In 2021, wallets exchanged approximately $25 billion in NFTs, demonstrating the exponential rise of NFTs despite the lack of real objects/art in some cases, as well as speculations and a lack of grasp of blockchain technology.
Its ability to create irreversible records, track, verify, and transfer ownership in real time and at a low cost without the use of intermediaries is expanding the creative world’s borders.
From memes to gifs to viral dances, Africa’s invention and creativity have a big influence on pop culture and mainstream trends.
Africa’s creative talent is credited with setting cultural trends, yet it is also said that innovations are continually exploited. Despite the risk to communities with a limited internet connection, this presents a once-in-a-lifetime chance for Africans and black communities around the world to employ NFTs to build black prosperity and conserve black cultural heritage. Read more; Pepsi to Bring 1,893 Generative NFTs Marking Birth Year
Lack of documentation has also resulted in the extinction of African traditions. Blockchain, in the form of NFTs, provides a unique approach of securing, conserving, and promoting African antiques and artworks to the African community.
African communities may safeguard their cultural history, defend their art rights, and create long-term revenues by using NFTs.
Nigerians have the right to create, promote, and use their own cultures as tools to improve national identity and togetherness, according to Section 21 of the Nigerian Constitution (as amended). Read also; How NFTs Help Generative Artists Get Noticed
One of the advantages of maintaining cultural heritage is that it transforms societies.
As NFTs have grown in popularity in Nigeria, a movement has been initiated to promote awareness of the Benin Ivory Masks online and to spark global discussion about the disputed Benin Bronzes, which should be returned to their original owners.
The Benin Bronze collection, which has 1,897 NFTs, focuses on one of the three Benin Ivory masks while encouraging social connections in order to promote awareness of the Benin Bronzes.
Using web 3 technology, the Metaverse will allow holders and the general public to have a personal experience of the ancient Benin Kingdom that was destroyed and lost in time.
Heritage, as previously said, gives a feeling of identity and cohesion for communities, particularly when economic volatility disturbs that identity.
NFTs will continue to be argued in the future, despite their unclear future. NFTs, on the other hand, provide such creators with a way to validate their work and monetise their originality.