As the adoption of technology and its numerous branches and offerings such as Non-Fungible Tokens (NFTS) spread around the world, Nigeria and Africa at large needs to accelerate its adoption in order to enjoy the plenty of benefits it provides, experts have advised.
This however will require increased sensitization about it for everyone and enabling policies from the government for it to work.
This was the submission of experts in Nigeria’s technology ecosystem at a forum organized by the Nigerian-British Chamber of Commerce (NBCC) technology group themed ‘the future and challenges of Non-Fungible Tokens (NFTS) and Metaverse in Africa’.
Speaking at the forum, Yomi Ogunleye, Chief Technology Officer (CTO), HerVest said the level of knowledge about the metaverse and NFTs in the country is not enough to enjoy the benefits it offers, adding that many people are either not aware of it or do not understand the concept around it.
“But it is the future and it is evolving, hence the earlier we adopt it, the better for us and the economy because it is going to change a lot of things and expand business opportunities globally,” he said.
Mary Imasuen, Creative Media Associate, Bitnob described the metaverse as an opportunity to replicate everything that is done physically in the technology space with limitless opportunities.
“It is a global opportunity and many fintech companies in Nigeria are benefiting from it, however its adoption rate is slow and there is a need to sensitize people about it ,” she said.
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Speaking of the government’s adoption in technology and its branches, Buki Ogunsakin, Principal and Head Satoshi, BBO Solicitors said that the government is still in the early but progressive process of adoption, adding that a lot still needs to be done and at a faster pace too.
“The metaverse is technical and its adoption might take a while but the government needs to drive it by implementing enabling policies and providing resources,”
Jimi Daodu, co-founder, Vault Hill said the metaverse is a long term investment with bountiful returns however it requires a considerable level of knowledge to be operated which calls for the need to engage in lots of research about it.
It is a functional economy with booming real estate, entertainment, legal systems, among other things which are running efficiently and effectively, it is advised that those interested in it carry out research and understand it before making investments,” Daodu said.
In her address, Bisi Adeyemi, president and chairman of council, NBCC said the metaverse is seen as a huge economic force that has the potential to significantly change the way we live, work and sell in the years to come, with NFTs as a key value driver.
“The success of the metaverse is projected to be driven by augmented and virtual reality devices that act at the experiential layer, the Metaverse market size has been predicted to reach as much as $800 billion by 2024, even beyond the $800 billion predictions, some think that the Metaverse could reach $1 trillion in annual revenue,” she said.
Adeyemi added that it is important to adopt and explore how this can be used in daily lives and activities, adding that it will aid flexible transactions in the country and the globe at large.
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