A Cultural and Economic Shift

A Cultural and Economic Shift

Description/Paper Instructions

The Rise of NFTs in Kenya: A Cultural and Economic Shift

In recent years, the global art market has experienced a significant shift towards the use of non-fungible tokens (NFTs) as a means of buying and selling artwork. This trend has also been witnessed in Kenya, with artists and creatives embracing NFTs as a means of protecting their intellectual property rights and earning income from their creations.

NFTs are digital assets that are unique and non-interchangeable. They are typically used to represent art, music, videos, and other forms of creative expression. In Kenya, NFTs have been embraced by artists who view them as a way of promoting their work and gaining recognition beyond the local art scene. Some of the most popular NFTs created by Kenyan artists include digital art, music, and videos.

One of the key benefits of NFTs is that they offer artists a way to protect their intellectual property rights. With traditional art forms, it is easy for someone to copy an artwork and sell it as their own. However, with NFTs, the unique digital signature associated with each token ensures that the original creator is credited for their work. This provides artists with a level of security and peace of mind that is often lacking in the traditional art market.

NFTs have also opened up new economic opportunities for Kenyan artists. By creating and selling NFTs, artists can earn income from their work in a way that was previously not possible. This has the potential to transform the local art scene and create new opportunities for artists who may have previously struggled to make a living from their work.

The rise of NFTs in Kenya has also had a cultural impact. By promoting local artists and their work, NFTs have helped to showcase the diversity and richness of Kenyan culture to a global audience. This has the potential to change the way that Kenyan art is perceived and valued both locally and internationally.

However, the rise of NFTs has not been without its challenges. One of the key issues facing Kenyan artists is the lack of infrastructure and support for the creation and sale of NFTs. Many artists are still unfamiliar with the technology and the process of creating and selling NFTs. This has made it difficult for them to take advantage of the opportunities that NFTs offer.

There is also a risk that NFTs could become a speculative bubble, with prices for digital assets becoming inflated beyond their true value. This could lead to a situation where artists are creating NFTs solely for the purpose of making a quick profit, rather than as a means of promoting their creative work.

In conclusion, the rise of NFTs in Kenya represents a cultural and economic shift that has the potential to transform the local art scene. By providing artists with a means of protecting their intellectual property rights and earning income from their work, NFTs offer a new way of thinking about the value of creative expression. However, it is important that the growth of NFTs is accompanied by infrastructure and support to ensure that artists can fully take advantage of the opportunities they offer, and that NFTs do not become a speculative bubble that undermines their true value.

A Cultural and Economic Shift

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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