Tuesday, January 31, 2023
  • Africa has also made significant strides within the NFT marketplace and the Metaverse
  • MTN, a leading telecommunication company in Africa, has acquired over 144 plots of digital land, making it the first-ever African startup to enter the Metaverse
  • Africa comprises a majority of developing countries, which still need to catch up with the developments of the metaverse
  • The African economy cannot handle the integration of the Metaverse at the moment

When the very concept of the Metaverse landed on the NFT marketplace, everyone became ecstatic.  With a virtual world that would serve as an alternate world of creativity, artwork and gamers spread like wildfire. Everyone wanted to get in on it, and then the sound and ululations of what the Metaverse would do passed through the rich lands of Africa.

Just like how Blockchain and cryptocurrency came to be, the Metaverse brought endless possibilities for African startups, artists and even gamers. It was a heaven to many who participated in crypto trading as it was a new idea, something that most Africans, myself included, saw in movies and shows. A virtual world that offered something new and potentially something that would gradually benefit the African economy. 

Hesitation was not in anyone’s vocabulary as enthusiastic African Artists began to learn the trick of the trade. How to transform their real-life designs and art into NFTs. What turned out to be good news soon became a race to stardom since Africa is rich in culture and creativity. The Metaverse became a platform for fame, and since Africa had so much potential, culture and creativity appeared as a blessing, or so we all think.

The Metaverse hype

The African economy has significantly suffered from financial instability, harsh weather and political differences. Some African countries are doing better than others. Although when shedding light on the bigger picture, the success of 6 to 8 countries still needs to make up for the rest. As a result, alternative income sources have been sought, thus giving rise to Africa’s abnormal crypto adoption rate.

Metaverse

The Metaverse also has diverse effects on Africa’s economy despite African startups and the NFT marketplace thriving from it.[Photo/Youtube]

Also, Read Blockchain and the Metaverse: A symbiotic relationship with unending possibilities.

African artists have filled the NFT marketplace trying to showcase their work to a broader audience to either acquire recognition or make that extra income. Either way, Africa was gobbling up the whole “Metaverse hype”. 

Investors

The future of the Metaverse was an aspiring notion as leading companies lined up to pioneer the next evolution in technology. Facebook rebranded to Meta as a sign to usher in the new technological era. Likewise, other major companies such as Microsoft, Samsung, Amazon and Tencent have contributed relatively to developing this revolutionary concept.

Africa has also made significant strides within the NFT marketplace and the Metaverse. MTN, a leading telecommunication company in Africa, has acquired over 144 plots of digital land, making it the first-ever African startup to enter the Metaverse.

Businesses all over Africa have even debated branching their products into the Metaverse to increase their reach. Africare is the first African Metaverse, and the amount of influence it carries is astounding. It has received funding and the necessary support to increase Africa’s economy and boost its name within the NFT marketplace.

Many individuals and African startups are banking on the Metaverse to serve as a means to reach investors and buyers, which would initially seem a critical feat. The Metaverse hype is fundamental since it offers opportunities that would seem impossible. However, simply focusing on the side of the coin won’t suffice. Even though the future of the Metaverse appears bright, we need to highlight its demerits towards the African economy.

The Metaverse is not all glitter

There are various reasons why the Metaverse is a cause of alarm, not just to the African Economy but to its culture and heritage.

The first aspect we must acknowledge is that the African economy cannot handle the integration of the Metaverse. Various corporates pioneer the virtual world. They have all the necessary resources o be able to integrate it fully. Unfortunately, even though Africarare is a realization of African determination, it is still not enough.

Also, Read African startups: Metaverse and NFTs remain crucial in boosting economic growth.

Africarare is still a working progress, and strives to place the African Economy and culture on a pedestal. Unfortunately, Africa comprises a majority of Developing countries, which still need to catch up.

The future of the Metaverse requires a variety of additional equipment to function fully. Components include Augmented Reality, Virtual Reality, and the Internet of Things. All these are components that are a must-have. Kenya alone has recently transitioned to 5G, but still, there need to be more facilities to integrate the new connection fully. For the NFT marketplace to thrive, it requires resources that most African counties can only acquire on a small scale.

NFT, crypto and Blockchain are still relatively new concepts. Cryptocurrency has made its name within the African Economy, and many countries are benefiting from it. On the other hand, Blockchain has become the cornerstone behind many African Startups; Yellow card, BitSika and many more.

Although coms, the question of how does NFT benefit Africa. Granted, the Metaverse opens various doors with the many African artists and businesses to showcase their products. Unfortunately, the NFT marketplace is already an overflooded venture. This has given African startups an essential advantage, given the creativity and uniqueness of our culture. Still, it’s not even possible to turn the tides of the African economy.

Virtual Reality threatens the African Economy

Due to mobile money, most Africans own or have access to smartphones. This appeared as a light in the dark world of traditional financial systems. It brought banking services to the unbanked, and millions of Africans benefitted from this new invention. Likewise, the future of the Metaverse portrays a revolutionary concept with two sides. As much as it has brought numerous benefits, it has also given us plenty to think about.

The Metaverse advocates for the transition of real-world assets towards the digital land, which brings about the issue of privacy and security. Most individuals must learn that you can never erase anything that is added or uploaded onto the digital world. Many tech companies behind the Metaverse manage this data and have faced more than one lawsuit and issues on user privacy breaches.

Also, Read The seven most essential technologies driving the Metaverse.

Since a core component of the Metaverse is AI, it adheres to information, conversations, and patterns to create a better user experience. Questions have arisen about its impact on African culture ad heritage. Granted, the NFT marketplace is a powerful platform for showcasing African culture but will it benefit our heritage in the long run?

Will the Metaverse usher in a new age of technology in Africa at the expense of our economies and estate? All these are questions best answered quickly before the Metaverse completely engulfs the Internet.

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