NFTs As A Business In Ethiopia
NFTs are widely unknown in Ethiopia, and those having some knowledge may be misinformed.
The Merge by PAK is the most expensive NFT sold for a whopping 91.8 million dollars. A picture of the first tweet of the former Twitter CEO Jack Dorsey has sold for 2.9 million dollars. This sounds bizarre; all this money is for an essential piece of a digital image. You might even say, this is a total waste of time, and how would this benefit us here in Ethiopia? My answer would be ‘it depends’. I know it sounds like I am hedging but trust me, I do have a legitimate reason for my opinions. Allow me to shine a light on the wild world of NFTs.
NFT stands for Non-fungible token. Fungible means it is replaceable or interchangeable. For example, if person A has a hundred birr note, they can exchange that with two fifty birr notes meaning that a hundred birr note is fungible. So, the meaning of NFT from its name is a non-interchangeable unique token. This is not strictly true, however. I would like you to see fungibility as a scale ranging from very fungible to almost can’t be fungible.