NFT in Nigeria: Trading, minting, and the way forward

The constantly evolving blockchain space has brought about a multitude of facilities that imrpve the way we live and view certain concepts. Among the numerous developments, we've seen NFTs come into the space and revolutionised the entire concepts of patents and "owning stuff".

The idea of having cryptographically secured patents that are immune to counterfeiting and other vices in the field of art is a very valuable addition to the space. Another beautiful thing about NFTs is that the entities are digitally printed on a blockchain, thus making them accessible to everyone around the world.

This easy access to everyone in virtually every part of the world has led to a worldwide market where people trade original art pieces. Alas, this is a field where Nigerian artists have thrived for quite some time now.

Many Nigerian art creators have taken NFT creation in their stride and are millions of dollars in crypto that they easily convert to Naira to improve their lives. Many have experienced partial or total career change in the process and this is a theme that pretty much cuts across anybody that's benefitting from working in the crypto industry.

The challenge

It's not been all fair weather though, because as one creator who spoke to Coindesk stated

“It’s been very complicated for me as a Nigerian. I come from a place where you make money through years of hard work, but with the NFT space, it’s a situation where in a single minute you’re making millions of naira. I feel like the relationship most Nigerians or most people from places like Nigeria would have with the NFT space is, ‘Wow, how does any of this work? How is it possible?"

Alas, dealing with that pace of money is a new thing for many of us in the country As someone who has earned my fair share for my writing, I totally understand why an NFT creator could feel that way.

Another challenge that I've noticed NFT creators in Nigeria will face is the same one that is felt by the average creative; lack of understanding the technology. A lot of people find the entire process of creating a blockchain wallet/profile, trading their art and then trading the digital asset for fiat to be complicated.

Other than the complicated tech, there's also the little matter of exhorbitant gas fees paid in Ethereum. It is safe to say that for someone just minting their first NFT in Nigeria, it will be a tough ask to pay $100 in fees. This alone could deter a creator from getting into the field but it shouldn't always be that expensive.

Cheaper on Hive

The NFT scene is booming on Ethereum network and it is home to the most expensive sales. However, it is too expensive for someone in Nigeria who's just starting out. This is why NFTshowroom on hive blockchain is a better option for Nigerian art creators.

NFTshowroom is a NFT marketplace on Hive blockchain and is home to thousands of artists. It is the one stop proof of art platform on the blockchain community where artists mint and trade blockchain in relatively decent volume. If you'd like to use this platform, all you need is a Hive account and a tiny fee paid in hive for minting. Here's how to signup for a free hive account

Go to Hiveonboard
Select "Create account" tab
Input your username and complete the verification process
BACK UP YOUR KEYS

Note: It is very important that you back up your keys because you can't retrieve them. There is no "I forgot my password" function, so please, ensure you keep ALL your keys safe and PRIVATE.

Important points to note

The account you created gives you complete acess to every tool and application on Hive
NFTshowroom is an application that runs on Hive blockchain and so, your account allows you use the features there.
Your account also enables you acces the incentivised social media front-ends, and other games.
If you're an artists, you will need to verify your account through a simple process.

Getting verifired as an artist

For art creators, there is a simple and straightforward verification process on the homepage that you need to complete before you can start your journey in NFT art creation.

Navigate to your personal page and go to your profile.
Fill out the application and give us as much relevant info about you and your art as you can. (At this time we are only accepting artists who have a portfolio to view.)
Click update profile, below that you can apply to be whitelisted.
An admin will contact you on one of the social media links you provided for verification.
Current turnaround is usually 1 -2 days, but may vary depending on the number of applications. Please keep an eye on your messages across social platforms!
See this guide for more detailed information: Artist guide
Please join our discord so we can provide you assistance if needed: NFT Showroom discord

Getting involved as a collector

If you're not an artist but a collector who will like to participate in the open market, you don't need to verify your account. All you need to do is get Hive from one of the 31 central exchanges it is listed on. Note that you can reverse the process here to buy it directly from Binance and then send it directly to your hive blockchain wallet.

After sending Hive to your Hive wallet, you will need to exchange it for "Swap.Hive" through a simple process. You will need Hive keychain extension on your PC to simplify the process. Here is how to setup your keychain and then exchange Hive to Swap.hive

Download Hive Keychain from here
Setup your keychain password and then import your account with your "Password". You only need to do this once
Go to Hive Engine or Leodex and login. Once you type your username, your keychain will complete the process
Click on deposit, and you will be able to exhange the Hive in your wallet to Swap.Hive

After completeing the process above, you can now buy any of the art pieces you find in the gallery.

Note: Both artists and collectors can reverse the process above to exchange swap.hive to hive. After reversing it, you can deposit to your binance or any other wallet address and then exchange it for Naira

Conclusion

I think Hive is a better option for minting and trading NFTs for Nigerians just entering the scene. It is a much simpler and cheaper option than the other alternatives. The only drawback to using Hive is that while it is a lot cheaper to mint, the price of art sold there are relatively lower but this isn't an indictment on the quality.

Despite being a saler marketplace than Opensea and other Ethereum based markets, the platform that was created in 2020 has receioved multiple good reviews on different Dapp ranking platforms like Cryptowisser and Dapp radar. I think it is the best decision for a Nigerian creator looking to make strides in the field of digital art creatiion.

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