We're leading Africa in crypto adoption, that's a fact. But hold on a second and let’s get past the hype here and get to the real questions. But are we really asking whether this technology is doing the most good for the artists and communities that need it most? Or is it just lining the pockets of technology entrepreneurs and government contractors?

Blockchain: Savior Or Empty Promise?

As someone who’s spent years working with and learning from grassroots communities, I’ve experienced firsthand how innovation has the potential to enhance or exacerbate. The potential of blockchain – decentralization, transparency, and direct access – should level the playing field for Nigerian artists. Picture struggling artists finally being able to sell their work directly to collectors as NFTs, freeing them from exploitative galleries and industry middlemen. Envision neighborhoods employing blockchain to collaboratively develop their community’s resources and maintain equitable, distributed wealth. It sounds utopian, doesn't it?

Here's the harsh reality. How many music producers in rural Nigeria have even heard of NFTs, let alone understand what they are? How many have the reliable internet access or the digital literacy needed to navigate the complex and confusing world of blockchain? More importantly, are we producing solutions that really serve the needs of the people using them? Or are we only pursuing ideas that have dazzle factor for glossy press releases?

We see headlines: Anambra digitizing land registries, Lagos tokenizing real estate. Cross River securing student data. Plateau partnering with Algorand. Taraba signing MOUs. Even the central bank of Nigeria has the eNaira– Africa’s first CBDC! Nigeria’s central payments processor, the Nigerian Inter-Bank Settlement Scheme (NIBSS), had already adopted Zone’s Point-of-Sale blockchain system to conduct transactions in the country. Nigeria Mortgage Refinance Company (NMRC) collaborates with House Africa to implement a blockchain-based digital land titling system. And don't forget the cNGN stablecoin.

Let's make an unexpected connection. Years ago I visited a tiny village in India. Through the use of solar power, they created an active and exciting community radio station. They aired local news, agricultural advice, original music shows. It was a truly bottom-up revolution, made possible by technology but forced by community needs and realities.

Art, Blockchain, & The Unexpected Connection

That's the kind of spirit we need to inject into Nigeria's blockchain adoption. We cannot simply put large sums of money into cool projects and hope they have some mystical effect to empower people. We’re going to have to put our money where it’s needed—into education, infrastructure, and other culturally competent solutions.

Think about this: What if we used blockchain to create a decentralized crowdfunding platform specifically for Nigerian artists? Imagine if we collaborated with local HBCUs and tech incubators to provide workforce development training in NFT creation and digital marketing. Instead, why not create mobile apps, like the ones most popular among Gen Z, that make it quick and easy for artists to set up shop and engage buyers?

The government institutions are getting involved. Public-private collaboration is on the rise. However, how available and useful are these opportunities to the average Nigerian artist? Or are they merely deepening the mire of bureaucracy and inequality?

We need to be vigilant. We need to hold our leaders accountable. Let’s ensure that Nigeria’s blockchain boom becomes a true engine of empowerment. We sure do not want it to be just another technology fad! Or else we will miss a once-in-a-generation opportunity to harness the creative energy of our country. Let’s not miss the opportunity to do so. Now, more than ever, is the time to ensure that blockchain is truly in service of the people.

Is It Truly Accessible, Beneficial?

The government institutions are getting involved. Public-private collaboration is on the rise. But are these initiatives truly accessible and beneficial to the average Nigerian artist? Or are they just creating new layers of bureaucracy and inequality?

I fear anxiety is rising about unfairness.

The Good:

  • Potential for Direct Sales: NFTs and decentralized marketplaces can cut out middlemen.
  • Increased Transparency: Blockchain can provide a verifiable record of ownership and transactions.
  • New Funding Models: Crowdfunding and tokenization can unlock new sources of capital for artists.

The Bad:

  • Digital Divide: Lack of access to technology and digital literacy.
  • High Transaction Fees: Gas fees on some blockchains can be prohibitive for small transactions.
  • Lack of Awareness: Many artists are simply unaware of the opportunities blockchain offers.

The Ugly:

  • Exploitation: Unscrupulous actors can take advantage of artists who are new to the space.
  • Centralization: Some "decentralized" platforms are actually controlled by a small number of powerful entities.
  • Government Overreach: Regulations could stifle innovation and limit access to blockchain technology.

We need to be vigilant. We need to hold our leaders accountable. We need to ensure that Nigeria's blockchain boom is not just another tech fad, but a genuine force for empowerment. Otherwise, we risk squandering a golden opportunity to unlock the creative potential of our nation. Let's not allow this moment to pass us by. It's time to make sure that blockchain truly serves the people.