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How Nigerian Youth Can Co-Curate Identity and Capture Value Using Non-Fungible Token

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New technologies have been both a curse and a blessing to many young people around the world. Many young people have used mobile phones and social networking sites to create, post, and distribute content that has resulted in cyber and physical attacks. These technologies have also been used by youth to promote and market various cultural values, norms, and knowledge. In this regard, many young people who toe the line have done well for themselves and others. This is the case of Adisa Olashile, a Nigerian youth who began photographing people, places, and objects in 2016. Adisa Olashile, a Linguistics and Communications graduate of Osun State University, Osogbo, recently enlivened Balzer’s (2014) idea that “curating always follows art, not the other way around – that would be awful” by photographing an elderly drummer in Ibadan with the intention of raising the drummer’s socioeconomic status.

The elderly drummer goes around the city entertaining people with his drumming skills without making a lot of money. Olashile, who enjoys listening to drums and dancing, took a series of photographs of the drummer. Olashile tweeted the images and expressed interest in expanding his curation activities by minting them as a non-fungible token (NFT) on OpenSea and selling them for 0.3 Ethereum (Eth) each. People purchased the photographs, resulting in a total revenue of N1,000,000. Olashile gave the drummer half of the money.

According to Forbes, “An NFT is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.”

Olashile, in my opinion, has fulfilled one of the core characteristics of a curator by minting the images and selling them on NFT. According to Balzer (2014), curated materials or objects must be value-laden. Olashile has demonstrated that curators must prioritize value whether it exists in the materials or objects by not limiting themselves to taking photographs and tweeting them. His activity also suggests that curating cultural materials and/or objects may benefit both curators and possessors.

The moment the aged drummer received his 50% share of N1,000,000 generated from selling his photographs via NFT
Source: Pulse.ng

Emerging Respectability Politics for the aged Drummer

What the aged drummer lacked in formal education and technological devices that would have allowed him to market himself using NFT was compensated for by the youth’s rising socio-educational status and understanding of how emerging technologies work for marketing personal identity. This, in my opinion, resonates with Pitcan, Marwick, and Boyd (2018)’s idea of respectability politics, which stated that upwardly mobile young people of low socioeconomic status in New York City crossed socio-political boundaries by rejecting socially and politically-driven stereotypes on social networking sites.

However, in the context of the aged drummer, respectability politics is more associated with the fact that the drummer was able to come into the limelight after several years of displaying his drum artistic and knowledge despite public perception of traditional drumming as a bad job for upward economic status through co-identity curation. After giving the drummer 50% of the money, Olashile opened a bank account for him to ensure the money’s safety. He also bought a new phone for the drummer and gave him a large photo frame.

Basically, Olashile has a technological tool and a better understanding of how curated culture functions, and he used them to curate his own brand identity (NFT creator) while also promoting drumming artistry and knowledge of the drummer. “This is a very good example for our youths to emulate. It is a neat and pure, transparent transaction and the guy was sincere by fulfilling his promise to the old man,” Olayode Olayiwola Jacob said while reacting to the video that captures the curation process and virality of the drummer.

Mobility Company Bolt Expands Services in Nigeria, Plans to Ease Intercity Travels

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Mobility company Bolt has expanded its services in Nigeria by introducing inter-city travel, as it seeks to ease the mobility of riders traveling across States.

This new upgrade comes from Bolt’s inclination to transport people conveniently while increasing the quality of service for inter-city riders.

However, the startup inter-city category doesn’t apply to all routes in Nigeria, as it is only available for Owerri-Port Harcourt and Lagos-Ibadan routes.

The service, which is already available on the mobile app, permits users to book trips to and from these cities, without the hassle of commuting to their destination.

In a bid to ensure its affordability, Bolt is giving a 20 percent discount on all inter-city trips with a maximum of N5,000 per ride.

The booking of an intercity trip is also the same as that of the regular (intra-city) trip. All that is needed for the rider to do is to input their location and desired destination on the app and get paired with a nearby driver.

However, this service is different from Bolt’s regular trip in the area of timing. The inter-city trip is only available from 6 am to 3 pm.

With a commitment to easing the mobility of riders in Nigeria following its recent service upgrade, Bolt reiterates its position as the leading mobility company in the country.

Since its launch into Africa’s most populous nation in 2016, it has continued to redefine Nigeria’s mobility sector with its unique offerings. In 2019, Bolt rebranded from Taxify to better reflect the company’s vision to build a more convenient and affordable future of urban mobility.

Beyond the conventional motor ride-hailing services, the company has also diversified by introducing tricycle services which are available in five (5) cities across Nigeria. Bolt is no doubt committed to providing innovative ways to cater to the demand for mobility services.

It has continued to grow in leaps and bounds which has seen it operate in 33 cities in 25 states in 2021. The company is currently on a journey to build a presence in Nigeria’s 36 states, further deepening its motive to redefine mobility in Nigeria.

Musk is Abusing His Employer Privileges in Latest Memo To Twitter Employees on Quitting

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In the Ovim community, there are two key axioms everyone grows up with: 

(1) aka ojoo gara na-nnu agwo gbakwaya” [ any bad hand that enters into the rabbit warren, may the snake bite him or her].

(2) nkparuri egwu la mu [as I work and pursue legal ways to earn a living, I will not die on it]

These two axioms are connected: you are expected to work hard to earn a living – but in that process, if you do evil while in that process, you should expect to be consumed. 

That takes me to what Elom Musk is doing to Twitter workers. Yes, while he has the right to push for higher productivity, he needs to respect the dignity of work. Earning a living in Twitter is an honuorable thing. Somehow needs to tell Musk that. These workers are humans and not “numbers” to be experimented with.

Read his latest memo.

Going forward, to build a breakthrough Twitter 2.0 and succeed in an increasingly competitive world, we will need to be extremely hardcore.

“This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade. Twitter will also be much more engineering-driven.

Design and product management will still be very important and report to me, but those writing great code will constitute the majority of our team and have the greatest sway. At its heart, Twitter is a software and servers company, so I think this makes sense.

If you are sure that you want to be part of the new Twitter, please click yes on the link below:[Google form link] Anyone who has not done so by 5 pm ET tomorrow (Thursday) will receive three months of severance. Whatever decision you make, thank you for your efforts to make Twitter successful.”

That memo is degrading but I understand to earn a living, men and women have limited options in this firing age. But that does not mean Musk must not be cautioned!

He can achieve his points without making work look like “0” and “1”. Running a social media is largely within social science and not the same as building cars and rockets (natural philosophy). What that means is that things are not that easy for social media firms because uncertainties are unbounded!

Updated: After I wrote the piece, LinkedIn News reported as follows.

So many Twitter employees took Elon Musk up on his offer of three weeks’ severance — rather than commit to “hardcore” work by a 5 p.m. ET deadline Thursday — that the new CEO was left scrambling to retain workers, Bloomberg reported, citing anonymous sources. In somewhat of an about-face email to staff, Musk said flexible options would now be available. Early reports suggest it wasn’t enough, however, with The New York Times saying “hundreds” left the company. Employees were signing off internal channels with salute emojis, which became the symbol for “I quit.” Sources tell Bloomberg Twitter would undoubtedly “have trouble fixing problems or updating systems during its normal operations.”

Comment on Feed

Comment: Well, that’s how Elon has been running his companies and his the world’s richest man. So, maybe sir, you’re the one that needs to be spoken to. By the way, Elon Musk himself is a workaholic, there is nothing wrong if he demands the same kind of energy from his employees.

My Response: There is nothing he is doing that others do not do. But in life, there is always a space for decency and respect. That you can hire someone and pay him does not mean he has no rights to decency. Think about him, a professor has you as a PhD student in his lab. First day, he fires you. Second week, he recalls you. Next week, he asks you to check a button if you want to stay or not. Next day, he comes back, you are fired. That he is your professor does not mean he is your lord. You cannot fire and re-hire someone 3 times in a month. That is not how it works.

Another commenter on my response: I completely agreed with you on this Prof. He needs to take a well-rounded decision but not in this haphazard manner. Human beings are resources with dignity and should not be used for experimentation and guess estimations

Comment 2: Prof ,until you have 200Billion USD in equity or cash,I’d prefer Elon Musk’s approach.

My ResponseI understand your feelings. It was like that until one day I sat on the same table and ate lunch with Bill Gates. By the time we finished that first meeting, I knew something: the best liberation is not thinking of the size of your pockets day and night. Why? If you do crazy things because you have a big bank account and can do whatever you want, you will become miserable. Elon can afford to fire, hire, fire, etc because for him, it is all money. But check over time, he will grow wiser to see beyond $$$. 

When that happens, he will look for how to give out most of the money so that he can feel better. I am not sure he will be Twitter boss in 6 months because he will feel empty at night despite the increasing digits in the bank. Go for it….but as a teacher, I have no chance.

Musk Notifies Twitter Employees About Tough Work Environment Ahead, Offers Quit Options

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Twitter CEO Elon Musk has notified employees at the company about a hardcore work environment ahead as he plans to build a breakthrough Twitter 2.0 which according to him will be very demanding.

He informed them via an email, with the subject heading “A fork in the road”, where he gave them the option to either resign, which they get to receive three months severance pay, or stay committed to the task ahead.

Each employee is given until 5 pm Eastern Time on Thursday, to either click yes on the Google form link to affirm their stay, or receive their three months’ severance pay.

The mail reads,

Going forward, to build a breakthrough Twitter 2.0 and succeed in an increasingly competitive world, we will need to be extremely hardcore.

“This will mean working long hours at high intensity. Only exceptional performance will constitute a passing grade. Twitter will also be much more engineering-driven.

Design and product management will still be very important and report to me, but those writing great code will constitute the majority of our team and have the greatest sway. At its heart, Twitter is a software and servers company, so I think this makes sense.

If you are sure that you want to be part of the new Twitter, please click yes on the link below:[Google form link] Anyone who has not done so by 5 pm ET tomorrow (Thursday) will receive three months of severance. Whatever decision you make, thank you for your efforts to make Twitter successful.”

After the completion of his Twitter  $44 billion acquisition deal, Musk has been carrying out a serious revamp at the company, as he seeks to make the platform more profitable and accommodating to diverse opinions.

Immediately after he took over as CEO, he dismissed the company’s top executives and also ordered the mass layoffs of staff which saw around 50 percent of the company’s employees lose their jobs. In about two weeks under Musk’s leadership, Twitter has fired over 3,700 people.

He has also enacted controversial changes, such as introducing a new paid verification subscription feature as well as overhauling the way the platform does content moderation.

Recall that Musk also terminated Twitter’s remote work policy, where he said workers would be expected to be in the office for at least 40 hours per week. In his words, “remote work is no longer allowed” and the road ahead is “arduous and will require intense work to succeed.”

Reports reveal that the Tesla billionaire has brought a different atmosphere to the company as staff who work at the company are very careful of what they say about him and the company.

Musk has already gone ahead to fire nearly two dozen employees who pushed back privately or publicly against him, also ordering his team to comb through employees’ internal chats and tweets.

It has been a wild ride for Twitter under Elon Musk as some have disclosed that every day presents a new drama at the company.

Genesis Halting Withdrawals Raise Concern On Crypto’s Value

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Genesis Global Capital, has temporarily suspended the ‘Earn’ program on its protocol. Following the implosion of FTX and the locking up of over $175 million, Gemini’s lending arm faces a liquidity crisis and is actively seeking new capital, Its parent company Digital Currency Group commented. The decision was made in response to the loss of confidence in FTX. If Gemini Exchange is really collapsing now, in retrospect we should not have been surprised that the same guys who tried to steal Facebook from Mark Zuckerberg would now be on the wrong side of its exchange failing.

The challenge on Proof of Reserves is that there is no easy way to prove its authenticity so we’re forced to take their word. Apparently, Proof of Reserves is a good start, but it needs to be coupled with Proof of Liabilities in order to be useful. I want to believe the twins don’t want legal face off for misleading clients. Last week, when the FTX situation was deteriorating, I tried redeeming my staked coins on Gemini, unfortunately it’s been pending ever since. Although, it’s a little exposure, how about some who have chunk of funds stuck on the platform.

Gemini tweeted; All customer funds held on the Gemini Exchange are held 1:1 and available for withdrawal at any time, this communique is presumably not true. If this is really the end for Genesis, this could be more impactful than FTX. FTX hurt liquid funds and consumers, Genesis impacts nearly every company in Crypto. For those who aren’t familiar, Genesis started as the first OTC Bitcoin desk in 2013. They’re now crypto’s largest lending desk. Genesis is part of DCG, Barry Silbert’s holding company that owns CoinDesk, Foundry, Genesis, Grayscale, and Luno.

At the height of the market, Genesis was moving size. In, Q4 2021 it had $50B in loan originations, $12.5B active loans, $31B spot volume traded and $21B derivatives was traded on the protocol, then 3AC Liquidation happened, Genesis was the biggest creditor to 3AC having lent them a whopping $2.4 billion. Genesis, filed a $1.2B claim against 3AC in Q2 2022, DCG stepped in and assumed the $1.2B claim leaving Genesis with no outstanding liabilities tied to 3AC.

Genesis, had large exposure to Babel Finance, the CeFi platform that got hit hard in the June unwind. In August, it longtime CEO Michael Moro resigned alongside top executives of the institution. By Q3 2022, their numbers had fallen drastically to $8.4B in loan originations, $2.8B active loans, $18.7B spot volume traded and $9.6B derivatives traded. Still, everyone felt like they were crypto’s safest counter-party.

Why is the downfall of Genesis so bad for the Cryptocurrency Industry

Dozens of companies like Gemini use Genesis to help their consumers earn yield. If you’re a CeFi platform that offers yield, you probably use Genesis. Using some rough numbers and simplifying the process a bit, here’s how it works; You give your Crypto to Gemini ? Gemini gives your crypto to Genesis ? Genesis lends your crypto to a fund ? the fund borrows from Genesis X+2% ? Genesis gives Gemini X+1% ? Gemini gives you X% – You now earn yield. This only works if the counter-parties that Genesis lent to can actually repay their borrow. If Genesis can’t get their crypto back, they can’t give the crypto back to Gemini (or insert any other crypto CeFi platform), which means Gemini can’t give you your crypto.

Beyond that, nearly every Crypto whales and Institutional entity’s invest on Genesis. Instead of earning yield on BlockFiand Gemini International, they stake directly on Genesis to earn yield. Now those institutions, family offices, and whales can’t get their crypto back. This is why Genesis halting withdrawals is so bad. They sit at the direct center of Crypto Capital Markets, They custody funds, They help institutions earn yield, They are the yield product for CeFiplatforms.

  1. Relatively, FTX has issued a press statement distancing itself from trolling tweets posted by Sam Bankman Fried, ex CEO of FTX.