Just how does NFT marketplace work?

Furthermore, blockchains are decentralised, and this gives the transfer of control in decision-making from a centralised organisation (such as a company or a bank) to a group of people through a distributed network.

This advanced technology is incredibly safe and has prioritised transparency, and accountability and most importantly- it has put the power back into the hands of its users. Blockchains verify that you are the unique owner of an asset.

That asset can either be a cryptocurrency or an NFT. Cryptocurrencies are similar to money. You can use cryptocurrency to pay for a good or service. NFTs are digital representations of valuable goods, memories, or ideas that you can use cryptocurrency to buy.

The power of blockchain is derived from the collective. It is a system that works as a whole for all who are invested, and it is a system that can be clearly and concisely monitored.

Cryptocurrency is global and can be exchanged with relative ease across continental borders without the need for exchange rates and needless bureaucracy.

This is revolutionary as the world markets become more intertwined into a global village. Crypto is sound because it is built on the blockchain which means that every single touch point and transaction is tracked.

Cryptocurrency is exchanged just like regular traditional money, but instead of using a banking system the currency is exchanged on a highly secure platform such as Metamask.

The blockchains ecosystem has enabled many businesses including some of the top companies globally such as Gucci, Amazon, Emirates, Microsoft, Wikipedia, Save the Children among others, to receive payments enabling them to gain a competitive edge in the markets.

The new step in evolution was Ethereum, a blockchain with its own currency named Ether that allows developers to implement smart contracts. These contracts are lines of code tethered to a digital asset and are unique in nature, traceable as well as verifiable.

These contracts can be applied to anything digital and are extremely secure and cannot be corrupted, copied or hacked. All NFT’s have the said smart contracts attached to them.

NFT’s can be accessed by the global community from a range of NFT marketplaces that barely take any commission or royalties from artists allowing them to create more wealth with their content unlike the standard exchange where agents, art galleries and record labels take a significant share of the artists' profits.

In addition, NFT creators have the privilege of issuing only a specific number of NFTs in order to introduce scarcity of supply.

NFT’s have opened an avenue that allows artists and brands to connect directly with their customers as each purchase is documented on the blockchain. This openness has developed virtual communities and loyal fans.

It has opened genuine dialogue between creators and buyers on NFT platforms and continues to create remarkable opportunities for artists and creators.

The NFT market in Africa, though nascent, has incredible potential for growth and opportunity. It is only a matter of time before the relevancy of NFT’s in the continent will no longer be a discussion.

Major brands such as Nike and MTN, athletes like Eliud Kipchoge and artists like Nigerian musician BNXN know this and are beginning to build within these spaces.

The launch of Kasuku on the Marula network will connect Africa to the rest of the world in a historic and unprecedented way, giving the continent access to NFT marketplaces in a substantial straightforward way.

The writer is the CEO and co-founder, Kasuku NFT