The world of NFT is not only limited to big business corporations or tech companies. Every industry can now participate in this digital trend. Either as a clothing company, a gaming company, or a person who became famous through memes such as Nigerian movie actors, Musicians and more.
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Nigerian personalities and actors have keyed into the digital world of art, majorly to reach more fans and build a global brand for their audiences. NFTs have become an easy platform for many industries to leverage and generate more income while deepening relationships with their fans.
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Art creators in the country are also leveraging the art world’s shift to the digital world through NFTs. And they are increasing their net worth while they’re at it, despite the government ban on digital money.
While cryptocurrencies are fungible, which means they can be replaced and exchanged for the same unit in value like trading one ethereum for another, NFTs cannot be mutually interchanged, and no two NFTs are the same, giving them scarcity significance.
Non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, a digital database for cryptocurrencies such as bitcoin and ethereum which certifies a digital asset to be unique and therefore not interchangeable.
NFT deals have made headlines lately with global fashion house Dolce and Gabbana putting up their pieces for sale, Beeple selling a piece through renowned UK auction house Christie’s for $69 million earlier this year, while an NFT of Twitter CEO Jack Dorsey’s first-ever tweet went for $2.9 million.
NFTs can be used to represent items such as photos, videos, a video clip from a game, any relevant piece can be turned into an NFT making it a massive market for anyone to engage in.
Nigerian actors Osita Iheme and Chinedu Ikedieze on 15th June launched their first-ever meme Nft on Rarible.com and Opensea.io respectively. Winners of the Nft would have a greet and meet virtual chat with the actors.
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The Nigerian regulations have not been very friendly to the crypto space, Despite varied challenges, many in the sector believe NFT’s are becoming a way of life for artists. One cannot talk about art now without mentioning NFTs, it will become part of the art scene changing art as we know it.