The African continent is known to be home to about 1.4 billion people. However, for a vast majority of these populations, technological adoption trails that of the western world. It, therefore, comes as a surprise that Africa caught on quickly with cryptocurrency, and according to a recent report, the crypto adoption rate in Africa grew by 2500% in 2021 making it the fastest growing region for crypto adoption in the world.
To a large extent, this rapid adoption is driven by the instant economic incentive that crypto brings. When you consider the official unemployment rate and poverty line on the continent, it becomes easy to understand why many youths quickly turn to cryptocurrency as a means to an end.
Following the positive crypto market run of 2021 - a period that also coincided with the mainstreaming of NFTs, Africans have not taken time before jumping on the NFT train, although the rate of adoption is not yet at the level of cryptocurrencies.
African NFT Realities
At the moment, NFT is still emerging in Africa, though there have been some notable sales from African artists. In April 2022, two notable sales dominated the African NFT space, the first was by a Nigerian photographer, Olashile Adisa, who sold images of an elderly drummer for about a million naira. Similarly, the popular Ghanian pallbearer group who made wave as a meme in 2020 successfully sold their meme for 372 ETH ($1.046 million).
Prior to then, Osinachi Igwe, a Nigerian digital artist, had sold 10 NFT in 10 days in 2021 for a total fee of $75000. This seeming gold mine and the commercial success of NFTs like BAYC further encouraged many to venture into NFT.
On the flip side, African reality still has its challenges. First, there are little-known African NFT collectors around. This implies that creators have to look to market elsewhere if they wish to sell their arts. Secondly, many intending digital artists do not even have the economic means to get started and ultimately find the gas fee required to mint NFTs too much to afford.
Africa’s Prospects
No doubt, challenges persist, still, Africa has prospects in the world of digital arts. Aside from a youth population who sees NFTs as a means to making money, there is already a consciousness of what could be achieved with NFTs. We are already seeing the creation of NFT hubs such as the Kenyan NFT Club, Nigerian NFT Community, and others.
Also, there is the possibility that NFTs could proffer solutions to some of the major issues that Africa faces such as piracy and land administration.
It will take time for things to take shape, but one thing is for sure, NFTs are already taking root on the African continent.
