Sun. Jun 23rd, 2024

NFT Crypto Ecosystem Is The New Oil Money In Nigeria.

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NFT, a crypto denominated art content adoption is the highest growing new trend that has witnessed massive mainstream adoption. NFT has become a word acknowledged in grammar dictionaries of major languages.

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Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after Christie’s auction house sold the first-ever NFT artwork ; a collage of images by digital artist Beeple for a whopping $69.3 million , NFTs have suddenly captured the world’s attention and retained it.

Now, the NFT crypto ecosystem is grossing billions of dollars in transactions. NFT Profile Picture has now become a thing, the trend has taken over social media. NFT crypto game is another phenomenon taking over the crypto sapce and redefining gaming industries. Transactions in NFT started with cryptocurrencies. It was called a crypto in the form of art. Every process of creating NFT in crypto ecosystem centers around tokens payment. NFT crypto popularity is growing and expanding as an industry independent of the crypto ecosystem as payment for the digital artwork can now be done with traditional currencies. The Nigerian investment crypto community is keying into this new oil money. Though the growth is at a slow rate, the opportunities for NFT crypto in Nigeria is enamours.

Also Read : NFT Crypto Trading Volume Grows From $100M in 2020 To $23 Billion in 2021

Bitcoin at the moment has crashed, dropping over 50% from it’s record high earning. Interests in crypto is shifting to NFT with it’s relatively low volatility rate.

What is NFT Non Fungible Token in Simple Terms ?

In the world of crypto, NFTs converts digital works of art and other collectibles into a unique ( unduplicatable) , verifiable assets that are easy to be stored and trade on the blockchain.

NFTs are unique digital items – images, music, videos, tweets— Jack Dorsey sold his first tweet as NFT at $2.9 million, real estate are traded on the NFT Crypto marketplace between creators and collectors.

Also Read : DonJazzy x Osinachi NFT Collabo Debut Sold Out on Niftygateway.

The process of producing an NFt crypto starts with a creator, uploads the image on known NFT websites or market place like Nifty Gateway, SuperRare, OpenSea, Binance, or other cross chain market place.

Through a process called minting; the blockchain technology which powers the marketplace issues a one-of-a-kind identity (a digital token) to the art and creates a contract that cannot be changed by anyone. 

Based on whatever tools an NFt crypto platform offers, creators can decide to mint only one edition of the art or a number of limited editions. One artwork can be minted in different variations – as still images, as animations, as silhouettes. Despite the state of artwork, each edition is a unique NFT. 

With the art minted, anyone on the internet can access the marketplace to verify the artwork, place a bid and buy the art as an NFT. Secondary sales are another source of income. Artists get paid when those who bought their art sell it to other collectors.

The Nigeria NFT Crypto Ecosystem

The global NFT space is occupied mostly from crypto artists from Europe, America and Asia. Around early 2021, there is little known about Africa nor Nigeria NFT crypto artists. Most of the valued collections were foreign. Many factors determines values attached to an NFT and one huge factor against Nigeria NFT artists is popularity. The culture of collecting arts is not a huge market in Nigeria. Most Nigerian investors were reluctant to venture into NFT crypto space. This affected the few brave ones trying to carve a niche as NFT creators as ecosystem dominated by non Africans seem to prefer art from the artists they could identity with. Presently, things have started to change. Nigerian NFT artists are growing and has started creating NFTs that collectors are willing to buy. Nigerian NFTs are starting to be valued in hundreds of thousands and millions of dollars.

Also Read : Don Jazzy Makes $300k in Ten Minutes NFT Sale.

The Leading NFT Crypto Creators And Collectors in Nigeria.

Jacon Osinachi: NFT Nigeria crypto artist Osinachi has shown that Nigerians and Africans can take advantage of this nascent and fast growing technology at this stage. Osinachi was the first Nigerian mainstream NFT creator who has carved a niche for himself. Osinachi has been featured by CNN, The Washington Post, Forbes Africa, Artnet, AFP and many other media out- lets. He was a finalist for the Bridgeman Studio Award 2019.

Osinachi has sold some of his very first NFT collections to over $75,000. He has also collaborated with Nigeria/Africa leading music producer to launch an NFT collections. Recently he collaborated with Christie an NFT 1-54 NFT crypto collectionHis series of five NFTs, Different Shades of Water, first exhibited at the London edition of the 1:54 African art fair was inspired by the work of British artist David Hockney. The latest collection by the foremost Nigerian NFT crypto artists received over $100k in bidding. Osinachi is known for his signature NFT crypto work done with Word Processor.

The Afrodiods NFT By Owo Anietie, The Nigerian/African Version Of Bored Ape Yacht Club NFT.

AfroDroids is a Nigerian NFt crypto themed collection. It is a collection of 12,117 unique NFTs—unique digital collectibles living on the Ethereum blockchain. These designs have a narrative impact in Nigeria storyline. Owo Anietie is an Afro futuristic 3D artist from Lagos, Nigeria. Creating a niche with 3D by blending elements from African culture and synergizing them with technology, birthing the AfroDroids NFT crypto which has become a trend in Nigeria. Nigeria)Africa elements like beads, tribal cultural details, earrings paying tribute to Kenyan fashion, and the Chieftaincy Caps, a symbol of power known across the African continent.

NFT Collectiong In Nigeria

Michael Ugwu, who runs a Lagos-based music distribution company is an ardent NFT collector in Nigeria. To him, the crypto art trend is an inevitable progression in tech disruption following Uber’s and AirBnB’s effects on transportation and hospitality.   

Ugwu note that his first crypto NFT was from IzzyAlright, an American artist, for the ETH equivalent of $1,000. Since then, he’s accumulated a portfolio directly from artists and from secondary sellers.  Ugwu whose NFT portfolio worth over $1 Million dollars noted his first Nigeria NFT crypto art was NFT from Osinachi.

Upcoming African/Nigerian NFT crypto artists have some challenges. Firstly, the fees charged for NFT crypto minting on most platforms (usually called gas fees) have risen sharply over time, from under $50 to over $200. Central Bank Restrictions on crypto trading in Nigeria complicate the process of buying Ether and other cryptocurrencies used by various NFT crypto market place platforms for trading of NFT in Nigeria.

Need For NFT Crypto Market Place Owned By Nigerians/Africans.

Another challenge is the exposure enjoyed and hold of the NFT crypto ecosystem by Western creators, resulting to an unbalanced market, favourable to Western artists and creators and at disadvantage to Nigerian/African creators. There is need for more variety in the mix of creators and investors. The oil money is there, but for the more Nigerian fintech firms needs to focus on establishing a global NFT Marketplace platform , a major priority remains the simple sharing of human experiences through art.

Also Read : How to Flip NFTs and Make Money From NFTs

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