How Afronifty Leveraged The Rise of Afrobeats To Become The Largest NFT Marketplace in Africa
September 21, 2023
Afronifty, the leading Non-Fungible Token (NFT) Marketplace in Africa, has emerged as a major player in the crypto market by leveraging the surge of Afrobeats music. Since its launch in September 2021, Afronifty has made significant strides in empowering black music creatives through the use of blockchain technology, offering financial stability, artistic freedom, and a thriving community.
With the crypto market reaching a staggering value of nearly $3 trillion during its peak, Afronifty seized the opportunity to provide a platform for musicians to create songs, mint their NFTs, and list them for bidding by fans and investors. Despite the collapse of the crypto market a year later, Afronifty has stood firm in its mission and has garnered over 9,000 music NFTs, establishing itself as the largest NFT Marketplace in Africa in terms of NFT mint volume.
One of the key factors contributing to Afronifty’s success is its focus on music cover art. The platform currently hosts more than 4,000 cover art NFTs, revolutionizing the future of music investments. According to research conducted by Afronifty, the music industry loses nearly $7 billion annually in value from music cover art. Recognizing this gap, the co-founders of Afronifty saw an opportunity to create liquidity by leveraging the rise of Afrobeats and the growing number of crypto users in Africa.
Over the past year, Afronifty has witnessed an astonishing 420 percent increase in NFT mints, resulting in the development of a decentralized stock market for music. The platform’s unique model allows sellers to mint their music cover art, set the selling price, and determine the royalty percentage when the art is resold. This enables music fans and investors to speculate on artists and songs, while also providing an avenue for artists to gain recognition and financial rewards as their work gains popularity.
Afronifty has not only transformed the value of music cover art but has also opened doors for musicians, record labels, investors, and music enthusiasts to build their portfolios based on their belief in artists and their potential. The platform has shattered preconceived notions, as artists have discovered that their cover art can possess secondary value through tokenization, making them immutable and investable assets for others.
By reimagining the music industry, Afronifty presents a unique trading opportunity that empowers artists, record labels, and music listeners to achieve financial stability in the ever-expanding global music market. Its success story is a testament to the power of blockchain technology and its potential to revolutionize various industries, including the creative arts. Afronifty’s rise as the largest NFT Marketplace in Africa showcases the transformative impact of Afrobeats music and the growing enthusiasm for NFTs in the continent.
Analyst comment
Positive news: Afronifty leveraged the rise of Afrobeats to become the largest NFT marketplace in Africa. It empowers black music creatives, offers financial stability, and a thriving community. Despite the collapse of the crypto market, it has garnered over 9,000 music NFTs and revolutionized the future of music investments with its focus on music cover art. Afronifty witnessed a 420% increase in NFT mints and created a decentralized stock market for music. It has opened doors for musicians, investors, and music enthusiasts to build portfolios and achieve financial stability.
