World-renowned cryptocurrency derivatives exchange, FTX Africa, hosted be a Masterclass & Exhibition at Omenka Gallery.
The #FTXAfricaNFTWeek brought together budding and leading NFT artists and enthusiasts from across the continent to discuss crypto and NFTs and the opportunities these technologies are creating for millions all over the world.
The event will amongst many other things deep dive into the world of crypto and NFTs, as well as aid the understanding and accessibility of these technologies that are transforming the digital economy across the globe.
The event, amongst many other things, had speakers who spoke extensively on NFTs. They include Adeboye Juwon, Business Development Manager, FTX Africa, Chuka Obi and Ken.
One of the major presentation of the day was the unveiling of a new NFT called Yoruba demons, which would be a collection of 3,500 items aimed at introducing Afro-Pop Culture & Fashion to the metaverse.
Before we get ahead of ourselves, let’s give a quick explanation to the uninitiated. Such as what are NFTs and how is it different from cryptocurrency.
What are NFTs
A digital asset that depicts real-world Objects like art, music, in-game items, and films is known as an NFT. They’re bought and traded online, often using cryptocurrency, and they’re usually encoded with the same software as many other cryptos.
Despite the fact that they’ve been there since 2014, NFTs are gaining popularity currently as a popular means to buy and sell digital artwork. Since November 2017, a whopping $174 million has been spent on NFTs.
NFTs are also one-of-a-kind, or at the very least one of a very small run, and contain unique identifying codes. NFTs, in essence, create digital scarcity.
How is an NFT different from cryptocurrency?
The term “non-fungible token” refers to a token that is not fungible. It’s usually programmed in the same way as cryptocurrencies like Bitcoin or Ethereum, but that’s where the similarities end..
Cryptocurrencies and physical money are both “fungible,” meaning they may be traded or exchanged for one another. They’re also worth the same amount of money: one dollar is always worth another dollar, and one Bitcoin is always worth another Bitcoin. The fungibility of cryptocurrency makes it a secure way to execute blockchain transactions.
NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). Some stop thinking you have hacked the system by taking a screenshot of the item.
What are Yoruba Demons NFTs?
Yoruba Demons is made up of 150+ unique hand-drawn traits which include 5 skin types, over 30 different outfits, 10+ accessories including neckpieces, earrings & watches, all with different levels of rarities.
The story behind the NFT
According to the creator’s “NFTs are like a pathway to the metaverse and we want to make that we bring the needed diversity to the space. We want to make sure you see Agbadas and jam to afrobeats when you go to NFT related events whether in the metaverse or IRL.
Why else should I want a Yoruba Demon?
There are many reasons why you should want one. The artwork is dope, we’re the first fashion NFTs promoting & supporting West-African fashion, we’re building an NFT platform with huge community benefits and most important of all, we will do Owambe.
The artists said they are still in our community building phase so if you want to know when we’ll be minting, follow us on Twitter and join our Discord then proceed to invite your family members, schoolmates, office people and everyone in your neighbourhood group to do the same.
We need you all to follow the account:
Time for Free Money
We are giving away $50 to 4 people
- Check our Pinned Tweet and download a PFP you like from the thread
- Use it as your Profile Picture
- Tweet it with a nice caption and include the hashtags #YorubaDemons #FTXAfricaNFTWeek