Let’s face it, the NFT space has been crazytown. Remember how people lost their minds over Bored Apes? People paid millions for a JPEG of a cartoon ape — more than most people spend on a car! The hype train sure looked exciting, but at the end of the day, it didn’t solve for the major issues. This was especially the case for Africans.

We discuss Binance’s recent announcement to stop staking services for BAYC and MAYC NFTs. It might sting for some investors, sure. But I’m here to explain why this is actually very positive news for the future of NFTs in Africa.

Speculation vs. Real-World Solutions

Think about it. Just imagine what practical impact BAYC could have had on the average person in Lagos, Nairobi or Johannesburg. Did it enable them to achieve formal land rights, receive better access to education, or strengthen their local business activities? No. Thus, it became a speculative asset for the very rich, far removed from the daily life of most Africans. That's a problem.

The reality is, NFT world just got sidetracked by a lot of shiny objects. We followed on to the next big thing and the newest digital shiny object. In doing so, we fell prey to bastardizing the true transformative potential of this technology. Now, with the froth settling, we have a chance to focus on what really matters: building NFTs that solve problems.

NFTs Can Empower Communities Locally

Enough grieving for the soon-to-be-gone BAYC staking rewards. Getting these tools into the hands of Africans is a whole other matter. Instead, we should be celebrating all the fantastic moves back towards utility! Imagine NFTs being used to:

  • Secure Land Titles: In many African countries, land ownership is a complex and often corrupt process. NFTs can provide a transparent and immutable record of ownership, empowering individuals and communities.
  • Track Agricultural Supply Chains: Counterfeit goods are a huge problem. NFTs can be used to track products from farm to market, ensuring authenticity and fair prices for farmers.
  • Verify Educational Credentials: NFTs can provide tamper-proof digital certificates and diplomas, making it easier for Africans to access education and employment opportunities.
  • Empower Artists and Creators: African artists are creating incredible work, but often struggle to reach a global audience. NFTs can provide a direct connection to buyers, bypassing traditional intermediaries and ensuring fair compensation.

These aren't just hypothetical scenarios. They're already happening. African entrepreneurs and developers are creating groundbreaking NFT projects that are solving real-world issues. We should be celebrating our support of these initiatives, not crying over the speculative investments that didn’t make it. Think of it: a digital renaissance, African-led. Awe-inspiring, uplifting and surprising.

Let's Build an Accessible NFT Future

The key is accessibility. We need to create NFT infrastructures that are inclusive and easy to use. So let’s stop putting mobile design on the back burner, considering that most Africans only go online with their phones. This means focusing on:

  • Lower Transaction Fees: High gas fees make NFTs inaccessible to many. We need layer-2 solutions and alternative blockchains that offer lower costs.
  • Simplified User Interfaces: The current NFT landscape is often confusing and intimidating. We need intuitive interfaces that make it easy for anyone to create, buy, and sell NFTs.
  • Mobile-First Design: With the majority of Africans accessing the internet via mobile, NFT platforms need to be optimized for mobile devices.

Fifth, stop chasing the hype and start solving problems.

The fall off of interest in BAYC and MAYC are not indicators of failure for the NFT space. It's a sign of maturity. Let’s take advantage of this opportunity to hone in our efforts! Together, we can build a more equitable and accessible NFT ecosystem that genuinely empowers communities and addresses real-world challenges.

Binance’s move, though it might seem like the most important blow to some, is actually a wake-up call. Now is the moment to move away from the realm of speculative assets into the world of real solutions. So let’s democratize this NFT future in Africa to make it more empowering and transformative than ever before. Let’s set an example for the world of what NFTs can and should do. Together we can put hypocrisy and unfairness behind us.

  • Support local NFT projects. Seek out African creators and entrepreneurs who are using NFTs to make a difference.
  • Learn about NFT technology. Understand the potential of NFTs and how they can be used to solve problems in your community.
  • Participate in blockchain meetups and workshops. Connect with other enthusiasts and learn from experts.
  • Invest in African NFT startups. Help fund the next generation of NFT innovators.

Binance's move, while seemingly a blow to some, is a wake-up call. It's time to shift our focus from speculative assets to practical solutions. Let's build an NFT future in Africa that is truly inclusive, empowering, and transformative. Let's show the world what NFTs can really do. Let's make unfairness and hypocrisy a thing of the past.