Browsing: NFTs

the orange economy | Africa's orange economy
  • Creative disruption is predominant in Africa’s orange economy.
  • Emerging technologies solve several challenges, even in areas beyond the orange economy.
  • Carefully mitigating risks and developing an enabling environment will be key to unlocking the potential of Web 3.0 for Africa’s orange economy.

Recent economic challenges have reminded the world and Africa of the need for economic diversification. The orange economy, otherwise known as the creative industry, is one area that has grown significantly over the last couple of years, presenting endless opportunities for Africans considering the region’s youthful population and wealth of cultural assets.

Nevertheless, comparative advantage alone might not be sufficient to capitalise on the orange economy’s emerging trends fully. It is essential to explore another emerging sector, the Web 3.0 economy, and how it can be leveraged to benefit the orange economy.

The orange economy’s susceptibility to disruptive technology

The orange economy covers various activities that can convert …

Nigerian art firm, Looty, converts stolen African art into NFT sales. www.theexchange.africa
  • Chidi hopes that activism will eventually see European museums return all stolen artwork to Africa. However, he dreams of building a metaverse that comprises all the pieces Looty reclaims
  • The Looty project started operation in November 2021 but will officially launch its website on May 13. The upcoming website will only support the purchase of NFT art via cryptocurrency
  • Aside from Chidi, the project also involves two other Nigerians and a Somali, with each team member specializing in 3D design, NFT technology, or editing
  • The project has already created 25 NFTs, among them the famous “Benin Bronzes” in Nigeria that were looted 125 years ago

During the pre-colonial error in Africa, a wide range of valuable artefacts were taken away to the western countries. About 60 years later, Africans feel the need to get the artworks back to preserve their history. However, one Nigerian art firm called Looty has come

An African artist working on an NFT. NFTs are assets in the digital world that can be bought and sold just like any other piece of property. www.theexchange.africa

Non-Fungible Tokens (NFTs) are the new opportunity for anyone with anything they can monetise and an access to the internet to reap the benefits of minting money on the World Wide Web.

NFTs are “One of a kind” digital assets that can be traded like any other piece of property, but NFTs do not exist in any tangible form. It is possible to think of virtual or real assets as tokens that may be exchanged for tokens.

Therefore, an NFT is a digital title for a piece of content that may be sold on auction sites but is non-returnable because it is unique and irreplaceable. Because of this, its value fluctuates and it is useless as a means of exchange. Cryptocurrency and blockchain are the foundations of NFTs.…