My attention has been brought to Rilwan ‘s article versed info on Davido employing NFT on his next record release.
Brilliant submission from Rilwan of Ilorin, Afonja.
It is important to note that NFT is premised on fan base and collectors mentality.
If you are not blessed with fanbase or a crazy collector shows interest in your creative work, it might fail as fast as the fund raising began.
PITFALLS OF NFTs IN NIGERIA
1. NFTs are crypto-based. You got no crypto, you cannot participate.
2. CBN crack down on crytocurrency will deter many interested fans who could have easily participated
3. Most artistic works are linked to established companies such as SONY music, in the case of Davido. They have would likely take the lion share from the NFT revenues. It is better for independent artistes, like Drax( who has got 50 million streams alone on Spotify).
4. “Most” Nigerians are not collectors .
5. “Most” Nigerians prefer immediate returns that doubles their money in 10 minutes.
Author: Oluwasegun Babatunde