce.
Our proposal seeks to have Catalyst support to build, expand and hire our Africa based team members of The Art Suite, to join our global team and help expand our network of on the ground agents.
The agent network will help unlock opportunities, create digital economy networks, offering livelihoods via artists, agents and NFTs in Africa and the diaspora.
The job description of the Africa Artist Agent Coordinator team member that we will hire:
- Locate and educate any suitable artist agents in Africa that recognise themselves in the Cardano spirit.
- Creating educational material the African artist agents can use in any meetings or workshops they might organize
- Coaching agents in online meetings
We are aiming to find artist agents in a minimum of 10 African countries to begin with.
<u>Why is it important?</u>
The level of disparity and inequity, in terms of education and exposure to technology, is often higher in parts of Africa than in other regions of the world.
We feel it is therefore important to have a help desk in Africa, specifically for the artist agents in Africa, to give all the support possible and teach them how to successfully onboard new artists to The Art Suite platform.
We are closely collaborating with two other Cardano digital art projects called The Art Bank and Monet Society, who are based in South Africa and will be able to facilitate needed connections.
<u>Some statistics for context:</u>
According to online resource Statista : “Africa contributed a sum of 13 billion U.S. dollars to the global art market in 2018. According to the source, this figure is predicted to rise to 15 billion U.S. dollars by the year 2023.”
(https://www.statista.com/statistics/1063130/africa-art-market-contribution)
<u>Then according to Technext:</u>
“Africans are now dancing harder in the NFT party. A survey by Finder ranks Nigeria as the 6th largest adopter of NFTs and South Africa as 12th. The survey also hints that NFT adoption will more than double in these countries due to the high interest among respondents.”
(https://technext.ng/2022/02/15/there-is-a-growing-market-of-nfts-in-africa-but-there-are-challenges/)
<u>How big is the potential market?</u>
If we are talking about Africa as a continent there is simply no limit to the possible growth. After all, the strategy of Cardano is to go to Africa, where economic growth is expected to be explosive , business regulations friendly and the majority of certain populations very young on average and with a burning desire to catch up technology-wise with more advanced countries.
Take for example Ethiopia with a population of more than 120 million souls and an average age of 17.9 years old, and economical powerhouse Nigeria with a population of some 206 million people, with an average age of 18.4 years old.
<u>What we have already accomplished and how much has been spent out of pocket for example prior to the proposal?</u>
What we have accomplished is to create a commercial model that works. Artist agents receive 20 percent of revenue originating from the sales of the artists in their stable. Therefore the more artists the agent is able to onboard to the platform, the more they can and will earn, thereby also creating instant wealth for themselves. It is also the job of the artist agents to educate the artists they wish to help onboard about blockchain technology in general, and Cardano in particular.
<u>Opportunity: </u>
<u>Why is the problem solvable?</u>
The problem is solvable because the artist agent model that we have invented is proven to work and can be duplicated in any city in the world that has internet access.
We are enjoying a collaboration with South Africa based digital art projects on Cardano; The Art Bank and Monet Society, to provide us with the necessary know-how and contacts to identify the right people for the job on the ground**.**
<u>What would the world look like if our team solved it?</u>
Artists in Africa will discover a way to digitize their art and access a global audience. This is of course true for any artists that decide to also offer their art in the form of NFTs, be it on The Art Suite or other platforms.
But the impact on Africa will be all the more noticeable since artists are currently often very much restricted to their local economies.
<u>NFT by Kenya artist David Mwangi on “The Art Suite”</u>
Please describe how your proposed solution will address the Challenge that you have submitted it in.
<u>Our proposal addresses the Challenge as follows:</u>
The challenge is to create more awareness about Cardano in Africa. This is automatically the case as all artists that will be introduced to The Art Suite platform, will first and foremost be introduced to the Cardano vision and receive education about the Cardano ecosystem and all the possibilities Cardano's technology opens up for them.
<u>Why is it important?</u>
It is important to not only provide people with the technology that Cardano provides to be able to change their lives for the better, but also help them understand the guiding principles, so that one day they in turn can help other people change their lives with the tools the Cardano ecosystem provides. This is a sustainable multiplier of positive ripple effects.
<u>What does success look like?</u>
Success will be easy to measure in the form of the number of new NFT artists in Africa and the diaspora that are being onboarded to The Art Suite platform with the help of new The Art Suite artist agents.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
The main risk in not being able to deliver this project successfully likely lies in the initial difficulty to identify the suitable people to become artist agents.
Fortunately we can count on our existing collaboration with the Cardano inspired project and Africa based The Art Bankers and Monet Society, who are based in South Africa, in addition to our network connections in the Cardano community and other ecosystems.