Browsing: NFTs

• 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 …

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.…