Challenges and successes of the NFT Market In Africa
Africa’s NFT scene is booming
An overview on the NFT Market in Africa
- Despite a seemingly wide crypto adoption, African digital art still has challenges to overcome.
- Early last year, the Nigerian government banned banks and financial institutions from using cryptocurrencies, causing many Nigerians to empty their crypto wallets in a wave of panic. While Nigeria announced new rules earlier this month to ease the restrictions, more than a dozen African countries still have full bans–including Algeria, Egypt, Morocco, and Tunisia.
- “Many African artists market to me directly because there are not enough collectors to buy their art,”
- Another obstacle to the ecosystem is the weak economies of African countries. Minting an NFT could cost anywhere from a few dollars up to several hundred, depending on gas fees–the fluctuating processing fee for crypto transactions–and the platform on which the digital work is minted. However, even just initializing your account will cost approximately $60–70 on most platforms, according to The Verge. In countries such as Nigeria or Kenya, where the minimum wage is approximately $100–$130 per month, many artists struggle to earn enough to mint their works.