“NFTs are more than art” | Experts discuss NFT trading at Technext Spaces session

On Thursday, April 28, Technext hosted a Twitter Spaces session on the NFT hype, why Nigerians are trading NFTs, and what the NFT trend is about.

Speakers in the Spaces session include Efosa Ighodaro, the founder of Hashgreed, the first African NFT marketplace; Emmanuel Babalola (Babz), the CEO of Bundle; Tunde Anjorin, the Editor-in-chief of Panaramic Comics and Alayonimi, a web3 enthusiast.

Questions focused on the NFT space in Nigeria, the structure around NFT trading and the technical know-how needed to flip, mint, and sell an NFT.

The speakers agreed that the NFT space thrived on the hype around it, but that people willing to invest need to understand what the NFT industry is about before they invest or trade. Yet, they claimed, at some point, the hype was going to die down.

Babalola mentioned that NFTs are about buying and selling and the intricate value of the assets held. Ighodaro added that NFTs were way more than just art.

Let your mind come with the fundamentals, look for durability, look for structure, understand the trends to avoid being scammed.

Efosa Ighodaro.

Alayonimi opined that the reason people are drawn to the noise around NFTs trading is that people are making money off it. People would naturally respond to what can give them money fast, however, they should be careful and do their research.

Babalola noted that NFTs trading is not a get rich scheme. “If you want to get involved, do a lot of research.”

To avoid being a victim of scams, you have to do your own research. Also, be mindful of where you drop your wallet, please.

Emmanuel Babalola

On adoption, Efosa opines the need for Africa to take advantage of the hype around NFTs and create a market for NFTs in Africa.

NFTs need Africa, let’s create our own hype.

Efosa Ighodaro, Hashgreed

On the major problems confronting NFTs trading, Emmanuel mentioned that NFT trading involves liquidity, which constituted the major problem. He further stated that most NFTs can’t be sold immediately and there are chances of it being sold for lower than it was bought.