So, you've heard the buzz about NFTs, right? Maybe you’ve seen headlines about someone buying a picture of a cartoon ape for the price of a house. Let’s unpack this delightful madness and the future of ownership.
NFT stands for Non-Fungible Token. Now, let’s break that down:
Non-fungible: Imagine you lend your friend 1,000 Kenyan Shillings. They give you back a different 1,000 Shilling note. No biggie because all 1,000 Shilling notes are the same value. But let’s say you lend them your signed Gor Biro jersey. If they return a random Harambee Stars sweater, we’re gonna have a problem. That’s non-fungible—it’s unique and precious and has some meaning behind it.
Token: Think of it as a digital certificate. It’s like a receipt proving you own the one-and-only digital image of pool playing dogs or Jesus holding his heart - the two most popular Kenyan middle class art works (or digital potato, because people will tokenize anything).
So, an NFT is a one-of-a-kind digital asset on the blockchain (a fancy, tamper-proof digital ledger) that proves you own something unique—even if it’s a gif of a dancing cat.
Imagine a village market, not the village market but a:
Fungible tokens (like Bitcoin) are sacks of maize. Everyone’s maize is the same, and you can trade one sack for another without fuss.
NFTs are that one enormous pumpkin that everyone’s talking about. There’s only one like it, and everyone’s vying to own it.
NFTs have exploded in popularity, especially in art and gaming. Here’s why:
Digital bragging rights: People love saying, “I own that.” Even if it’s a jpeg of a pixelated potato.
Collectibles: Remember collecting Branded Shoes, College Jackets or Cereal Gift Cards or safari-themed KANU campaign buttons, when KANU was a thing, sorry, the one multiparty for all of us, thing. NFTs are the 21st-century version—but digital.
Gaming loot: Gamers can own in-game assets, like that rare sword or an enchanted helmet. It’s like owning a legendary Simba figurine but way cooler.
Creator empowerment: Artists and creators can sell their work directly to fans and even earn royalties when it’s resold. Residual income every struggling artist's dream.
Create a masterpiece: Draw a picture or take a photo of your left toe. (Seriously, people will buy anything.). A meme is not a masterpiece.
Choose a blockchain: Ethereum, Base, Polygon, Lisk, Celo, and Tezos are popular ones. Think of them as the stage where your NFT will perform.
Mint it: This is the process of turning your digital thing into an NFT. It’s like putting a kitenge wrap on your potato gif and now it's even prettier!”
Sell or trade it: Pop it on an NFT marketplace like OpenSea or Rarible, and let the bidding wars begin.
NFTs solve a major digital headache: ownership. Before NFTs, owning a digital file was like trying to claim a grain of sand on Diani Beach. Now, thanks to blockchain, we have a clear record that says, “This is yours.”
For creators, it’s like signing their art permanently—but digitally. For collectors, it’s about owning a slice of internet history.
Not all is sunshine and rainbows in NFT land:
Environmental concerns: Some blockchains use a ton of energy. It’s like buying a Tesla but charging it with a charcoal jiko. (Spoiler: newer blockchains are greener!)
Volatility: Prices can swing faster than a boda boda weaving through Nairobi traffic.
Scams: Beware of fake NFTs. You don’t want to pay a fortune for a “Genuine Mona Lisa” only to realize it’s by "Moaning Risa."
NFTs aren’t just about art or gaming. Picture this:
Real estate: Buying a virtual home in the metaverse or even a deed to a real house as an NFT.
Music rights: Own a piece of your favorite song and earn from it.
Event tickets: No more scalpers! Tickets as NFTs mean verified ownership. But for Kenyans and event take overs.
Identity: Digital passports or IDs stored as NFTs. Answer wapi kitambulisho, with a quick QR Code.
NFTs are like the internet’s equivalent of buying the original "Makmende" meme. They’re quirky, sometimes ridiculous, but undeniably revolutionary. Whether you’re a creator looking for new revenue streams, an investor chasing the next big thing, or just a curious enthusiast, NFTs are worth a closer look.
And hey, even if you don’t buy one, you can still laugh at the idea of someone spending 200,000 Kenyan Shillings on a digital rock. Because, let’s face it, the internet is one big, wonderful, absurd circus—and NFTs are the star act, complete with matatus decked out in wild, colorful designs.
Fabian Owuor