I first met Zeina last year at the Blockchain for Adaptation conference in Nairobi. A remarkable coder from Kibera, she was creating a decentralized platform to help local artisans sell directly into global markets. Her vision? To eliminate the middlemen who have long taken advantage of African creatives. The whole time she was brimming with fire, a true believer in the promise of Web3. A short few months ago, she emailed me, crushed. The platform stalled. Funding dried up. The hype eventually died down, and she found herself unable to compete with the glossy, venture capitalist-financed NFT projects that were being dumped into the market from overseas. Zeina's story isn't unique. It's a microcosm of the larger question hanging over Africa's Web3 future: Is it a genuine opportunity for empowerment, or just another form of digital colonialism?

Real Empowerment, Or Just Exploitation?

Animoca Brands is the biggest player in the Web3 space. They are amassing record-breaking NFT sales, around $500 million on average per month. That's a staggering figure. And while some celebrate this as a sign of the burgeoning Web3 economy, I can't help but wonder: How much of that wealth is actually flowing to African creators and communities? Are we seeing real commitment to building homegrown talent? Or is it the case that global capital is only extracting value from African consumers and keeping an extremely small fraction?

We've seen this movie before. Consider climate change’s extractive industries, which have and continue to plunder Africa’s natural resources for centuries to come. Are NFTs simply the newest iteration of a digital gold rush? The perception is that international interests are reaping the rewards while local communities and people of color get what’s left—a crumb. It is a scary prospect, isn't it?

With its new focus, deeper pockets, and improved IP runway, Animoca Brands deserves scrutiny. Their FY2021 audited report, which brags on some pretty remarkable financial progress, misses the mark. What are their concrete plans for investing in African talent? Beyond that, how are they ensuring African creators don’t lose ownership of their work and aren’t exploited in the creation of Web3 income? Where is the transparency?

Forgotten Voices, Echoing Potential?

We hear so much about the tech, the tokens, the potential to disrupt everything from government to philanthropy. What about the people? What do the testimonies of oppressed communities reveal? The communities they represent stand to benefit the most from a fully decentralized and equitable digital economy.

I’m referencing the millions of women in rural Kenya and beyond that could leverage blockchain-based microfinance to lift themselves out of poverty. For emerging artists in Lagos, NFTs can allow them to sidestep established gatekeepers. Through this innovative medium, they have the power to reach beyond borders and connect with global audiences. What I know that keeps me excited though are the developers in Johannesburg. They have the Web3 expertise needed to build innovative solutions that serve the distinct needs of their communities.

Are these voices being heard? Are their needs being met? Or are they just being drowned out by the noise of the global Web3 hype machine?

Animoca’s use of the Moca Network for decentralized identifiers is a good place to start. It's not enough. What we truly need are bold, specific initiatives that focus on the needs of the most marginalized communities first. Let’s equip them with the tools, knowledge, and backing to succeed in the fast-paced Web3 world. Without adequate representation, we are setting ourselves up to repeat the past.

Democratizing DeFi, A Call To Action

NFTs and Web3 can further democratize finance, education, and creative expression across the African continent. Now, picture a world where African farmers gain access to loans directly through DeFi platforms without needing to rely on predatory lenders. Now, picture a world where African students received verifiable credentials from open, blockchain-based education platforms. This new innovation represents a huge new area of job growth. Envision a future in which African artists are able to dictate their own stories and receive direct financial benefit from their art.

Again, we have to act here to lessen the risk of scams, fraud and similar exploitation that are rampant in the Web3 space. The only way this vision can come true. We’re going to keep advocating for the strongest possible regulations to protect consumers and investors. What we truly need is more education, which will empower the public to more effectively inform themselves and make better choices. And most of all, we need greater transparency to hold companies like Animoca Brands accountable.

It’s more than technology though, it’s social justice. It’s about making sure that Web3’s benefits are available to everyone, that everybody can prosper and thrive together.

  • Invest in Local Projects: Support African Web3 startups and initiatives that are focused on solving real-world problems.
  • Advocate for Policy Changes: Call on governments to create regulatory frameworks that promote innovation while protecting consumers.
  • Raise Awareness: Educate your friends, family, and colleagues about the potential and the risks of Web3.
  • Demand Transparency: Hold global players like Animoca Brands accountable for their actions in Africa.

Animoca’s accelerated geographic expansion such as their Dubai hub and partnership with Astar Network in Japan hints at worldwide aspirations. For us, true success goes beyond economic development. It’s about being a force for positive impact among the communities we serve.

Despite all of these challenges, I’m an eternal optimist on the prospects of Web3 especially on the African continent. I believe that if it’s done the right way, it can be a powerful force for good. We will only be able to realize this promise if we dare ourselves to do more. We need to look beyond just domestic players though—international actors shaping this new, emerging industry will require accountability. Animoca Brands’ record-breaking $500 million in NFT sales can fuel the fire of investment and empowerment. It should be a shining example of opportunity, not extraction. Let’s challenge them, and ourselves, to create a Web3 future that is inclusive, equitable, and sustainable. Now is that time – before this rare and limited window of opportunity slams shut.

I remain hopeful about the future of Web3 in Africa. I believe that it has the potential to be a powerful force for good. But it will only live up to its promise if we demand more from ourselves and from the global players who are shaping this nascent industry. Animoca Brands' $500 million in NFT sales should be a catalyst for investment and empowerment, not a symbol of extraction. Let's challenge them, and ourselves, to build a Web3 future that is truly inclusive, equitable, and sustainable. The time to act is now, before the window of opportunity slams shut.