How NFTs Are Changing the Way Kenyans Invest in Art

How NFTs Are Changing the Way Kenyans Invest in Art

Description/Paper Instructions

How NFTs Are Changing the Way Kenyans Invest in Art

Non-Fungible Tokens (NFTs) have taken the world by storm, creating a new way for artists to monetize their work and allowing investors to own a unique digital asset. In Kenya, NFTs are starting to gain popularity, and they are changing the way people invest in art.

Traditionally, investing in art in Kenya has been limited to physical artworks, which can be difficult to access and transport. Additionally, the art market in Kenya has been relatively small, with limited opportunities for investors to buy and sell artworks. NFTs offer a new way for Kenyans to invest in art, without the limitations of physical artworks.

NFTs are digital assets that represent ownership of a unique piece of art or other digital content. They are stored on a blockchain, which provides a permanent record of ownership and authenticity. NFTs can be bought and sold, just like physical artworks, but they offer several advantages over traditional art investments.

One advantage of NFTs is that they are more accessible than physical artworks. With NFTs, investors can buy and sell art from anywhere in the world, without the need for physical transport. This makes it easier for Kenyans to invest in international art markets and access a wider range of artworks.

Another advantage of NFTs is that they allow for fractional ownership. This means that multiple investors can own a share of a single artwork, which can make it easier to invest in high-value artworks. Fractional ownership also allows for greater liquidity, as investors can buy and sell shares in an artwork without needing to sell the entire artwork.

NFTs also offer greater transparency and security than traditional art investments. The blockchain provides a permanent record of ownership and authenticity, which reduces the risk of fraud and makes it easier to verify the ownership of an artwork. This can be especially important in markets where fraud is a common problem.

NFTs are also changing the way artists monetize their work. Traditionally, artists in Kenya have struggled to make a living from their work, due to limited opportunities for exposure and sales. NFTs offer a new way for artists to sell their work directly to collectors, without the need for a middleman. This can allow artists to earn a higher percentage of the sale price and have greater control over the distribution of their work.

However, there are also some challenges to the adoption of NFTs in Kenya. One challenge is the lack of awareness and education about NFTs among artists and investors. Many people in Kenya are not familiar with blockchain technology or digital assets, which can make it difficult for them to understand the benefits of NFTs.

Another challenge is the lack of infrastructure for buying and selling NFTs in Kenya. Most NFT marketplaces are based in the United States or Europe, which can make it difficult for Kenyans to access these markets. Additionally, there are limited options for exchanging Kenyan currency for cryptocurrencies, which are often used to buy NFTs.

Despite these challenges, there are some signs that NFTs are starting to gain traction in Kenya. In March 2021, a Kenyan artist named Trevor Maingi sold an NFT artwork for over $12,000 on the NFT marketplace OpenSea. This was one of the first high-profile NFT sales by a Kenyan artist and helped to raise awareness of NFTs in the local art community.

Overall, NFTs are changing the way Kenyans invest in art, providing greater accessibility, transparency, and security than traditional art investments. While there are some challenges to the adoption of NFTs in Kenya, there are also signs that the technology is starting to gain traction in the local art community.

How NFTs Are Changing the Way Kenyans Invest in Art

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. 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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. 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