Creath Art Marketplace—Art Meets Technology: How Creath is using technology to bridge the gap between artists and art collectors
Using technology, Creath wants to help artists reach more audiences while helping them earn from secondary sales of their artwork with its art marketplace
When the COVID-19 pandemic hit in 2020, a lot of industries and ecosystems were disrupted. It is said that the lockdown accelerated the adoption of some technologies that would have taken much longer without the pandemic.
Following the lockdown, the cryptocurrency industry experienced a boom. Because of this boom, a lot of people became more interested in blockchain—the technology powering cryptocurrency.
With the success of crypto, developers and blockchain enthusiasts became more interested in how blockchain is being used in other industries beyond the finance industry—cryptocurrency.
In 2021, John Dada, a multifaceted entrepreneur and blockchain professional, founded Creath Innovations, a company dedicated to driving the growth of the blockchain industry in Nigeria—and the world at large.
Creath Innovations is said to offer a comprehensive suite of blockchain services, including blockchain development, smart contract writing, community management, and blockchain marketing, among others.
According to Banjo Segun, the Chief Operating Officer (COO) of Creath, Creath was formed from ‘Creative Tech Hub’. “We are a blockchain tech company passionate about building tech products,” Banjo told The Creatives Note.
Led by John Dada (CEO), Banjo Segun (COO), and Hussain M. Auwal (CTO), the Creath team is made up of 15+ professionals working “to introduce the benefits of blockchain to the masses by making it accessible, user-friendly, and easy to integrate into everyday life.”
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Art Meets Technology
As technology continues to disrupt every industry, the Art industry is not left behind. With the help of technology, new solutions are being built around how art is viewed, interacted with, and collected.
In August 2022, Creath partnered with an Art Gallery in Lagos to host an art exhibition infused with technology titled, ‘Two Brothers And One Lumbo’. The artworks on exhibition—made by ten contemporary Nigerian artists—were displayed as QR codes. To view each piece of art, you had to scan the QR code with your mobile device, and to purchase any of the artworks, collectors paid in USDC on Creath’s Art Marketplace. All purchases were accompanied by a physical copy of the artwork signed by the artist.
The Creath Art Marketplace is Creath’s first product and is set to launch to the public in Q1 2024. It is an art marketplace and a digital gallery built on the Ethereum blockchain.
“The Creath Art Marketplace—a digital gallery for artists, curators, collectors, and art lovers—is a platform that leverages blockchain technology to empower creators and collectors in the art space,” Banjo shared. “Creath allows artists to create, showcase, and sell their unique artworks on the Ethereum network.”
According to Banjo, collectors get the original copy of the artwork alongside the digital certificate of ownership of the artwork collected. “We will send a physical copy of the artwork collected to the collector,” he shared. “We also offer digital tokens as part of our offering.”
Digital Meets Physical
At Creath, curation is at the core of what they do. One of the unique things about the Creath Art Marketplace is that the artworks displayed are curated. “The artworks on our platform are curated. Our curators ensure that all the artworks we display and exhibit undergo due and proper vetting. With this, we make sure the work we display and exhibit truly belongs to the artist,” Banjo explained. “While we utilise technology in our process, the core of our operation is curation.”
Unlike typical digital art marketplaces, Creath offers artists the opportunity to exhibit their art in physical spaces. “Artists don’t just display their art on our platform, they also get the opportunity to participate in digital exhibitions (in the metaverse) and physical exhibitions we curate,” Banjo shared. “We have an upcoming exhibition in 2024 titled; ‘Emerging Expression’, where we will be exhibiting 100 student artists.”
Beyond hosting exhibitions where curated artists get to exhibit their works, Creath is also keen on supporting and spotlighting artists through its podcast: Creath & Creatives podcast. On the podcast, they interview a diverse range of guests including digital artists and contemporary artists like sculptors and painters. They delve into their creative processes, inspirations, the challenges they have faced on their journey, and lots more.
The Creath Art Marketplace
On Creath Art Marketplace, collectors do not just get to support their favourite artists, they also get cashback on their purchases. “Collectors make use of the Creath Governance Token (CGT) to purchase artwork on the marketplace. To purchase CGT, they deposit USDC, a digital currency that is fully backed by U.S. dollar assets. And for every purchase, they get a 7% cashback,” Banjo explained. “They can decide to withdraw this or stake it for investment.”
On the artist side, Creath make money when they make money. “The artist gets 80% of the sales while we charge 20% for administrative purposes,” he shared. “Additional advantage for artists is that they can make up to 10% from secondary sale of their artwork.”
Banjo emphasised that Creath is keen on solving the problem of artists not making more income from secondary sales of their artwork. With the marketplace, artists can continue to earn from sales of their artwork in the secondary market, that is, they continue to earn from future transactions involving their artwork.
