Web3- the current internet buzzword and the future of the internet– may be the solution to many issues being encountered by developing regions, like Africa. This assertion by many experts was reiterated by Hanu Fejiro, founder and CEO of Patricia who made the first keynote address at Coinference 2.0, the largest blockchain gathering in Africa.
As one of the foremost/notable blockchain proponents on the continent. Hanu Fejiro says crypto/blockchain is his lifestyle, and he does not see that changing anytime soon.
“Crypto and blockchain provide transparency and accountability in ways we haven’t seen before”, Hanu Fejiro said.
He believes that Web3 technology is special because it combines the tokenisation of wealth and assets like gold into virtual options like cryptos and NFTs. Hanu also likens web3 to the same way Apple releases iPhone upgrades every year.
“Web3 is the third version of the internet… the ownership rights are what makes web3 so unique and Africa stands to be the first gainer because for the first time you can own assets in the form of NFTs, cryptos and digital tokens.”
Africa, as a region, combats problems like inflation and political instabilities but Hanu Fejiro says web3 can solve them.
Since there are only a limited number of tokens in circulation and it’s not privy to government impact, web3 can solve the problem of naira devaluation.
Read also: Chris Maurice speaks on Yellow Card’s mission to foster financial inclusion in Africa with crypto
In the business sector, web3 solves the issue of cross-border remittances, according to Hanu Fejiro. There is a dollar scarcity in Nigeria at the moment but web3 is providing solutions to that already with USDT and other stablecoins.
“In five minutes you can have an international transaction settled.”
Web3 for content and gaming
Content creation is also another vital sector where web3 is a game changer. Hanu says social media influencing is a huge market in Nigeria but people create content on platforms like Instagram where they don’t get paid.
“This is where crypto and web3 come into play. Crypto creates a new way of web creation, especially in ways we’ve never seen before. You create an NFT, put it on OpenSea and you could get 95% of the royalties, that’s really the game changer.”
Web3 is a novel introduction to the real estate space. And, Hanu believes the technology will survive and make a significant difference, especially in Nigeria. He made an example with a man who was interested in owning a house worth 100 million naira but only has 10 thousand. With Web3, that man can start by owning a house in parts as much as he can afford.
“With crypto, you can begin to think about fractionalised NFTs. You don’t have to buy the whole property, you can buy the tokenised version bits by bits. This basically gives the common man who doesn’t have 100 million naira, but 10 thousand naira to have a property on the banana island and Eko Atlantic. These are the new ways of wealth creation that web3 gives.”
Hanu also talked about how Web3 is changing the dynamics in gaming.
People have always played physical (and only games) since the time of yore without necessarily making money.
Now, with the concept of play to earn, people can earn as much as $200 per day playing games. Hence, making the concept of gaming an acceptable culture and employment category.
Hanu Fejiro concludes the address by remarking that the web3 space is still very young. He applauds Technext for bringing innovators and enthusiasts together to have discussions on web3 and blockchain.
“Personally, I believe that Africa has the most use cases for crypto and can become the headquarter of crypto while Nigeria becomes the SI unit, that is my dream and vision and conversations like these will drive that.”- Hanu concluded.
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