The crypto industry is establishing itself more and more in Africa. From Jack Dorsey’s interest way before the COVID-19 pandemic had even started, to surging Bitcoin use across the continent, and even Akon’s crypto cities, Africa is getting more open to the idea of crypto, and the outside world is seeing the massive potential of this almost completely untapped market.
The biggest move that will involve the crypto sector in Africa right now, however, is the launch of the AFEN NFT marketplace, which took place on August 20th. The launch is one of the biggest crypto events on the continent, and it will have a massive impact on how the world will perceive African culture, as it will allow artists from all across the continent to tokenize and present their art in the form of digital collections.
Congratulations to @afenblockchain , The NBBF, and the @NigeriaBasket basketball team. ?
You can support the team through basketball NFTs on AFEN NFT marketplace
From 20th, August 2021. pic.twitter.com/KGhN399aW5
— #NBBF (@nbbfonline) August 3, 2021
This is only a start, however, as the marketplace aims to eventually include digital collectibles from all over the world. To start things off, however, it will first launch an initiative known as AFROXNFT.
What is AFROXNFT?
AFROXNFT is an upcoming NFT initiative on AFEN NFT marketplace, and an icebreaker for any African creators interested in collaborating with AFEN to launch NFT collections. It will be available on AFEN NFT marketplace starting on August 27th, only one week after the marketplace’s own launch.
It will represent the core of African existence and it will allow collectors and art admirers to experience Africa like never before, through a mixture of culture and futurism. The collection is represented by 3 afro beings — a man, a woman, and a child — alongside a mythical creature known as a masquerade. In African culture, each masquerade represents something of great importance, be that an age grade, an era, visitation of spirits, or disguises.
So, even the name AFROXNFT will have a symbolic meaning, with AFRO representing Africa, X representing the masquerade, and NFT in the end. As such, AFRO X represents a confluence of modern, mystic, and ancient, all illustrated together by African 3D digital artist, Jesse Tomi, and put together in collaboration with AFEN blockchain group, historians, and art curators.
The collection will feature a total of 1,000 AFROXNFTs, which will be minted in the first phase. Their floor price will be 1 BNB per piece, and all will be available on the AFEN NFT marketplace. Furthermore, the project has revealed that 100 different masquerades will be minted, representing disguises in animal, human, composite, and cultural hero forms. With a ratio of 1:10, they will be extremely rare and valuable to collectors.
It is also known that the forms will bear ancient African names, which will be used for identifying them and summoning, depending on the psychological and spiritual attachment that the NFTs will be granted by the owners.
AFEN NFT Marketplace to Airdrop $AFEN
After the initial release of AFROXNFT, the project will also see a monthly airdrop of AFEN, where the project’s native coin will be granted to randomly selected AFROXNFTs. In other words, lucky owners of the collectibles will also be granted AFEN tokens.
This method of distributing coins was modeled after ancient African folktale, where lots are cast to decide amongst a chosen few who were favored by the gods.
While this first initiative is extremely interesting, it is only the first of many similar NFTs that are expected to emerge from all corners of Africa, and later, the entire world. AFEN is already securing its position through strategic partnerships with African museums, and it is also the first NFT project in Africa to receive government backing. Its token, AFEN, is available for purchase on Bitmart, Pancakeswap, and Julswap.