African NFT Space; Tezos Foundation, a Swiss non-profit, recently announced a $1.23 million (£1 million) commitment to a fund that will be used to collect non-fungible tokens (NFTs) from rising African and Asian artists. Misan Harriman, a prominent photographer and one of the pioneers in the creation and collection of NFTs, will curate the artists’ work.
According to a source in The Art publication, Harriman, the chair of London’s Southbank Center complex of creative venues, would also focus on acquiring works by artists from locations with little representation in the NFT group.
But what exactly is NFT? Are there any benefits? And why should you pay attention? I try to address that in this post.
What is an NFT?
Non-Fungible Tokens (NFTs) are a type of digital asset that is unique. Each token can represent many different things, such as ownership of an in-game item or the right to use a piece of land in a blockchain-based world. NFTs are different from fungible tokens because each one is unique and there’s no way for their owners to trade them back and forth without affecting their value or meaning.
How does an NFT work?
NFTs are a new type of digital asset that is not limited to a particular blockchain. NFTs can be created, bought, sold, and exchanged on any one of the many blockchains that exist today. They’re also not limited to any specific platform or game; they can be used within games that run on different platforms!
For example, if you have an NFT in your possession that allows you access to certain in-game features, then it doesn’t matter what platform you’re playing on—as long as both sides use the same blockchain protocol (e.g., Ethereum).
Why are people buying NFTs?
The main reason people are buying NFTs is that they offer a new way to engage with art and music. Collectors can own a piece of art or a song, but also play it or use it in their own projects. This opens up some exciting possibilities for artists and musicians who have struggled to make a living from licensing their work: what if you could earn money every time your song is streamed?Or every time someone downloads an image from your website? The technology allows for this kind of thing because every time someone makes a transaction on the blockchain, that transaction is recorded on the public ledger forever (or at least until someone decides to change its state).
How can you buy an NFT?
You can buy an NFT from a number of websites. You can also buy them from people who have them. And, you can sell your NFTs for other NFTs or money (or both).
Are there any downsides to NFTs?
The cost of creating NFTs can be pretty steep, but this is expected to decrease over time as the technology matures. For example, you may have to pay tens or even hundreds of thousands of dollars for a single unique cat token that you want to own.
In addition, the cost of storing and verifying these assets will increase as more people start using them and they become more valuable. If someone wants to buy something from you using an NFT, they’ll need access to a digital wallet where their tokens are stored (the same way someone who wants your physical item would need cash). And if someone wants to sell an NFT without physically handing it over—like digital art—then whoever’s buying can’t inspect it first-hand; they need some sort of guarantee that what they’re purchasing exists and isn’t counterfeit.
Because this kind of transaction takes place on a blockchain network instead of in real life, it relies on secure protocols like proof-of-work or proof-of-stake. There’s also going to be increased interest from hackers because many NFTs represent valuable assets like stocks or luxury goods—and hackers love stealing those kinds of things!
How NFTs can benefit Africa
NFTs are a new technology that shows potential for applications in many fields. They can be used in areas as diverse as art, gaming, and education.
NFTs are digital assets that you can buy or sell on the blockchain. So far, most of these assets have been digital cats or other types of collectibles—but they can also represent ownership of physical things like cars and houses.
In Africa, where financial access is often a major barrier to success and opportunity, NFTs could provide an alternative path to wealth creation by allowing people to sell their art directly to a global audience without needing to use big-name studios (which are usually out of reach for most talents in Africa).
NFTs can be used to track ownership of land, art, and other assets. It’s a great way to verify that someone owns an asset in the real world. For example, if you are a collector and want to purchase an artwork from another person, you can use NFTs to ensure that both parties have enough money for the transaction before sending it through the blockchain.
NFTs also create digital collectibles that can be sold on-chain or off-chain. In this case, an artist creates digital art pieces which are stored on their computer until someone buys them, at which point they will receive cryptocurrency as payment for their work.
In conclusion, NFTs are an exciting new technology that shows potential for applications in many fields. Africa can benefit from this new technology as it brings in a lot of money and talent. It will also help in solving some of Africa’s problems, such as unemployment and poverty.