Tech Talk: NFT Success Stories in Kenya
Most Kenyans today have an idea of what Non Fungible Tokens (NFTs) are. Last year, Eliud Kipchoge became the first Kenyan to launch and sell his own set of NFTs. Kipchoge’s first set included a digital representation of his career highlights on the Ethereum Blockchain. The set of digital assets, which was backed by Momentible, raised over $30,000 in revenue.
Roughly one year later, we sought to highlight some of the success stories of Kenyans who have leveraged this technology.
Earlier this year, HoneyCoin, in partnership with Octopizzo, announced their first Creator NFT Drop. Octopizzo dropped 5 songs as Fractional NFTs and 2 Deluxe Collectible NFTs on OpenSea. The rapper earned over $2000 in the first 15 minutes of the drop. This was the first NFT drop of its kind for any African artist. The Fractional NFTs gave holders access to unique perks and a share of streaming royalties of the listed songs.
We’re super excited to announce our first Creator NFT Drop in partnership with @OCTOPIZZO ! 🤩 Octopizzo will be dropping 5 songs as Fractional NFT’s and 2 Deluxe Collectible NFT’s on @OpenSea for his fans as well as anyone, anywhere in the world to purchase.
THREAD 🙌 pic.twitter.com/WScr73OfQe
— HoneyCoin (honeycoin.eth) (@honeycoinapp) February 8, 2022
According to analysts, NFTs are poised to define the future of music. Songs, albums and lyrics can all be NFTs. They also have the potential to ensure musical artists are better and more fairly compensated for their work.
Graphic and Fashion Designers
Emmanuel Ignatius uploaded his first token on March 2021. Nearly half an hour later, he sold it for Kshs 170, 000. Emmanuel, a graphic designer, gained popularity for his Black Lives Matter themed NFT, during the trial of US policeman Derek Chauvin for the murder of George Floyd.
Entrepreneur Joel Meshak also creates digital art pieces that he sells over the internet. Using Photoshop and Lightroom, Joel creates pieces inspired by his personal, social and business life. His art is also aimed at celebrating black culture.
The creative mind behind Naivaa Fashion, Joel Meshak, creates digital art that he sells as Non-Fungible Tokens (NFT) on various online marketplaces. He transfers the earnings from his sales directly into his M-PESA account. https://t.co/k2EXmhQ9wl #SafaricomNews #TwendeTukiuke pic.twitter.com/ukM2qF55Mg
— Safaricom Newsroom (@SafaricomNews) February 24, 2022
Jimi Cohen, President and Co-Founder of We Make Impact, has leveraged the digital art marketplace to raise funds for his non-profit. Cohen has also impacted the lives of local artists by providing them with an avenue to sell their art-work. Artists are able to create a substantial line of income by presenting their local art as NFTs.
To effectively leverage the benefits of NFTs, artists are advised to understand the blockchain technology upon which the principles of NFTs are built on.