The African NFT market is still surviving the FTX crash and the ongoing crypto crash
- In 2022, multiple companies are dedicating their resources to ensuring that African NFTs acquire global recognition
- NFT has had a positive impact, which might cushion the crypto ecosystem for the next few weeks or months
- African NFT artists can gain some recognition by promoting themselves and the African culture
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With FTX now virtually obsolete, and Binance trying to play hero, the crypto world is in shambles. In a previous article, we explained how the crash would adversely affect Africa’s crypto ecosystem. However, its rigid backbone will ensure its survival. Digital assets have now acquired a negative rep. Unfortunately, African governments will use it as a valid excuse to continue rejecting the notion of crypto and blockchain. Sad as it may be, there is still a glimmer of hope for one particular Web3 subsection; African NFT.
Fortunately, even in times of crisis, there is always an opportunity. In 2022, NFT has seen a positive impact, which might cushion the crypto ecosystem for the next few weeks or months. NFT trading is still a lucrative venture, and many individuals who often participate in crypto trading will likely find themselves within the Metaverse or an NFT marketplace.
Africa, known for its ample resources, has made quite a few strides within the NFT ecosysstem. Highlighted below, we’ll look at how it will assist its ecosystem through this dangerous storm.
Why the African NFT made such an initial buzz
During the Golden age of the first digital asset, Bitcoin, only a few Africans were familiar with the technology or the trick of the trade. Only a few countries benefitted from it. Kenya, South Africa, and Nigeria are among the few countries that even knew about crypto then.
Although the amount of profit acquired from it was an eye-opener to many. The concept of blockchain gained traction, and Africa began to take notice of this peculiar but potentially enriching venture. Steadily and gradually, the number of crypto traders grew, resulting in the growth of blockchain startups and developers. Thus, the NFT came to fruition.
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Africa is well known for its plethora of cultures. In Kenya, there are 40 different tribes, which speaks volumes about its rich content. African artists tap into this originality to create their work, and in various countries, this acts as a tourist attraction bringing in revenue to an African economy.
NFT trading was an opportunity most African artists did not expect. An opportunity to showcase African culture and creativity to the world was an opportunity many did not wish to leave behind. As such African NFTs were born and shook the Metaverse and different NFT marketplaces.
Over the years, African NFT grew, and artists started earning. As a result, it has inspired other Africans to enter the Metaverse to showcase their work. As a result of this steady growth, blockchain startups also emerged to support the distribution of African culture through NFT. This digital asset presented an opportunity before individuals who honed their skills with a brush, pencil and canvas, and Web3 found a new way to showcase its applicability through art.
Strides within African NFT
Afropolitan NFT marketplace
In 2022, multiple companies are dedicating their resources to ensuring that African NFTs acquire global recognition. The Afropolitan project is one such instance; its main aim was to support and expand blockchain and Web3 technology through the Metaverse.
It mainly caters to African artists and NFT enthusiasts and has achieved just that and many more. In June 2022, it raised $2.1 million from a funding round to help develop a digital state and almost instantly received 10,000 plus subscribers.
According to the founders, to participate in Afropolitan events and physical spaces, they must join in NFT trading. It will essentially act as a digital passport. The ultimate goal of this blockchain startup is to grow and support African Artists by providing a platform where artists can showcase their creativity while promoting African culture.
Kenya Taking a step towards African NFT market
It is no news that Kenya is well known for its zeal for technology and diverse ways to find additional sources of income. It holds one of the most effective crypto adoption rates recognized globally. Focusing on its NFT trading activities, Kenya has made unique steps worth mentioning. Many, found by Moroccan aerospace researcher Anas El Arras, are working on alternative ways to promote Digital assets in Kenya and Africa.
Currently, the platform hosts a variety of African artists and collectors around the continent actively participating in NFT trading. According to Anas, the NFTs market has a variety of projects. Depending on the quality of work, African NFT artists can gain some recognition promoting themselves and African culture.
Emsany is partnering with various Kenyan museums and art galleries to shift all their products into the Metaverse. This initiative aims to combine digital assets and traditional artists. They are merging the old and the new to create a platform where the Metaverse can bring various sites and attractions to potential creators.
South Africa launches a generative NFT Art Collection
South Africa is revered in the crypto world as it recently recognized crypto as a financial product. It’s one of the first countries to adopt Web3 technology readily. Its crypto ecosystem inspires African countries and rivals and surpasses various developed countries.
It recently took an interest in NFT trading. It launched the Cycling by the Riverside project pioneered by Porttchie, a renowned African Artist. His artwork has gained fame over the years and has sold more than 180000 original paintings. In addition, more than one million prints worldwide.
In this recent announcement, he expressed his hope for entering the NFT world. He partnered with a team of creative technologists to create a new ecosystem that will support NFT trading and give artists a platform to showcase their African culture and creativity.
African Digital Art Network
In March 2020, the African Digital Art network, a global collective of African and black NFT artists, took another step in the world of Web3. They launched a new NFT marketplace called Nandi.
The main aim of this initiative is to expand the platforms that cater to and support African artists throughout the globe. This allows them to gain recognition for their work and the much-needed financial benefits worth their skillset.
One core difference with Nandi is that it not only seeks to give them a platform to showcase their digital assets but a means to create such artwork by providing a personalized studio to each artist.
Will the African NFT market survive
These are but a few of the significant strides various startups and countries have taken to promote NFT trading as an additional source of income for the organization and the NFT artists. Global NFT trading has experienced a massive landslide since FTX went under.
However, Africa’s initial strides cushioned it against instant collapse. The establishment of Ubuntuland is a prime example that shows that with ingenuity, anything is possible, and Africa is well known for its resilience. The number of crowing African NFT artists is steadily increasing.
Since most African-based NFT marketplaces had minimum to no affiliation with FTX, its number is still steadily growing to recover. OpenSea, a global NFT marketplace, has experienced a recent spike in ETH to ETH transaction volume. NFT collectors have opted to purchase NFT at bidding prices rather than at the seller’s price.
So far, no African NFT marketplace has stepped forward to express dissatisfaction with the crypto crash. This may signify hope for the African NFT marketplace and NFT trading.
The recent debacle has affected blockchain technology, cryptocurrency, and NFT in more ways than one. The consequences for innocent investors all over even Africa. This cause most to have second thoughts about digital assets.
However, this is not the first time a central crypto platform has failed, and it will undoubtedly be the last. NFT trading plummeting is a mere setback since the African NFT had a strong foundation. There is still a lot to expect since the effects of FTX are still lingering, and the African NFT marketplace might be the next alternative.