Real estate as NFTs and social media in the metaverse: Projections of blockchain in Africa

Technext hosted the first edition of Technext Coffe on December 9, 2021. This was a cryptocurrency and blockchain conference held in Lagos, Nigeria. A month later, some key crypto- and blockchain innovations are emerging from the discussion at the event.

Technext Coinference panel session 1

The event began with a keynote address by Prince Clem Agba, Nigeria’s Minister of State for Budget & National Planning.

Agba made interesting comments about blockchain technology and cryptocurrencies even though the Nigerian government is not a fan of them. He spoke of use cases for blockchain technology that could change the tides in certain sectors.

NFTs and land storage

According to the Minister, blockchain technology offers “many opportunities for optimization in our existing systems across industries.” It could be the most disruptive technology in finance and governance.”

He spoke out about how blockchain could be used to store real-estate information.

This could be a great way to track the history of land ownership on the blockchain. Lands can be listed for sale by people just like art and art on OpenSea and Rarible.

What would the process look like?

Just like art, music, and collectables, a piece of land must be tokenized. The land information will be added to a blockchain and minted.

According to

However, this remains a problem. According to the Minister, the question of who is able to regulate cryptocurrency remains. This decision can only be made based on the classification of cryptocurrency as either a security or currency.

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