Kenya’s Art World Goes Blockchain with NFTs

Kenya’s Art World Goes Blockchain with NFTs

Description/Paper Instructions

Kenya’s Art World Goes Blockchain with NFTs

Kenya’s art world is embracing blockchain technology with the rise of non-fungible tokens (NFTs), a type of digital asset that is stored on a blockchain and represents ownership of a unique piece of content such as artwork. The use of NFTs is providing a new opportunity for artists in Kenya to gain greater control over their work, protect their intellectual property, and potentially earn significant revenue from their creations.

In Kenya, like many countries, artists have traditionally struggled to earn a living from their work. The country has a rich cultural heritage and a thriving arts scene, but many artists have found it difficult to monetize their creations due to a lack of infrastructure and limited access to international markets.

However, the emergence of NFTs is changing this landscape. With NFTs, artists can sell their digital artwork as unique, one-of-a-kind creations that cannot be replicated or duplicated. This provides a new avenue for artists to monetize their work and earn income, especially in a world where digital content is increasingly in demand.

The use of NFTs is still relatively new in Kenya’s art world, but there are already some successful examples of artists using the technology. For example, in March 2021, Kenyan artist Trevor Maingi sold an NFT of his digital artwork for 25 Ethereum, which was worth approximately $54,000 at the time. This was a significant achievement, both for Maingi and for the Kenyan art world more broadly.

One of the benefits of NFTs is that they can be easily traded and exchanged on blockchain platforms. This means that artists in Kenya can potentially reach a much wider audience than they would be able to through traditional means. By selling their NFTs on blockchain marketplaces, artists can connect with buyers from around the world, who can purchase and trade their artwork with ease.

In addition, the use of blockchain technology provides a new level of transparency and security for artists. Because the ownership and authenticity of NFTs are recorded on a blockchain, artists can be assured that their work is protected and that they will receive fair compensation for their creations.

However, there are also challenges and risks associated with the use of NFTs in the art world. One of the main concerns is that the technology is still relatively new, and there are many unknowns and uncertainties around its use. For example, there is still a lack of clarity around copyright and intellectual property laws related to NFTs, which could potentially lead to legal disputes in the future.

There is also the risk of market volatility, as the value of NFTs can be highly volatile and unpredictable. While some NFTs have sold for millions of dollars, others have struggled to find buyers. This means that artists who choose to sell their work as NFTs must be prepared for the possibility that their creations may not sell for as much as they had hoped.

Despite these challenges, the use of NFTs is an exciting development for Kenya’s art world. The technology provides a new way for artists to gain exposure, earn income, and protect their intellectual property, which could help to transform the country’s arts scene. As more artists in Kenya and around the world embrace blockchain technology and NFTs, we can expect to see a growing market for digital art and a new era of innovation and creativity in the arts.

Kenya’s Art World Goes Blockchain with NFTs

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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