Cryptocurrencies in Africa rose to newer heights in the year 2020 and 2021. The adoption rate was the fastest compared to others.
Similarly, NFTs have started to sprint on African soil. There are some obvious reasons why NFTs are spreading in Africa.
Looking at the speed at which NFTs are growing alongside Cryptocurrency, a detail of the role of NFTs attains legitimacy.
If you are a Crypto expert, you can benefit from Bitcoin Loophole, software for Cryptocurrency trading. Drawing the discussion back to NFTs, let’s thoroughly study the role of NFTs in African countries.
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NFT: Africa, How Can We Help You?
The story of Non Fungible tokens is spreading all around Africa. Experts say that NFTs can play a crucial role in African countries.
NFTs are non-interchangeable data units in a Digital ledger called the Blockchain.
Though they started their journey in the year 2014, they are already a huge hit in Africa and other continents across the globe.
They are a huge hit in African Nations. According to a study, Nigeria is one of the best adoptions of NFTs not just in Africa but all over the world. NFTs have some constructive role to play in Africa, believe us.
A Decentralized Marketplace For Creators
The Creator market globally is speculated to be close to around $100 billion, and it has high stakes and prospects.
Keeping it parallel with the world, African creators can also be benefited. Due to the weaker infrastructure of payment processing in Africa, it is hard for people to transfer money.
Through NFTs African Artists are able to get their payment well within time, and this helps boost the artists in the continent.
A Tool For Credible Elections
Murders, Rigging, and other social crimes are, in a way, wedlocked to elections. And this collusion; the vicious marriage needs to be divorced. But how?
For instance, in Nigeria, elections reported a massive 626 deaths. Is it a celebration of Democracy or scream of Despotism! To add to this, the election experienced large-scale Rigging and underage voters.
NFT could be the possible solution to the African problem. Through NFT, a digital identity can be created, and this can not be forged and exploited.
Unique identity can be a great solution, and Blockchain has an important role to play.
Right from the colonial days, Europeans had supreme authority, as if given by providence, in plundering resources like artworks. Now while returning, they conduct a lot of debate on the ownership.
Through the NFTs, it now becomes possible to track the originality of the specific pieces.
In this regard, laurels go to Emanual Macron, the president of France. He raised his voice on returning these treasures to the respective African countries.
He opined that the heritage of Africa insensibly looted by the establishments could not be the sole property of France. Hence they need to be returned.
Telemedicine is an area where NFTs can serve the needs of Africa. The infrastructure for Telemedicine is not that great on the continent.
That is a real problem and a headache. With the NFTs, unique digital identities can be received. NFTs ensure that every record is accurate and secure.
This helps immensely in the further development of the patients because the past history can now be available via Technology.
That Africa is growing is manifested through large-scale projects running on real estate. Now you must understand that with big-budget projects come irregularities.
Property valuation and verification and Land Loot are issues that need to be sorted out.
Through NFTs, the transfer of land deeds and providing proof of ownership is facilitated. Therefore it can be understood that NFTs have a lot to do so far as Africa is concerned.
This also needs to be understood that the NFTs bring lots of professionalism into this entire framework.
These are the platforms where NFTs have a great deal to play. Africa is an excellent place for investment.
There are problems in Africa in terms of payment infrastructure, and NFTs have a lot to offer here.
Africa, though late, is rising and developing. It now requires some support from Technology so that they successfully come into the mainstream.
Like many other things, NFTs also have a great role to play in multiple areas, depending on the potential. NFTs, Africa needs you.