- Aside from the astronomic rate of crypto circulating within Nigeria, some diverted into other blockchain ventures. Nigeria’s NFT marketplace has significantly risen over the years
- With Nigeria accumulating over one-third of Africa’s crypto owners, some individuals in the country have earned the title of crypto millionaires
- Currently, Nigeria’s government has still placed a ban on the crypto trade. They have gone to such lengths as closing accounts that are associated with cryptocurrency in an attempt to boost its fiat currency
Cryptocurrency in Africa is a hot sweet soup for which most exchange platforms are scrambling. Establishing ties with the lucrative market has turned into a never-ending race. Nigeria has taken the forefront and stands tall within Africa’s crypto ecosystem.
Nigeria’s crypto adoption alone outranks various first-world countries and has consistently risen over the years. The leading African country in crypto has made these strides to salvage its unstable fiat currency. Its rapid growth has led to various crypto millionaires originating from Nigeria.
Driving force of Nigeria’s crypto adoption
The secret behind Nigeria’s rise to fame is not that of a nation trying to achieve a particular goal. Instead, it is the story of a country trying to stay afloat. Nigeria’s fiat currency has received several changes over the years, significantly reducing its value. This problem has only escalated to the point the country itself is now known for its financial instability.
The Nigerian National Bureau of Statistics(NBS) reported that its latest consumer price had suffered an inflation rise accumulating to 20.5 % in August, up from 19.6% in July this year. It’s the second consecutive monthly increase in Nigeria’s inflation this year and its highest since 2005.Ese Osawmonyi, a Lagos-based SBM Intelligence research firm analyst, has noted various critical aspects. According to his research, Nigeria’s exportation numbers and payments of subsidies have significantly gone down. This has impacted the price of retail petrol, a critical business component in Nigeria. From there, it has been a downward spiral.
This issue has led many of its citizens to look for alternative ways to earn income, and Bitcoin has become the to-go option. Its decentralized nature has led to the rise of famous crypto millionaires such as the Bitcoin Chief. Since it is out of reach of the government, Nigeria’s adoption rate has skyrocketed. Nigeria’s average crypto adoption score is currently 0.521, beating Kenya’s longstanding lead. This makes it the leading African country in crypto.
Areas of expertise for Nigeria
Nigeria is the birthplace of various new crypto-based innovations. Young Nigerian minds took a step further and developed multiple startups, significantly aiding in its attempts to save its fiat currency. Nigeran innovators embrace blockchain technology, and below are a few examples of such;
This is Nigeria’s most prominent crypto-based startup. Yellow Card makes it easier for Nigerians and anyone in Africa to buy, sell and transfer cryptocurrencies. The Nigerian startup raised $15 million in its series A funding.
This assisted the company in expanding its staff for its next move. In recent news, Yellow Card finally hit 1 million users, a significant portion of its users from Nigeria, significantly increasing its crypto adoption rate. The Nigerian startup still aspired to continue expanding and becoming Africa’s most used crypto exchange platform.
This blockchain startup in Nigeria allows its users to trade their fiat currency for bitcoin. Their user-friendly features elevate the excess processes involved in other platforms. NairaEx is a common application even used by various crypto millionaires in Nigeria. Blockchain startups such as NairaEX are why Nigeria is the leading African country in crypto.
Specializing in P2P transactions, it has made a name for itself within Africa’s crypto ecosystem. It has made cryptocurrency trade in Nigeria much faster and more secure. Its usability has led to its very users designing adverts to increase its scalability. It also creates a network of awareness among its citizens to ensure they benefit from it.
Aside from the astronomic rate of crypto circulating within Nigeria, some diverted into other blockchain ventures. Nigeria’s NFT marketplace has significantly risen over the years. With their artists taking a more digital approach Nigerian NFT has caused a significant boom within the NFT marketplace. Nigerian artists have produced breathtaking work by representing their culture and unique worldview and expressing their wants and needs through art.
Below are some of the Nigerian-based NFT market places;
- NaviKatz – is a terrific multichain Token, NFT-Marketplace and GameFi project built on the Celo, Cronos and Fantom blockchains. The Nigerian NFT startup has introduced a unique trio-chain collection of carefully designed NFTs that support its gaming experience, token and marketplace use cases. It is still a relatively new organization that recently started in November 2021.
- FunbleNFT – Fundable accommodates the new and experienced NFT designers to new opportunities. They mainly focus on inclusivity and flexibility by fostering collaborations between non-creators and creators to split profit automatically. It also increases Nigeria’s crypto adoption rate through minting and the creation of NFTs and provides its token.
- Flipeet – is a Nigeria-based NFT marketplace built on the Ethereum blockchain. Their main objective is to incorporate the new concept of purchasing NFTs with other NFTS. This gives NFTs more utility and users a wide range of options for seamless transactions. Essentially, they aim to be ‘The Binance for NFTs’ and become one of the most prominent NFT marketplaces in Africa and globally.
‘Crypto millionaires’ in Nigeria
With Nigeria accumulating over one-third of Africa’s crypto owners, some individuals have earned the title of crypto millionaires. The leading African country in crypto has created several individuals recognized within the crypto space.
- Gaius Chibueze– more commonly known as The Bitcoin Chief, Gaius has made a name for himself in the crypto world. He is one of Africa’s most influential pioneers in cryptocurrency trading articulary Bitcoin. He was ranked one of the top traders in Bitcoin in 2019. He has founded some of Nigeria’s blockchain startups, such as Taticoin and Abitnetwork. In addition to his impressive portfolio, he has written two books, How bitcoin changed my life and Get rich off the net. They have each sold over 6000 copies on Amazon.
- Chris Ani – founder of Cryptohub, Chris has played a significant role in Nigeria’s crypto adoption rate. He Is a prominent advocate for crypto and has advised Nigerians on how to profit from crypto trading. He also founded Digital Abundance Business Academic(DABA) to help Nigerians and the country’s fiat currency. They have established several workshops and seminars on crypto and blockchain technology worldwide.
- Linus William Ifejika – commonly known as Bitcoin Lord, is a crypto millionaire in Nigeria’s crypto ecosystem. He is one of the most prominent African crypto vendors and owns various companies accepting Bitcoin as payment. His journey in the cryptocurrency world began at the early age of 17 years, and he was able to hit it off, becoming a millionaire at the young age of 20.
These crypto millionaires have played a vital role in assisting the leading African country in crypto. Simply showing that young Nigerians can become millionaires from crypto is proof that it is indeed possible. They symbolize the hope that depending on Nigeria’s fiat currency can lead to disastrous outcomes and that alternative means are best.
Currently, Nigeria’s government has still placed a ban on the crypto trade. They have gone to such lengths as closing accounts that are associated with cryptocurrency in an attempt to boost its fiat currency. This has proven futile in the long run, as Nigeria’s crypto adoption rate has consistently risen.
The leading African country in crypto has earned its name for a reason. The various crypto millionaires have contributed significantly, and the Nigerian youth have seen the greatness of crypto and are gradually reaching it. Will we see Nigeria’s current financial state increase due to crypto? This is a question that many have asked, but all we can do at the moment is be hopeful and observe.