Immutable's recent surge past Ethereum in weekly NFT sales is more than just a metric. It's a potential seismic shift – especially for Africa. We're not just talking about jpegs anymore; we're talking about empowerment, opportunity, and a chance for Africans to define their own digital future. Can you feel the excitement?
A continent overlooked no more
For too long, Africa has been on the periphery of the tech revolution. In many instances, it has taken on the role of a consumer versus that of a producer. Obstacles like high transaction fees, lack of access to infrastructure, and financial burdens have hindered innovation. What if the answer had indeed been hiding in plain sight, subtly making all the right moves and laying the groundwork for a better future?
Immutable’s significantly lower transaction fees and greater scalability compared to Ethereum are a game changer. Think about it: a young artist in Nairobi can mint and sell their art without being priced out by exorbitant gas fees. This means that a developer in Lagos can create play-to-earn games that are genuinely accessible to local players. This goes well beyond the use case of NFTs, but rather represents a new approach to unlocking economic potential.
I attended one such event like this last year when the buzz of blockchain made its way to Accra. The energy was palpable. Young entrepreneurs, artists, and developers alike were abuzz discussing NFTs, DAOs, and the promises of Web3. The constant refrain was the same: "Ethereum is too expensive." Immutable provides an authentic solution, an opportunity to invest in a more equitable ecosystem.
Play-to-earn: more than just games
The recent success of popular games such as Guild of Guardians on Immutable is fueling this boom. The numbers speak for themselves: a 21% jump in sales of Guild of Guardians Heroes NFTs, pushing total sales above $20 million. Beyond the stats, there’s a much more important story.
Play-to-earn may be a way to take gaming beyond fun and provide new avenues of generating income — especially for those who require it the most. In a continent where unemployment rates are high, the ability to earn a living by playing games is a powerful proposition.
Picture one young mother in rural Uganda making enough IMX tokens to put her kids through school. Imagine an independent artist from Jo’burg raising the capital for their next record by selling individual NFT-backed songs. This is not a pipe dream. This is a real opportunity, made possible by Immutable’s technology.
Let's be real. Crypto investments are not without risk. Over the last few months, the IMX token has formed a bullish double-bottom pattern. Even with the downtrend, if the $0.3458 support holds, it may be able to leap 98% to $0.8100 based on its current price of about $0.415. The circulating supply of IMX tokens on exchanges has increased from 136 million to 174 million. This increase would have a downward pressure on the price. We just all need to be cognizant of the volatility and fragility and rocky road ahead. We recognize that the potential rewards, particularly for marginalized communities, are too great to miss out on.
Preserving culture, building a future
Apart from the obvious economic advantages, NFTs present an astounding platform to preserve and amplify African culture. Imagine a platform where African artists can showcase their work to a global audience, earning royalties directly from their creations. Now, picture the opportunity to keep Indigenous lore, songs, and cultural creative expressions safeguarded as NFTs. This requires us to preserve them and save them from the dustbins of history.
It’s not only about the fate of these digital assets, but what they represent in terms of cultural identity and empowerment. What it is really about is Africans taking control of their narratives and shaping their own digital destiny.
Immutable’s ascent is not just a remarkable achievement, but an inspiring marker of what an inclusive and equitable future could look like. As the biggest player in the NFT space, flipping popular chains like Ethereum, Solana, Avalanche and Mythos, Immutable has the power to change the narrative. Additionally, active wallets interacting with Immutable’s games have dropped by 17%. The future is still bright and can be whatever we make it!
Africa undoubtedly has the talent, the creativity and the drive to truly thrive in the Web3 era. With the right tools and infrastructure, we can create a new innovation tsunami. This will be an unimaginable leap in entrepreneurship on the continent for generations to come. Sure enough, as far as burgeoning blockchain technology goes, immutable might just be the word of the moment. Let's build this future together!
