NFTNG is an African NFT startup focusing on the NFT market, with a vision to empower African builders and creatives, onboarding them into the NFT space.
In an interview with CryptoTVplus, the co-founder, Olalere Joshua, said the name NFTNG was chosen to show where the idea started. “It came from the idea of bringing people together, also we’re looking to reach Africa and beyond so this is more of Africa.” He added that more people have asked why the tag NG. “Our response was, this is where we are starting from and then we go beyond.”
We came up with the NFTNG concept to bring in and together the NFT community; that is why we came up with an NFT-themed event. The event aims to gather the community and show the globe our creativity. Joshua said on the show with CryptoTVplus.
Further talking about the event, he said the event is centered on showcasing and propagating African creatives. “Let them understand that there is a huge level of creativity, and talents down here in Africa,” he mentioned. The event would also be an onboarding vehicle for more people, to show the exciting level of creativity here in Africa and Nigeria.
Benefits and challenges of NFT
Storage capability is one of the benefits of NFTs, the co-founder said. NFTs store information in real-time and have things recorded on-time. For example, in real estate, one can have their C of O as NFTs; that way, they know it is stamped because it’s on the blockchain.
Voting is another benefit and real use case of NFTs because it is built on the blockchain; when people cast votes, it is only able to record it once. “The major thing about blockchain is the time stamp, when NFTs are used in voting, it is able to record it once,” Joe emphasized.
The challenges encountered in adopting NFT in Africa, as highlighted by the NFTNG co-founder include economic issues, orientation/education, and demography. “If we can breach the gap of understanding the tech, what the space is about, and community building, it will help us scale and build. When people look at the space from the perspective of innovation they tend to be more open to creativity.” Finally, “money follows innovation,” he said.
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