Non-Fungible Token

Last updated on
January 17, 2022

Non-fungible tokens are distinctively unique and non-transferrable cryptographic assets on a blockchain that cannot be replicated due to their identification codes and metadata. The tokenization of these assets on a blockchain ensures that they can be traded with relative ease and thus, allows for a vast majority of use-cases. In extension, NFTs are digital representations of physical assets that cannot be replicated due to unique identity data. to distinguish itself from other tokens, each token has a unique, non-transferable identity.

NFTs can be purchased, sold, or minted on online NFT marketplaces like Opensea, Binance, Rarible, SuperRare and etc. Up to $8.8 billion worth of NFT volume was traded in 2021 according to Nairametrics.

Nigerian Context

According to a recent research report by Finder, 13.7% of Nigerian internet users own non-fungible tokens (NFTs) which is above the global average of 11.7%. Out of the 20 countries surveyed in the research, Nigeria has the 6th highest NFTs adoption rate in the world.

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