Saturday, December 3, 2022

While the concept of a metaverse may seem like something out of a movie, something a bit too far-fetched, it has the support of some of the world’s most enormous technology enthusiasts.

  • Blockchain technology finds great value in the storage of NFTs.
  • NFTs and cryptocurrencies may play a significant part in the broad future domain of the Metaverse.
  • Realizing growth initiatives requires Africa to believe in and grab the Metaverse’s potential.

The Metaverse effect in Africa

The word “Metaverse” has recently made the rounds on social media and in the press. The Metaverse, dubbed the next Internet revolution, raises many questions among both sceptics and believers in the technology. The issues particularly revolve around the many doors the Metaverse may open for bright young creatives from marginalized regions such as Africa.

Read: The metaverse economy: NFTs spur growth of societies within immersive virtual worlds

While the concept of a metaverse may seem like something out of a movie, something a bit too far-fetched, it has the support of some of the world’s most enormous technology enthusiasts. Most notably, Mark Zuckerberg, the creator and CEO of Facebook, declared ambitions to develop such a world with a staff of 10,000 workers. Furthermore, Microsoft announced a new product, Mesh for Teams, enabling workers to adopt avatar forms and operate in a virtual environment.

Even though the notion of the Metaverse seems to be distant from African reality, it appears to be more than a passing cloud. The Metaverse is becoming an essential component of the present digital world. Large corporations seem to see enormous potential and are investing in it, even if this virtual environment fascinates as much as it concerns.

Despite the barriers and constraints, the Metaverse will make a significant economic impact on Africa. According to the research company Analysis Group, the Metaverse will contribute $40 billion to Sub-Saharan Africa’s gross domestic product (GDP) within a decade.

With the emergence of the Metaverse and Web 3.0, issues about Africa’s involvement in these advances arise. Will Africa be a consumer or a participant in the creation of this virtual space that will affect it, or will it be forced to accept it without responding and have a model imposed on it? Should Africans accept that they will not be able to compete in this race, which is already predicting the world of tomorrow?

Non-fungible Tokens (NFTs) and blockchain remain crucial

The advances in AR, AI, and VR are at the forefront of the Metaverse. However, it is becoming evident that cryptocurrencies, Non-fungible Tokens (NFTs), and blockchain technology will be critical in unlocking many critical components of the Metaverse concept.

NFTs are digital assets that symbolize reproducible goods such as art, music, films, and other digital files containing a unique object. They are purchased and sold online, often using bitcoin.

Blockchain technology finds great value in the storage of NFTs. Blockchain is just a public ledger that records transactions. It is also a notion utilized in cryptocurrency transactions.

NFTs have acquired popularity in the creative community in recent years. The popularity primarily emanates from the digital bragging rights of owning a valuable work of art. An NFT gives the buyer complete ownership of the original asset. Moreover, an NFT has an in-built authentication as evidence of ownership.

NFTs have created new opportunities for creatives and artists all over the globe. Still, the technology can also empower the African youth in monetizing their artistic abilities in several ways.

Read: African start-ups: metaverse and NFTs remain crucial in boosting economic growth

The metaverse evolution

The metaverse evolution supports outstanding creativity and opens up new prospects for businesses, brands, and the community in Africa. [Photo/businessinside]

African creatives should seize the Metaverse opportunity

Africa has always been a creative society seeking to influence customers via technology and innovation. The COVID-19 crisis allowed African creatives to make progress in the continent. They particularly made advances in crucial industries such as AI, blockchain, cryptocurrencies, and NFTs. NFTs and cryptocurrencies may play a significant part in the broad future domain of the Metaverse. In particular, the concept may benefit budding African artists increasingly embracing technology to express their creative side.

The fact is that digital artists are the underdogs in the realm of conventional art. In the Metaverse, however, the reverse would be true. International IT giants support the next generation of the internet. Therefore, African creatives have a once-in-a-lifetime chance to concentrate on creative collaborations and revenue-generating experiences through the Metaverse.

Nerdy artists who can make immersive collectables and moving-image artworks would do well to exchange their creations for bitcoins. People in the Metaverse would take possession of and store their digital assets in their digital wallets, thanks to NFTs.

xx1OFF is one of Metaverse’s first art galleries to specialize in Black-identifying artists and their digital works of art sold as NFTs. They want to grow their virtual gallery into a blockchain-based multi-facility area solely for Black creatives.

Artists may use NFTs to distribute a digital asset in the Metaverse that will rise in value. Of course, the value would vary in the same way an investment’s value fluctuates over time. However, in addition to that, creatives might borrow against their earnings. In essence, people might utilize their creativity and art to create an asset and get access to wealth.

The Metaverse offers an excellent chance for African-American artists to highlight their creativity and push economic growth by using the benefits of decentralized blockchain technology. Furthermore, NFTs would bridge the gap between artists and consumers, which is now lacking in the actual world. Artists and collectors will be able to cooperate directly rather than via industry gatekeepers as in the conventional entertainment sector.

The development will assist underrepresented artistic populations, such as African, Black, and Brown creatives. Many optimistic African creatives believe the new metaverse idea would increase economic equality and potential across the board using decentralized markets.

The African metaverse prospects

Africa is rich in creative talent and digital abilities. Consequently, it must capitalize on this technical momentum to play a significant part in establishing and building an AMetaverse.

Africa must recognize itself and create a Metaverse that resembles it to safeguard its imagination. Africans must own this virtual environment and promote and preserve its culture and history. For the continent’s youthful creative generation, Africa and the Diaspora are no longer just places of origin but also places of opportunity. Africa must accompany these actors and entrepreneurs, develop a training plan, and employ these creative professions ranging from the least to the most qualified.

Africa is not lagging in terms of metaverse development. There are several initiatives in the works. Realizing these initiatives requires Africa to believe in and grab the potential that the Metaverse provides. The continent has youth, promise, and abilities. All industry participants must act to make their skills productive.

Read: Blockchain and the metaverse: A symbiotic relationship with unending possibilities

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