It has become impossible to ignore the excitement around NFTs these days. They have profoundly impacted a wide range of industries including the arts, sports, fashion, music, and others. Furthermore, NFTs are making a significant impact in the business world by allowing them to create a digital proof of ownership, and better yet have transference to different experiences that they can offer their customers.
Because of this growing adoption and enthusiasm for NFTs, the Orbit Community Uganda, which is part of the Filecoin Africa ecosystem, in partnership with Adafrolabs labs and Yellow Card Financial Limited hosted the “NFT Mania 2022” on October 30th at MOTIV Uganda.
The exciting info session and meetup which hosted over 70 participants was aimed at enlightening creators and artists about the world of NFTs, digital art, and its benefits and more so introduce them to free decentralized storage and bandwidth of NFTs on IPFS and Filecoin.
Speaking about how such open events can unlock the potential of NFTs in Uganda, Eng. David Lumala, a Blockchains Software Architect said,Â
“I feel that with this event, we have blown the whistle for artists to start looking at the international market and understand the overall merits of having digital art sales. Additionally, I believe realtors and creative agents have now realized that NFTs can swiftly speed up their business.
He added, ” Ugandans aren’t so informed about NFTs as yet but are curious about them. However, more efforts are required to create awareness, incentives need to be put in place to encourage more people as many don’t yet fully appreciate the emerging technologies. Also, we need to involve higher institutions of learning to adopt this technology and better yet include it in their core college syllabus.
While Uganda’s stance on digital assets is clear, David believes that the NFT regulatory framework in particular is still lacking.
He said, “As a country, we should come up with a clear regulatory framework on digital assets and NFTs just like other countries such as Kenya and South Africa, have done. As it stands, nothing definitive in the NFTs class is available in Uganda, possibly because the technology is still new and ever-evolving.”
Conclusively, while non-fungible tokens continue to explode to the forefront of modern pop culture and continue to take on an ever-increasing number of forms, we continue to keep an eye on any upcoming regulatory developments.
The NFT Mania was concluded with art exhibitions and networking.