Sub-Saharan Africa, according to a recent World Bank report, is expected to experience a fall in economic growth by at least -3.3%.
No thanks to the economic fallout driven by the outbreak of the novel Coronavirus pandemic, this region — home to over 1 billion Africans, will for the first time in 25 years slide into recession.
With some of the continent’s most populated Nations like West African country, Nigeria, already struggling to save her plummeting local currency, Naira, most analysts and experts have opined that the integration of Blockchain technology — the transparent and permanent distributed ledger on which almost every crypto platform is built, could be a driving force for economic growth.
The introduction of blockchain-based solutions could catalyze the growth of the region’s dwindling economy.
While a ton of projects have been launched to seamlessly help governments, individuals, and organizations integrate blockchain, only a few have focused primarily on the African continent.
AFEN Blockchain Group, as stated on their website, is one of such.
What is AFEN Blockchain Group?
At a compound annual growth rate [CAGR] of 67.3%, the global blockchain market is expected to grow from $3 billion in 2020 to over $39.7 billion before the end of 2025.
Determined to be a key contributor to this expected figure, AFEN Blockchain Group, a pioneering company in the blockchain-related solutions industry has made it a point of concern to develop three key areas in the African continent — arts, real estate, and education.
Led by ex-banker, Deborah Ojengbede, who gained quite a bit of fame for raising $1 million through the AFEN private sale, this blockchain solutions platform is focusing primarily on Africa.
Through a series of partnerships, the nascent blockchain-based platform, as revealed via a press release, is strategically positioning itself as a force to be reckoned with in the budding African crypto market.
One of such consortiums is with the Nigerian Basketball Federation [NBBF].
As revealed further by the aforementioned source, this gives AFEN exclusive right to mint and sell digital collectibles from the Nigerian basketball team, D’tigers, who recently beat the invincible United States team and fourth-ranked basketball team, Argentina in a set of preliminary games.
With an emphasis on arts as earlier mentioned, AFEN Blockchain Group further reveals that it has secured strategic partnerships with African museums and in an unprecedented fashion, has announced government backing, making it the first government-backed NFT marketplace in the continent.
Like almost every other crypto-based project, AFEN has introduced a native token, $AFEN, which according to the executive team, will power the AFEN ecosystem. The token is currently available for purchase on PancakeSwap, Bitmart, and Julswap.
The AFEN Marketplace
Scheduled to be launched on Friday, August 20, 2021, this is the AFEN Blockchain Group’s digital collectibles and tokens marketplace.
As stated by an official press release announcing the launch, the AFEN Marketplace will feature a plethora of African legacy, artifacts, and digital collectibles from some of the most creative African digital content creators.
Designed to act as a springboard for African creators and artists, AFEN, according to the press release, will also launch an initiative called AFROXNFT.
This will lend impetus to creators from all over the continent to collaborate with AFEN to enable them to launch and auction non-fungible tokens [NFTS] on the AFEN Marketplace.
With an official launch slated for August 27, 2021, a week after the introduction of the AFEN Marketplace, AFROXNFT will feature, as part of its first collaboration, Jesse Tomi, a 3D Digital Artist who will release a set of digital collectibles christened “The Beginning”, as reported by the aforementioned press release.
