Wallets exchanged over $25 billion of NFTs in 2021, which is a testament to the exponential growth that NFTs have undergone despite speculations and little understanding of blockchain technology and the lack of physical objects/art in some cases.
Its ability to guarantee indelible records, track, verify and transfer ownership in real-time and at a low cost, in the absence of intermediaries, is enlarging the boundaries of the creative world.
Africa’s innovation and creativity have an important impact on pop culture and mainstream trends, from memes to gifs to dances that go viral.
The creative genius of Africa is what sets cultural trends, but it is also said that innovations are constantly exploited. Despite the risk to communities with little internet access, this provides Africans and black communities around the world with a rare opportunity to use NFTs to create black prosperity and protect black cultural heritage.
The lack of solid documentation has also led to the loss of African cultures. In the form of NFTs, blockchain offers the African community a unique method of securing, protecting, and promoting African artifacts and arts.
Using NFTs, African communities can secure their heritage, protect their art rights, and generate long-term royalties.
As stated in the Nigerian Constitution (as amended), section 21 provides that Nigerians are entitled to develop, promote, and use their own cultures as tools to boost national identity and unity.
Culture transforms societies, which is one of the benefits of preserving cultural heritage.
As NFTs have become mainstream in Nigeria, an initiative has been launched via NFT to raise awareness of the Benin Ivory Masks online and to drive global dialogue about the Benin Bronzes, disputed pieces that should be returned to their rightful owners.
With 1,897 NFTs, the Benin Bronze collection focuses on one of the three Benin Ivory masks while fostering social connections in order to raise awareness about the Benin Bronzes.
The Metaverse will enable holders and the general public to have a firsthand experience of the ancient Benin Kingdom that was destroyed and lost in time by using web 3 technology.
As it has been said, heritage provides an identity and sense of cohesion for communities, especially when economic instability disrupts that identity.
Despite their uncertain future, NFTs will continue to be debated in the future. That being said, NFTs are providing such creators, an opportunity to authenticate their work and monetize their creativity.
