Today's podcast is all about Non-fungible tokens (NFTs) and Bolu speaks to Michael Ugwu, NFT Collector, Angel Investor, and CEO Freeme Digital on this episode of the Techpoint Africa Podcast.
2021 was the year of NFTs, but once the bear run started, the rave died down. But the real question is, are NFTs dead?
Michael gives an emphatic no as he explains why the illiquid asset is very much alive. But he prefers to see them as iconic rather than profitable collections.
While the NFT market has largely been dominated by artist selling their artwork, Michael envisions a much more integrated system.
"I believe that at some point our driver's licence will be NFTs. When we book a plane, the ticket will come as an NFT. When you book a hotel, your hotel reservation will be an NFT.
"When you go to watch a basketball game or a football game, when you get your university certificate, that will be an NFT. And it'll be all registered on the blockchain.
"Art has just been the way that media and the masses who have been interested early on have got to understand it. They think the NFTs are just art, but it's bigger than just art."
He also mentions the close ties NFTs have to the crypto market. As he says, "NFTs do well when people get crypto rich."
This is because it's easier to buy NFTs with crypto than it would be to convert them into fiat currency to spend at a local store or restaurant.
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Bolu and Michael discuss a lot more about music and NFTs, Alpha charts, decentralisation, and this year's slogan for the current bull run.
You can catch up on the conversation on Google Podcasts, Apple Podcasts, Spotify, YouTube, and anywhere you get your podcasts. You can also send your questions and observations to podcast@techpoint.africa or share your thoughts using the hashtag #TechpointAfricaPodcast.
