The Journey of Anthony Azekwoh: From NFT Stardom to Rebuilding
During the NFT art surge of 2021, Anthony Azekwoh emerged as a prominent figure. This young Nigerian artist captured the world’s attention with his imaginative, Afrofuturist creations, generating sales in the hundreds of thousands. However, as the market experienced a downturn, his momentum waned dramatically. The aftermath provided him with a harsh education in business, self-identity, and the need for sustainable practices within the creative sector. This narrative chronicles his rapid rise, subsequent fall, and eventual resurgence. At just 25, Azekwoh is no longer limited to creating digital art; he is now establishing a creative ecosystem rooted in vision, resilience, and a purpose that transcends algorithms—his legacy.
The Ascent
In November 2021, I felt as though I had discovered the key to success. I had just released “The Deathless” series on SuperRare, and my piece, “Red Man,” fetched $25,000 at auction, with the entire series earning over $50,000. My digital art was resonating with audiences globally through the medium of NFTs, allowing me to express African narratives in my unique style: vibrant, spiritual, and surreal. Although my work had previously connected with people, NFTs marked a transformative shift, elevating my visibility and value on a worldwide scale. But this success was only one aspect of my journey. Before venturing into NFTs and international sales, I was merely a 16-year-old aspiring poet sharing my thoughts on Twitter. After a laptop failure led me to doodle on paper, I discovered my talent for drawing and began sharing my sketches online. As I immersed myself in the art world, I realized that digital art was a promising avenue. With my sister’s laptop, I downloaded Photoshop and taught myself to create art using a mouse, and soon enough, I found that I had a knack for it.
I continued to share my work on Twitter until one day, an American musician commissioned me for cover art, paying me $50. I used this first earnings to purchase my initial graphics tablet and stylus. This was my first breakthrough. I spent years honing my skills in Photoshop, and in June 2020, I created “The Red Man,” a piece that would change everything. Prior to that, I had been emulating the styles of artists I admired, but this time, I sought to express my individuality. The result was a bold and unique piece that resonated widely. Following its release, requests for physical prints surged on Twitter, and in the first week, I made my first million naira, approximately $3,000, causing my account to freeze from the influx of sales. In that moment, art transitioned from mere expression to a significant source of income. I ultimately shipped around 700 prints, but the experience was not without challenges. I lacked the necessary infrastructure to handle the overwhelming demand—no website, no order management system, and no shipping procedure. I had to quickly learn about production, logistics, and customer service. Crumpled prints arriving at customers’ homes prompted a shift to canvas prints, while refund requests taught me valuable lessons about logistics. This chaotic experience ultimately led to the establishment of Anthony Azekwoh Studios.
After the success of “The Red Man,” I experienced a creative slump. I mistakenly believed I had everything figured out. One painting had generated a million naira, leading me to do the math and think that creating one piece a month meant I could earn twelve million annually. I assumed that my next breakthrough would come easily, but it didn’t. Despite my attempts to replicate that success, I struggled to reach similar heights for some time. Eventually, I decided to release the pressure and return to the creative mindset that had birthed “The Red Man.” I was inspired by the story of Yasuke, the African samurai, which lingered in my mind for weeks. In September 2020, I painted Yasuke without any pressure or expectations, and once posted, it quickly gained popularity. The prints sold rapidly, leading me to realize that the key to success wasn’t about reproducing past successes but rather staying true to my artistic vision and creating what I wanted to see.
Towards the end of 2020, a suggestion from someone on Twitter prompted me to explore the sale of my art as NFTs (non-fungible tokens) on blockchain platforms. Although I didn’t fully grasp the concept of digital ownership at the time, the prospect excited me. I decided to dive in, intrigued by the possibilities. As my work continued to gain traction on Twitter and the NFT market thrived, it felt like a natural progression. By November 2021, I fully committed to NFTs with my “Deathless” series, where the “Red Man” portrait sold for 5.5 ETH ($25,000), marking the highest bid in a collection of ten. My art resonated as rare, raw, and unapologetically African, offering a bold representation of Blackness that was relatively unexplored in the digital art realm. It felt surreal, as I had unlocked a new avenue where collectors could own digital art similarly to traditional paintings, minus the logistical challenges of shipping and printing. Everything was recorded on the blockchain, allowing collectors to purchase with cryptocurrency and verify ownership with ease. Between 2021 and 2022, I secured over $80,000 in NFT sales and established a small team to assist with administrative tasks. For a time, everything ran smoothly, but I soon felt that I wasn’t tapping into my full potential in such a fast-paced environment, leading to feelings of boredom.
Recognizing that if I was bored with my work, my audience would be too, I decided to switch gears and scale up my efforts. I had always wanted to delve into sculpture, and now that I had the financial means, I took the plunge. I began self-learning 3D sculpting in ZBrush, rendering in Keyshot, and experimenting with various materials. Eventually, I settled on marble and publicly shared my work for the first time in June 2022. The experience was nerve-wracking; I had invested significant time, money, and energy into this venture without any certainty of its reception. However, I took the risk. By November, music producer Jae5, who had seen photos of my sculpting process, was captivated and purchased my entire four-piece “Ówàmbẹ̀” collection, hand-carved from Jingxin black marble, for £20,000. I felt invincible.
The Collapse
However, that same November 2022 marked the start of my downturn. The broader cryptocurrency market was crashing, dragging the NFT sector down with it. To provide context, most NFTs relied on Ethereum for trading, and as Ethereum’s value plummeted, so did the digital art market. Collectors who once eagerly spent thousands on NFTs vanished overnight. For artists like myself, who had relied solely on NFTs for income, the sudden shift was jarring—momentum, excitement, and financial support evaporated in an instant. Fortunately, I had already begun pivoting towards sculpture, dedicating my efforts and resources into creating tangible pieces that could withstand the fluctuations of the NFT market. I transitioned to working with obsidian marble: a rare, exquisite material that generated interest and commissions. I invested heavily in tools, which kept me grounded during this tumultuous time. Throughout 2023, I dedicated myself to experimenting, sculpting, and carving with authenticity. Each piece emerged from a genuine place of creativity. However, the challenges of sculpture surfaced. The costs of materials escalated, shipping became a nightmare—especially with marble, where one mishap could derail everything. Unfortunately, disaster struck: a shipment issue led to broken marbles, and without delivery, I was unable to fulfill sales. This forced me to issue refunds, depleting my finances and leaving my account at zero.
Experiencing a balance of $0 was humbling, but things took a turn for the worse. Customs fees mounted, and shipping costs soared. I found myself over-leveraged and ill-prepared, hemorrhaging cash just to sustain the studio operations. While I loved experimenting with my art, the financial strain nearly broke me. By early 2024, I faced a deficit of $20,000. Although I had calculated the risks, my math skills fell short, and this time, I was responsible for others: contractors, collaborators, and a team that believed in my vision. For a period, I struggled to meet their financial needs. This reality weighed heavily on me. There were days when I prayed just to return to a neutral financial state. Zero is manageable. Being in the negative tests one’s resilience. I was $20,000 in debt, feeling depressed and frustrated—not solely because of the financial loss, but because the burden of it affected those around me. This was the most challenging aspect of my situation.
The Turning Point
For the first time in years, everything felt like it was collapsing. I slipped into a deep creative slump. Yet, I was not alone; my team and I were navigating the difficulties together. They understood how to create a structured environment for creativity, and together, we began to implement systems. Gradually, chaos transformed into a structured workflow. I had to confront the reality that my failures stemmed not from the quality of my work, but from a lack of proper business infrastructure. There were no systems in place, no financial oversight, and no buffer for risks. Thus, we decided to rebuild. Throughout this process, one thing remained constant: my passion and determination to create never wavered. Stopping was not an option, as too much was at stake for myself and my team.
The Rebuilding Phase
I focused on cultivating stronger relationships with clients while finally grasping the business side of my work. I learned crucial skills in financial management, budgeting, and planning, collaborating with my business manager to keep operations afloat. This was a pivotal moment. With renewed energy, I sold prints and NFTs, capitalized on the market rebound, directed visuals, and organized painting and sculpture exhibitions. I explored every potential revenue stream available to an artist. While I concentrated on creating, my team managed the administrative aspects. Kiitan, my business manager and legal advisor, secured contracts, monitored cash flow, and streamlined operations. Fego, our product lead, coordinated our numerous projects, ensuring efficient logistics and customer fulfillment. My sister, now my Executive Assistant, organized our schedules and communication, bringing order to the chaos. We secured over $10,000 in brand licensing deals alone, and my sculpture exhibition in May 2024 generated nearly $30,000, contributing to our recovery which exceeded the $50,000 mark. The resurgence was tangible.
Within five months, we successfully cleared the $20,000 debt, transitioning from a state of deep financial loss to a healthy profit. We transformed the studio into a well-functioning operation. Now, I could focus on what I do best: creating, while my team thrived in their respective roles. We established a lean, efficient, and sustainable system. Throughout this journey, I learned that growth is not solely about achieving victories; it is also about enduring challenges, owning your mistakes, and continuing to persevere. Each season brought invaluable lessons. A key takeaway is that even when business operations are running smoothly, maintaining low costs is essential. Every breakthrough came with its own set of challenges that pushed me to evolve. After every transformation, I reinvested in my tools and my business, striving for continuous improvement. Amidst all the ups and downs, there were always individuals who recognized and connected with my work, which fueled my determination.
The Comeback
Earlier this year, I achieved a significant milestone: surpassing 100 Ethereum in total NFT sales since 2021, amounting to approximately $250,000, earning me a place in the esteemed 100ETH Club. However, beyond the financial figures, it serves as a quiet reminder that amidst the chaos, I consistently showed up. I celebrated my 25th birthday this past May, and to commemorate it, we are organizing a major exhibition titled “The Stars I Followed,” featuring my new series, “Children of the Sun,” which includes 25 cohesive digital pieces. The collection is set to launch on May 25, 2025, priced at $25 per piece. I continue to sculpt and paint while engaging in licensing deals, securing commissions, and facilitating direct sales—all functioning seamlessly due to our solid operational foundation.
I have come to understand that success in the creative economy is not solely about producing exceptional art. It involves constructing the necessary framework around that art: establishing systems, building a reliable team, and ensuring consistency. We maintain daily operations to keep the engine running. I am constantly immersed in my work, whether it’s developing deals, communicating with clients, or refining processes. The work is both enjoyable and deliberate. My commitment to building this venture requires a relentless effort, often extending beyond the typical nine-to-five. Having experienced both the peaks and valleys of success, I am now focused on constructing a balanced future, and we are just beginning this journey.
