NFT has rapidly become a trending topic in tech conversations around the world but what do we really know about it in Nigeria?
First, we do know that NFT stands for a non-fungible token. This means it can neither be replaced nor interchanged because it has unique properties. NFTs are generally created using the same type of programming used for cryptocurrencies.
To make this easier for you to understand, think about those movies where original artworks and paintings by famous artists are being auctioned at ridiculously expensive prices that only rich people can afford. As much as we hate it, we understand that these artworks are expensive because they are original and deemed important for artistic reasons.
Usually, there is only one original painting made by an artist, and no copy can be made exactly like it. This is how NFTs work too. They are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other.
If you are a newbie or a tech enthusiast who is struggling to understand how this works, this is where NFT NG comes in. Founded by popular NFT influencer, Kingsley Momoh, NFT NG is a community-led project created to empower the next generation of creators, artists, thought leaders, and builders from the African community.
We cannot deny that the world is hot and buzzing on Web3, blockchain and NFT conversations. When you look at top trading NFT marketplaces and observe their top 5 NFT projects, the question is this – Where are the African or Nigerian-owned projects on that leaderboard? Whose voices have been spotlighted on the World NFT stage? And how do we take charge of our narrative as Africans? These are valid questions and NFT NG has taken great initiative in creating a solution – the biggest NFT-themed conference championed by the African NFT community in Nigeria, Africa and the diaspora.
NFT NG has decided that it is time to bring NFT and blockchain technology to the attention of the mainstream audience, creating a tight-knit Web3 African community where we thrive off each other and bring value to the ecosystem.
What NFT NG Has To Offer
First of all, NFT NG is bringing together the tech enthusiasts, the blockchain developers, the NFT enthusiasts, and the mainstream audience under a single umbrella to spotlight their individual and collective creativity to the world.
The community believes strongly that the future of finance is in the blockchain and with its first-ever NFT-themed conference, they are creating an avenue to drive important discourse and bridge the gap between the Web2 and Web3 communities to enable seamless transitions, encourage mass adoption and an in-depth understanding of where the future of finance lies.
For instance, blockchain technology and NFTs empower artists and content creators with the opportunity to monetise their work directly, eliminating third parties like galleries or auction houses. Just like artists, an NFT creator can sell a piece to an interested buyer, then the buyer sells it to someone else, and the chain of transactions begins. The difference, however, is that for NFTs, the unique address allows you to obtain data such as the listing price, purchase offers, and all the previous owners.
In addition, artists can program in royalties so they’ll receive a percentage of sales whenever their art is sold to a new owner. This is an attractive feature as artists generally do not receive future proceeds after their art is first sold.
With a community like NFT NG building a global pathway for African NFT enthusiasts, it destroys the negative stereotypes about Nigerian creatives and opens up an opportunity to gain more value through collaborations, events knowledge-sharing, NFT utilities, and collective projects, support, networking and membership.