The current reality of NFT adoption in Africa

Molly Babeh

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Africa is the world's second-largest continent and since it still has a population of more than 1.6 billion, it can also be considered to be one of the underdeveloped continents on the planet as far as technology adoption rates are concerned. Such factors can lead people from Western countries to become more familiar with technological innovations faster than those in Africa.

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However, cryptocurrency is getting more popular in Africa. There is a rise in cryptocurrency usage among young Africans, as some see it as a way to earn an alternative income. Bitcoin might be a hard thing to understand but its popularity is undeniable, especially considering the speed and low price at which transactions are made.

The Rise of NFTs in Africa

It seems like many Africans have adopted NFTs. This may be linked to their rapid adoption of cryptocurrencies and these NFTs could perhaps represent a new wave of innovation and investment in AfricaThis follows on a selling point of NFTs for many. At the end of last year, digital artist Mike Winkelmann had successfully made a lot of sales, which drew more attention to crypto art. Digital art has passed almost into obsolescence, as artists are now making as much as $69 million on their work. Keep your eye on Africa and what they can do with it is helpful.

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Some people are trading on the price of Non-Fungible Tokens and it is not sustainable. With many young people having difficulty finding work or new sources of income, they are turning to tokens as an alternative. But some people are just trading on the price of these tokens.

NFTs have been widely used in Africa, and today people are investing in them for different purposes. Blockchain technology has made it clear to many Africans that you don’t have to be tech savvy to profit from this wonderful technology.

Likewise, people realized that creating a Non-Fungible Token isn't as complicated as they had thought. So it's no surprise that Nigeria ranks 6th and South Africa ranks 12th on a list of countries with the most Non-Fungible Tokens.

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The Future of NFTs in Africa

Despite governmental restrictions, non-fungible tokens have been flourishing in Africa. First and foremost, African artists have been given a platform to sell their art with NFTs, but they have also allowed for the secure ownership of virtual goods such as avatars or in-game items.

But NFTs can provide more than just jobs: the world's fifth-largest continent could use them to solve their poverty and inaccessibility problems, making life easier for millions of people. The newly implemented non-fungible tokens are a new way to prove ownership and track the token. Thus, by its very nature, it has unique features that make it traceable. If someone finds an item they want to know more about, they can run the NFT through a search engine and find out who owns it and where it is located.

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Likewise, we predict NFT adoption in Africa will continue to grow over the next few years. NFTfi, Ubuntuland and AJE: The Afriverse are pacesetters on innovative projects in Africa. We will soon see more projects coming up to revolutionize Africa.

For more information, please contact us via molly.com