Don Jazzy just got an NFT worth over ₦‎100 million - what's the fuss about NFTs?

Founder and CEO of Mavin Records, Michael Collins Ajereh, known as Don Jazzy, recently bought an NFT of a bored ape allegedly worth $318,000.

If you convert it to naira, that is N131,970,000. A whooping sum!

Don Jazzy posted a screenshot of his new artwork [Instagram/Donjazzystories] Pulse Nigeria

This is not the first time he is buying NFTs. In an interview with Chris Ani, founder of DABA, he disclosed that he bought some Wakanda Inu tokens, a form of NFTs sometime in December 2021. According to Don Jazzy, he sold it for $300,000 in ten minutes.

If you are a young person on Twitter then I am sure you have heard of NFTs before and you've wondered what it is about. First, NFT is an acronym that means non-fungible token.

NFT is data-stored in the blockchain. You can buy anything online and become the owner. NFT data can be digital files such as photos, videos, audio and even tweets that can be sold. They are non-fungible because they are uniquely identifiable on the blockchain.

David Herald describes NFT as, "A crypto-token on a blockchain. The token is virtual — the thing you own is a cryptographic key to a particular address on the blockchain — but legally, it’s the property that you can buy, own or sell like any other property."

Some people think that NFTs do not make sense because they do not pass any copyright.

Here is how Herald describes NFTs, “The art itself is not in the blockchain — the NFT is just a pointer to a piece of art on a website. You’re buying the key to a crypto token. You’re not buying anything else. An NFT doesn’t convey copyright, usage rights, moral rights, or any other rights unless there’s an explicit license saying so.”

However, NFTs can be profitable for both the buyer and the seller. Many artists are putting their work up and getting a lot of money. Buyers are also selling their rights to the work of others.

It is still a bubble and it isn’t mainstream but some Nigerians, especially those on Twitter, have taken an interest in it.

Don Jazzy just got an NFT worth over ₦‎100 million - what's the fuss about NFTs?

Founder and CEO of Mavin Records, Michael Collins Ajereh, known as Don Jazzy, recently bought an NFT of a bored ape allegedly worth $318,000.

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