NFTs and Kenya's Growing Crypto Market

May 8, 2023

NFTs and Kenya’s Growing Crypto Market

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

NFTs and Kenya’s Growing Crypto Market

NFTs (Non-Fungible Tokens) are a type of digital asset that uses blockchain technology to verify their uniqueness and ownership. NFTs are quickly gaining popularity as a way for artists, musicians, and creators to monetize their digital works.

Kenya’s crypto market has been growing steadily over the past few years, with more people turning to cryptocurrency as a means of investment and transaction. In this article, we will explore the intersection between NFTs and Kenya’s growing crypto market.

NFTs in Kenya

NFTs have not yet gained widespread adoption in Kenya, but there is certainly interest in the technology. The Kenyan government has been exploring the use of blockchain technology to improve the country’s land registry system, which has been fraught with corruption and inefficiencies for decades.

Several Kenyan artists and musicians have also started to explore the use of NFTs to monetize their digital works. For example, Kenyan musician King Kaka recently released an NFT album, becoming the first African artist to do so. The album, titled “The Legend of Kaka,” was sold for 31.4 ETH (roughly $45,000 USD) in March 2021.

Kenyan startup Pezesha has also expressed interest in using NFTs to provide financing to small businesses in the country. The company believes that NFTs could be used as collateral for loans, allowing small businesses to access capital that they may not have been able to secure otherwise.

The Growing Crypto Market in Kenya

Kenya’s crypto market has been growing steadily over the past few years. According to a report by Chainalysis, Kenya is ranked as the fifth-highest crypto-adoption country in the world. The report found that Kenyans use cryptocurrency for several reasons, including investment, remittances, and online transactions.

One of the main drivers of Kenya’s crypto market is the country’s high mobile phone penetration rate. According to the Communication Authority of Kenya, the country has a mobile phone penetration rate of over 100%, with over 41 million mobile phone subscribers. This has made it easier for Kenyans to access cryptocurrency, as many cryptocurrency exchanges and wallets can be accessed through mobile apps.

Another factor driving the growth of Kenya’s crypto market is the country’s large remittance market. According to the World Bank, Kenya received $3.1 billion in remittances in 2020, making it one of the largest recipients of remittances in sub-Saharan Africa. Cryptocurrency has become an increasingly popular way for Kenyans to send and receive remittances, as it can be faster and cheaper than traditional methods.

The Future of NFTs and Kenya’s Crypto Market

While NFTs have not yet gained widespread adoption in Kenya, there is certainly interest in the technology. As more Kenyan artists, musicians, and creators explore the use of NFTs, we may see an increase in the adoption of the technology in the country.

Additionally, as Kenya’s crypto market continues to grow, we may see more use cases for NFTs in the country. For example, NFTs could be used to represent ownership of physical assets, such as land or property, which could help to address some of the challenges facing the country’s land registry system.

Overall, the intersection between NFTs and Kenya’s growing crypto market presents an exciting opportunity for innovation and growth in the country. As more Kenyans explore the potential of blockchain technology and digital assets, we may see new solutions emerge to address some of the country’s most pressing challenges.

NFTs and Kenya’s Growing Crypto Market

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 6^th 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 6^th 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 6^th 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 6^th 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 6^th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6^th 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 6^th 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 6^th 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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