The space for NFTs, or non-fungible tokens, is harvesting cash for entrepreneur and art collector Iris Nevins.
Centered on backing and empowering artists, Nevins is co-founder, CEO, and NFT producer at Umba Daima. Started last February, the studio advocates and informs people about the so-called Web3. The business generates funds by pocketing a portion of its sales and helping set up online communities for marketplaces.
CNBC reported Umba Daima had $140,000 in total revenue last year. Initial plans were to create an online store for artists to sell their work. After learning about NFTs in 2020, Nevins resolved that the technology would be a “much more profound way to help artists.”
“We thought that we could do more, have bigger impact, and generate more revenue for the artists, for ourselves, [with NFTs] than trying to sell prints and paintings online,” she told CNBC.
In general, NFTs are digital assets often bought and sold with cryptocurrency. They have been gaining popularity, becoming a hit with celebrities, athletes, entertainers, and others.
Yet, much like other early-stage businesses, the profits are not rolling in quite yet, Nevins said. But the 29-year-old deep-seated art collector is hopeful that it will happen soon.
Nevins is grateful for the support she has received from those well-connected with the NFT business as a Black woman founder. She is looking forward to a time when the NFT marketplace becomes more diverse, equitable, and open to a greater number of Black artists.
Moving forward, Nevins is elated that some Black-owned NFT platforms such as “The Well and Disrupt Art,” are gaining growth this year. She’s also bullish about more film, music, and dance NFTs in the space.
Umba Daima’s first NFT drop, scheduled for February, will consist of work from well-known artists such as Shaylin Wallace and Dominique Weiss.
“We want to be able to help all of the artists that we collaborate with get their flowers and grow through that process,” Nevins told CNBC
“I think most people’s association with NFTs is CryptoPunks. They haven’t actually sat down and looked at what regular artists are creating.”