Africa Blockchain University and YIELD App, a digital wealth management platform, have entered into a partnership to teach and enable African artists to realize their value on the open market through Non Fungible Tokens (NFTs), while also securing their intellectual property and improving their financial future through blockchain technology.
Sebastian Savolainen, YIELD App’s regional director for Africa, said in a statement that “bridging the gap through education and providing access to digital assets is at the heart of everything we do at YIELD App and inspired us to help with this initiative… we hope to teach these inspiring and talented artists how to earn and invest their earnings from NFTs safely and profitably.”
Non-fungible Tokens (NFTs) offer a global opportunity for artists to promote their careers and protect their intellectual property. He added that while many people see NFTs as a passing trend, they have enormous potential to help people in poor nations get access to the global economy.
Africa Blockchain University is a non-profit organization dedicated to promoting blockchain technology across Africa through project incubation, education, research, and policy advocacy.
Meanwhile, according to Collins Dictionary, the term NFT has been making headlines and gaining popularity this year. Collins experts claim that they chose NFT as the word of the year because of its “meteoric rise in usage” in 2021, which increased by 11,273 percent.
NFTs are blockchain-based digital assets whose worth is tied to their uniqueness due to the fact that they are non-divisible and must be purchased in their entirety. As a result of their scarcity, these characteristics provide NFTs with inherent worth.
Given that these tokens differ from coins like Bitcoin (BTC) due to fungibility, the NFT sector has seen an increase in its activities. For example, secondary sales of NFTs recently surpassed $10 billion, with ETH accounting for more than $6 billion of that total.