In his words, “Web 3.0 technologies are offering innovative solutions to long-standing challenges, empowering individuals and communities across continents. Nigeria has continued to have a growing adoption rate of cryptocurrency, despite the federal government warnings regarding the use of cryptocurrencies in the country. Also, Nigeria has seen a growing adoption of Non-fungible tokens (NFT), which are being used in various fields such as music, art, fashion, and real estate. According to Chainalysis, Africa’s cryptocurrency market grew by over 1200% between 2020 and 2021, with Kenya, Nigeria, South Africa, and Tanzania ranking in the global top 20 for crypto adoption. Overall, Web 3.0 technologies are demonstrating a rising uptake in the African continent.

Source: The North Africa Journal June 25, 2023 12:22 UTC