NFTs in Nigeria, Digital currency for the art market

NFTs in Nigeria, Digital currency for the art market. Everything you need to know about the latest NFTs trend in Nigeria. Crypto.com: how to register and verify all details online on crypto.com

What is NFT? An NFT (Non-fungible Token) is a piece of data verifying that you have ownership of a digital item, such as a piece of artwork.NFTs can be associated with reproducible digital files such as photos, videos, and audio. 

Right now, cryptocurrency is all the rage and in a country like Nigeria, with a newly thriving digital economy, it is becoming increasingly popular. According to a Yahoo Finance report backed by information from Statista data, Nigeria is the number one crypto country in the world, meaning a sizable part of the financially literate population has interacted with cryptocurrency in a way, shape or form.

What Kind Of NFTs Can you Buy?

All kinds of digital objects – images, videos, music, text, animations, memorabilia, and even tweets – can be bought and sold as NFTs.

Digital art has seen some of the most high-profile sales; while in sports, fans can collect and trade NFTs relating to a particular player or team.

For instance, on the American National Basketball Association Top Shot platform, enthusiasts can buy collectable NFTs in the form of video highlights of moments from games.

While these highlights can be seen for free on other platforms such as YouTube, people are buying the status as the owner of a particular NFT, which is unique due to the digital signature.

NFTs can also be patches of land in virtual world environments, digital clothing, or exclusive use of a cryptocurrency wallet name.

How Can You Get Started with NFTs in Nigeria?

Essentially, any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you’re not overly tech-savvy. You’ll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you’ll need to complete the sale.

First things first, you’ll need a crypto wallet. There are many Ethereum wallets out there. But by far, the most popular is MetaMask (which is funded by Ethereum incubator ConsenSys). Once it’s installed, it lets you store Ethereum and Ethereum-based tokens.

You’ll need to fund your new crypto wallet but unfortunately, you currently can’t buy tokens with Naira cards because of banking regulations but you can use a dollar or pound denominated Master/Visa card.

There is also the option of P2P (peer to peer) – where you send naira to a peer (or trader) and they send the equivalent of tokens to your wallet

Then you need to explore the marketplace. Some of the most common NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible. There are also niche marketplaces for more specific types of NFTs, too, such as NBA Top Shot for basketball video highlights or Valuables for auctioning tweets such as Dorsey’s.

If you’re a creator, you can also sell your digital masterpiece. NFTs are also sold on marketplaces and the process can vary from platform to platform. You’ll essentially upload your content to a marketplace and then follow the instructions to turn it into an NFT. You’ll be able to include specifics such as a description of the work and suggested pricing. Most NFTs are purchased using Ethereum but can also be bought with other ERC-20 tokens such as WAX and Flow.

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