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African Fashion E-commerce Platform MAKA Raises $2.65 Million Pre-Seed Round

By
Ojukwu Emmanuel
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0
Clothes in market

MAKA, an African fashion e-commerce platform, has raised $2.65 million in a pre-seed round to simplify and enhance the purchase of fashion and beauty products in Africa.

The funding round includes investors such as Palm Drive Capital, Angel investor Jonathan Shipman, founder of EVP and Twitch founding member, and executives from delivery platform Wolt.

According to the company which was founded with the mission to empower users to discover their unique style and foster representation, MAKA aims to reintroduce trust in the African fashion and beauty industry.

Speaking on Maka’s remarkable platform, Co-founder and CEO of MAKA, Diana Owusu Kyereko said the platform not only empowers users but also liberates them to confidently explore and make purchases from verified and trusted brands.

In her words,

“Young consumers today face a shared dilemma-they crave authenticity and the freedom to set their trends, but they are influenced by real people, and they seek choice and individuality without being misled.

“Our focus remains clear, and we’re committed to providing our users with an authentic space to explore their unique style while empowering creators to showcase their content and connect with new audiences. We want to foster meaningful connections between creators and customers.”

Founded by Diana Owusu-Kyereko, who was the ex-CEO of Jumia Ghana and ex-CCO of Jumia Kenya in 2021, MAKA is a social e-commerce platform that enables users to discover products that fit their style through live try-on hauls, reviews, and user-generated content.

The company leverages technology to empower both consumers and creators, thus cementing their position at the forefront of the junction between e-commerce, creative, and cultural industries across Africa.

MAKA addresses the problems creators have monetizing their influence and trust issues that arise during the transaction process. The platform uses interactive video to foster trust between users and content creators.

Notably, the platform offers a review option, allowing customers who make purchases to share their feedback through video reviews, usually between 30 and 60 seconds long. These reviews provide valuable insights for other users, influencing their buying decisions.

On MAKA all reviews are placed by verified shoppers. This means that any review users see is placed by a customer who bought that item on MAKA.

Since its launch, the social commerce platform has reportedly garnered more than 500,000 downloads through its initial strategy of interacting with creators through live sessions.

Nevertheless, since launching its user-generated content model two months ago, the startup has generated over 2,000 reviews.

At MAKA, the startup remains committed and  focused on bringing its customers the best online shopping experience, and have incorporated video to bring them as much detail as possible about their products.

Nigerians are Amazing People Indeed As Abians Sing Praises to Governor Otti [video]

By
Ndubuisi Ekekwe
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0

People say Nigerians are hard to please. I have NEVER gotten that memo. My understanding is that Nigerians are actually the easier people to satisfy. From strikes to non-payments of salaries, Abia State healthcare workers now have renovated facilities – and are thankful to Governor Otti, even though ideally they do not need to do that. Yes, why thank the government for doing its job? Nigerians are amazing people indeed.

Abia State will deliver a great 2024 playbook, now that the new government  has crafted a budget for the rise of ALL, not just a few. For companies looking for investment opportunities, the best place to invest right now in Nigeria is Abia. If you need any help, let me know. Nobody will give you any problem – and if you ever experience one, let me know.

Let me thank Google for DevFest Aba; we appreciate your support. I call other companies to emulate Google which is supporting artisans, shoemakers, retailers, etc. What can you do for Abia? Opportunities await for you in Abia.

*I am not a government staff or worker; I am just an Abian excited to support my state. Ndubuisi does not do government contracts and has never and will never send any invoice to Abia State. Also, Ndubuisi is not a party-man; just a citizen of the God’s Own State. I saw HOPE in Dr Alex Otti’s Vision for Abians, and am very excited to support my fellow citizens to build Abia.

#InvestInAbia

Nigerians are Amazing People Indeed As Abians Sing Praises to Governor Otti

The Stylistic Elements and Narratives in Nigeria’s Night of Deaths Movie

By
Mutiu Iyanda
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0

The Night of Deaths [video] was produced in 2022 and directed by Ikechukwu Nweke, Ebele Okaro, and Mercy Kenneth. The movie belongs to the horror-drama genre because the producers combine horrific and dramatic elements to establish narratives around the common saying “what you sow is what you reap” among Africans when someone is being maltreated.

The movie started with a lady as the horrific character in a hair wig and a dark face, as well as an environment that demonstrates her as revengeful. The black background is blended with the yellow landscape, which shows the presence of low-key lighting. Sound effects are a mix of sorrowful and sonorous approaches that connote the idea of a complex situation in the scene. A close-up shot was used to establish the windstorm affecting some trees outside the building the horrific character is in.

The storm is portrayed as a supportive, digestic sound that complements her readiness for revenge. This primarily creates an atmosphere of fear for potential victims. The fear is increased intermittently with the introduction of a mix of low and high dark key lights and consistent thunder strikes around the trees. Thereafter, the room scene is established with a close-up shot and low-key dark light.

https://www.youtube.com/watch?v=vqbwfj0im-o

Again, frightening special sound effects, such as the dancing of tins inside the wardrobe with the consistent revengeful leitmotifs, were introduced to enhance the creation of a fear ambience. Gradually, a semi-scene is introduced with the cloaking of wardrobes’ doors and the falling of materials inside the wardrobe, making frightening sounds.

In this context, medium-close-up and point-of-view shots were constantly used gradually to establish the fear ambience. The light remains low-key dark, fading and dissolving into the actual frightful scene, where high-key dark light was introduced with the leitmotifs associated with character. A medium-close-up shot was introduced to establish the long-take movement of the character into a scene where children sleep. The camera only captured this through a stand mirror, another iconographic object.

In between establishing the children’s sleeping setting and the long-take movement of the character, jump cuts or ellipses editing were used. The character eventually walked to the kitchen and picked up a pestle for possible revenge. And the close-up and point-of-view shots, as well as long-take movement with a mix of low and high-key dark lightning, were introduced again towards the continuous creation of a fear ambience.

Medium-close-up and point-of-view shots were introduced to establish the fearfulness of the oldest child, who ran out of their room to their parents’ room in a frightful voice. In an extreme close-up shot, the horrific character eventually punched the youngest child until she died. The oldest child found her parents dead and ran back to their room. Along the way, the horrific character appeared, punched her, and made a frightful sound, showing she was being killed.

Elements and a representation of the genre conventions to which the film belongs

The use of a black background, low-key lighting, and a blend of dark and yellow landscape aligns with the genre’s preference for visually ominous and mysterious settings. This sets the tone for a foreboding atmosphere. The lady in a hair wig with a dark face serves as a visual symbol of horror. The contrast between her appearance and the environment reflects the genre’s tendency to use symbolism to convey fear.

The mix of sorrowful and sonorous sound effects contributes to the emotional weight and tension in the scenes. Horror films often use sound to evoke a range of emotions and intensify the audience’s fear. The integration of the windstorm as supportive diegetic sound and consistent thunder strikes aligns with the genre’s use of natural elements to enhance suspense and foreshadow terrifying events. The frequent use of close-up shots intensifies the focus on characters’ expressions and actions, heightening the audience’s connection to the horror.

Close-ups are a common technique in horror to emphasize emotional reactions and build tension. The inclusion of objects like a stand mirror serves as an iconographic element often seen in horror films. Mirrors can symbolize the unknown and are commonly used for visual scares. The narrative unfolds gradually, building tension with each scene. This pacing is a characteristic feature of horror, allowing the suspense to mount before reaching climactic and terrifying moments.

The theme of revenge is a recurring motif in horror, contributing to the emotional intensity of the narrative. Revenge often adds a personal and visceral element to horror stories. The use of jump cuts and ellipses in editing contributes to a sense of disorientation and unpredictability. These techniques are common in horror to create a jarring effect, keeping the audience on edge.

Understanding Grayscale Bitcoin’s Broad Ownership, Sticky Supply Dynamics, Spot Bitcoin ETF Approval

By
Paul Ugbede Godwin
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0

Grayscale, the world’s largest digital asset manager, has released a new report that reveals some interesting insights into Bitcoin’s ownership and supply dynamics. The report, titled “Bitcoin Ownership and Supply Dynamics: Insights from Grayscale”, analyzes the data from various sources, such as blockchain analytics, surveys, and Grayscale’s own client base, to shed light on who owns Bitcoin, how they acquire it, and how they hold it.

The main findings of the report are:

Bitcoin has a broad and diverse ownership base, with different types of investors holding different amounts of Bitcoin for different reasons. The report identifies four main segments of Bitcoin owners: retail investors, institutional investors, whales, and miners.

Retail investors are the largest segment of Bitcoin owners, accounting for about 60% of the total supply. They typically hold small amounts of Bitcoin (less than 10 BTC) and are motivated by various factors, such as speculation, hedging, innovation, or social impact.

Institutional investors are the fastest-growing segment of Bitcoin owners, accounting for about 10% of the total supply. They typically hold large amounts of Bitcoin (more than 1000 BTC) and are motivated by strategic reasons, such as portfolio diversification, inflation protection, or long-term value appreciation.

Whales are the most influential segment of Bitcoin owners, accounting for about 20% of the total supply. They typically hold very large amounts of Bitcoin (more than 10,000 BTC) and are motivated by financial reasons, such as market making, arbitrage, or trading.

Miners are the most active segment of Bitcoin owners, accounting for about 10% of the total supply. They typically hold moderate amounts of Bitcoin (between 10 and 1000 BTC) and are motivated by operational reasons, such as cost recovery, revenue generation, or network security.

Bitcoin has a sticky supply dynamic, with most of the owners holding their coins for long periods of time and resisting selling pressure. The report estimates that about 80% of the total supply is illiquid, meaning that it is either lost, locked, or held for long-term investment. Only about 20% of the total supply is liquid, meaning that it is available for trading or spending.

The report also identifies three main factors that influence the liquidity of Bitcoin: demand shocks, price cycles, and network events. Demand shocks are sudden increases or decreases in the demand for Bitcoin, such as institutional adoption or regulatory changes. Price cycles are periodic fluctuations in the price of Bitcoin, such as bull runs or bear markets. Network events are technical changes or upgrades in the Bitcoin protocol, such as halvings or forks.

The report finds that Bitcoin has a broad and diverse ownership base, with investors from different regions, age groups, income levels, and investment objectives. According to a survey conducted by Grayscale in June 2021, 38% of US adults said they own or are interested in owning Bitcoin, up from 36% in 2020 and 31% in 2019. The survey also shows that Bitcoin appeals to both younger and older generations, with 67% of millennials and 58% of Gen X saying they are interested in Bitcoin, compared to 49% of baby boomers and 44% of the silent generation.

The report also highlights the sticky nature of Bitcoin’s supply, meaning that most of the existing Bitcoins are held for long-term investment rather than for short-term trading or spending. The report estimates that 78% of the circulating Bitcoin supply is either lost or held for the long term, leaving only 22% for active trading. This implies that Bitcoin’s supply is becoming scarcer over time, as more investors choose to hold it for its store of value and hedge against inflation properties.

The report concludes that Bitcoin’s broad ownership and sticky supply dynamics are positive indicators for its long-term value proposition and adoption potential. The report states: “As Bitcoin continues to mature as an asset class, we expect its ownership base to expand and diversify further, reflecting its global accessibility and utility. We also expect its supply dynamics to remain favorable for long-term investors, as more Bitcoins are locked up in illiquid wallets or products that cater to the growing demand for digital gold.”

Bitcoin’s broad ownership and sticky supply dynamics indicate that it is a mature and resilient asset class that can withstand market volatility and external shocks. The report also suggests that these dynamics create favorable conditions for long-term value creation and growth for Bitcoin and its investors.

SEC Spot Bitcoin ETF potential approval window is between January 5th – 10th, 2024

The cryptocurrency community is eagerly awaiting the decision of the US Securities and Exchange Commission (SEC) on the first Bitcoin exchange-traded fund (ETF) in the country. The SEC has set a deadline of January 10th, 2024, to approve or reject the proposal by VanEck, a New York-based investment firm. However, some analysts believe that the SEC could make its move earlier, between January 5th and 10th, based on the Federal Register publication date and the statutory review period.

A Bitcoin ETF is a financial product that tracks the price of Bitcoin and allows investors to buy and sell shares of the fund without having to deal with the technical aspects of owning and storing the cryptocurrency. A Bitcoin ETF would provide more liquidity, transparency, and regulatory oversight to the market, and potentially attract more institutional and retail investors to the sector.

The SEC has been reluctant to approve a Bitcoin ETF in the past, citing concerns over market manipulation, fraud, custody, and investor protection. However, the agency has recently signaled a more open-minded approach, as it has approved several ETFs based on Bitcoin futures contracts, which are derivatives that bet on the future price of the asset. The SEC has also asked for public comments on various aspects of a Bitcoin ETF, such as valuation, liquidity, arbitrage, and potential conflicts of interest.

VanEck’s proposal is different from the futures-based ETFs, as it seeks to directly hold Bitcoin in a trust and track its spot price, which is the current market price. This would offer more accuracy and efficiency to investors, as well as lower fees and risks. VanEck has partnered with Cboe BZX Exchange, which would list and trade the shares of the ETF, and Bank of New York Mellon, which would act as the administrator and custodian of the fund.

If the SEC approves VanEck’s Bitcoin ETF, it would be a historic milestone for the cryptocurrency industry, as it would mark the first time that US investors can access Bitcoin through a mainstream and regulated investment vehicle. This could boost the demand and adoption of Bitcoin, as well as its price and market capitalization. It could also pave the way for more innovation and competition in the space, as other firms would likely follow suit and launch their own Bitcoin ETFs.

However, if the SEC rejects VanEck’s proposal, it would be a major setback for the industry, as it would indicate that the regulator is still not convinced that a Bitcoin ETF can meet its standards and protect investors. This could dampen the enthusiasm and confidence of investors, as well as limit their options and opportunities to invest in Bitcoin. It could also create more uncertainty and volatility in the market, as investors would have to rely on other platforms and vehicles to access Bitcoin.

The SEC’s decision on VanEck’s Bitcoin ETF is expected to have a significant impact on the future of Bitcoin and the cryptocurrency industry. Therefore, investors should pay close attention to the developments and announcements from the regulator in the coming weeks, as they could influence their investment strategies and outcomes.

Jumia Discontinues Food Delivery Business in Nigeria And Other African Markets, Cites Macroeconomic Conditions

By
Ojukwu Emmanuel
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0

Pan-African e-commerce platform Jumia, has announced its plan to discontinue its food delivery business in Nigeria and other African markets which include Kenya, Uganda, Morocco, Tunisia, Algeria, and Ivory Coast, citing macroeconomic conditions.

The company announced that by the end of December 2023, the plan will take effect, as it strategizes to optimize its capital, and resource allocation, and continue its plan for profitability.

Jumia’s CEO Francis Dufay speaking on the recent move said that the company’s food delivery business across several African markets has been plagued with challenges, amidst tough competition in the ecosystem, which necessitated the discontinuation.

In his words,

“It’s a segment that’s very difficult across the world, with very challenging economics and big losses. It is also a segment that is extremely competitive across the world and Africa. The economics are tough in this market because the costs are very high and there is plenty of competition so there is downward pressure on the commissions that we make and upward pressure on marketing costs because everyone is fighting for customers”.

Jumia Food represents about 11% of the company’s general merchandise value for the nine months ended September 30th, highlighting that the business has not achieved profitability since its inception.

According to Antoine Maillet-Mezeray, the company’s EVP Finance & Operations, the decision to exit food delivery, a business with challenging economics in Africa and globally, was rooted in prioritizing opportunities and expected return on investment.

The Pan-African e-commerce platform said that the number of employees currently dedicated to the food delivery business will transition to the core e-commerce business in these countries.

It is worth noting that Jumia has been on an aggressive cost-cutting journey that involves headcount reductions, scaling back offerings such as groceries, and reducing delivery services not related to its e-commerce business in order to turn profitable.

Recall that the e-commerce company fired 900 people last quarter, and also significantly reduced its presence in Dubai, relocating most of its remaining staff to its African offices.

It also significantly reduced its sales and advertising expenditure, by 41% year on year and scaled back its grocery offering in Algeria, Ghana, Senegal, and Tunisia to reduce business complexities.

Jumia, the first Africa-focused tech start-up to list on the New York Stock Exchange, earlier this year announced that it expects these headcount reductions to enable it to save over 30% in monthly staff costs starting from March 2023.

Jumia is redirecting its focus towards the core physical goods business and maintaining its JumiaPay operations across all 11 markets, as outlined in a recent statement.

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