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Stakeholders in the tech industry have called on practitioners to look into opportunities available, particularly with regard to the Metaverse and Non-Fungible Tokens in Africa.
They made the call during a panel discussion on ‘The futures and challenges of Non-Fungible Tokens and Metaverse in Africa’ organised by the Nigerian-British Chamber of Commerce.
Welcoming panelists and guests at the event, the President and Chairman of Council, NBCC – Bisi Adeyemi, described the metaverse notion and NFTs as a concept that has remained of interest to people since it first appeared and grew in prominence during the COVID-19 pandemic.
She said, “The Metaverse market size has been predicted to reach as much as $800bn by 2024, even beyond the $800bn predictions. Some think that Metaverse could reach $1tn in annual revenue, according to a report by Grayscale, and then, there are the highly respected JP Morgan and Goldman Sachs throwing around figures of $1-12tn.”
According to her, current trends confirm experts’ prediction that the metaverse is a huge economic force that has the potential to significantly change the way we live, work and sell in the years to come.
The Chief Executive Officer/Managing Director, Africa Prudential Plc, Mr Obong Odiong, who moderated the discussion, affirmed that blockchain technology is relatively new like NFTs and Metaverse, but possesses much potential for an outstanding digital economy.
The Principal & Head, Satoshi, BBO Solicitor, Buki Ogunsakin, stated that the government needs to equip itself with research-based knowledge and come up with appropriate policies for adequate protection due to the complexities of the metaverse.
while describing the lack of regulations, security, and data privacy issues as some of the risks associated with the NFTs and Metaverse, she said, “We currently do not have rules for space and this is mainly because there is a lack of understanding due to the complexity of the metaverse. The government needs to do more research to understand space and get regulations to be able to protect civilians.”
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