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Three Cryptocurrencies That Can Transform the NFT Sector: Axie Infinity, ApeCoin, and HachiFi

By
TI Partners
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0

Investors have bought into predictions of significant profits in the near and medium term, using this bear market as a buying opportunity. The best possible use of this crypto meltdown is being sought out, particularly by investors who wish to make long-term investments. The news from the major stock markets around the world has put a lot of pressure on the cryptocurrency market. Numerous coins, including well-known blockchain-based cryptocurrencies, can be shown to be declining in value.

Axie Infinity (AXS), ApeCoin (APE), and HachiFi (HACHI) are three crypto tokens every investor should aim to buy after the current bear market. Keep reading to learn more about these crypto tokens and how they are poised to revolutionise the NFT sector.

Axie Infinity (AXS)

Axie Infinity, the most popular blockchain game that was inspired by Pokémon, must be mentioned when writing about NFT-based coins. Players can gather NFT creatures known as Axies thanks to the game’s open, incredibly versatile gameplay. In the ever-expanding Axie ecosystem, these Axies can be raised, fought, and exchanged using NFT tokens. Axie Infinity has the greatest weekly on-chain volume of any Ethereum-based gaming DApp as of August 2021. Axie Infinity is among the top three most used game Dapps, with over 100,000 weekly users.

The Axie Infinity ecosystem uses Axie Infinity Shards (AXS) and Smooth Love Potions  (SLP) as its two primary NFT coins. AXS is a governance token with voting privileges on a DAO that is held by the community. Platform-related issues including the distribution of treasury money and ecosystem funds are up for a vote. Similarly, SLP is an NFT coin for Axie Infinity’s gameplay that can be used to breed new Axies and is gained by playing the game. ERC-20 tokens that can be traded on the Ethereum network include AXS and SLP.

ApeCoin (APE)

ApeCoin is well-positioned to continue to be a significant player in the digital currency market even as other coins fall victim to the bear market because of its high market value and remarkable use cases. Due to its solid foundations, ApeCoin’s (APE) market value has endured the crypto crisis pretty well. The coin’s development team followed its plan with precision, and this combined with the coin’s clear goal has given much hope for its long-term prospects.

Although ApeCoin’s (APE) price has considerably decreased from its all-time high, its market worth is still large when compared to that of its competitors. As a result, it ranks among the more alluring digital currencies for buyers of dips.

HachiFi (HACHI)

One of the cryptocurrencies that have gained popularity recently is HachiFi (HACHI), which is being built on a fairly extensive ecosystem. Users can profit from the NFT collection and passive revenue thanks to this ecosystem. The ecosystem makes a concerted attempt to sell to huge audiences.

HachiFi (HACHI) estimates that by the end of the year, it will have more than a thousand NFTs in its inventory. These NFTs, which can be acquired through the ecosystem’s game mechanisms, are designed to serve as a collection and offer long-term value. The ecosystem’s financial landscape also makes mention of a thorough and profitable staking scheme. In addition to earning passive revenue, staking investors can participate in decentralized management. If you spend $1,000 on this upcoming cryptocurrency, the site will reward you an extra 19% in HACHI tokens.

Final Thoughts

The bear market offers the opportunity for new investors to enter at attractive prices or longer term investors as an opportunity to accumulate and dollar cost average down. With the markets eyeing a bounce and hopes that a return to a sustained upward trend is in sight coins such as AXS, APE, and HACHI all look like solid options for your portfolio.

https://signpup.hachifi.com/register

How To Discover Opportunities

By
Ndubuisi Ekekwe
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0

In this table below, I share different ways you can discover opportunities in markets. The ideas are useful for project champions in existing companies or founders starting new firms. Click to explore some of the ways. I will explain deeper during live session tomorrow.

*from courseware of Tekedia Mini-MBA

Table 3.1: Different Ways to Discover Great Product or Start-Up Ideas

Way Example What Happened
Develop Capabilities Hotmail The founders sought a way to communicate while at work, for a side hustle, avoiding detection from company systems and in the process developed a native web-based email, un-tethered to an ISP (internet service provider). They had the technical skills, and working to overcome a barrier (a friction) ended up starting a company.
Daily Life Observation Airbnb Airbnb founders saw scarcity of hotel rooms in their city during a major event, giving people opportunity to book a space in their apartment via the web. While many people have possibly done that (renting home space), the founders saw it as a huge business opportunity, and went on to scale it.
Awareness of Future Trends Tesla The future has to be lived and building for that future is an opportunity. Elon Musk saw that the future would come and embarked on creating Tesla for the eventual shift to non-fossil fuel vehicle future. Opportunities exist for AI, AR/VR, drones, etc in the near and far future. (We will be discussing the business of these technologies in Week 4.)
Discover Inefficiencies Uber, Interswitch There are inefficiencies everywhere, from traffic congestion, to outdated business practices. One can go to fix them. Uber simplified intra-city trip experiences for commuters. Interswitch founder noticed payment inefficiencies and pioneered electronic payment in Nigeria.
Enable Disintermediation Kayak, Wakanow Kayak and Wakanow help you to cut out brokers or middlemen when booking flights or hotels. Whenever you see the presence of many middlemen, there is an opportunity to improve customer experience and save people money.
Copy Elegantly Apple Apple has rarely pioneered any category it has dominated. Before iPhone, there was Blackberry. Before iPod, there was Walkman. And Pebble made way for Apple Watch. But Apple has ruled whenever it comes into a category; copy elegantly and legally as I noted in this Harvard Business Review article[1].
Monetize Your Passion Pinterest The founders of Pinterest have deep heritage and interests on collecting things (i.e. collectors). Building the business was an extension of that passion – yes, digitizing collection. As they say, blessed is the man or woman whose passion is his job. You can make yours that!

 

[1] HBR- https://hbr.org/2012/05/when-you-cant-innovate-copy

IATA Trapped Fund: Nigeria Releases $265 Million to Pay Airlines

By
Samuel Nwite
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0

Following the backlash that greeted the news of trapped fund belonging to foreign airlines in Nigeria, the Central Bank of Nigeria (CBN) has released the sum of $265 million to address the situation.

The Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi, while confirming the release of the fund, said the CBN Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the aviation sector and travelers as well as the country in the comity of nations.

According to the financial regulator, $230 million of the intervention fund is mapped out to tackle FX shortage while another sum of $35 million was released through Retail SMIS auction to clear outstanding ticket sales.

In June, the International Air Transport Association (IATA), raised alarm that over $450 million belonging to foreign airline companies is being trapped in Nigeria. IATA’s Vice President for Africa and the Middle East, Kamal Al Awadhi, had described talks with Nigerian officials to release the funds as a “hectic ride”.

The development, which forced Emirates Airlines to announce suspension of its flight operation to Nigeria, becomes more worrisome as the British Airways announced some adjustments in its operation to Nigeria. The British Airways issued a notice of imminent hike in fares following Emirates’ announcement that it shutting its wings on Nigeria.

“Good afternoon. Please be informed that information reaching us from BA indicates that the airline is changing to full fares F, J, W and Y any moment from now. Kindly let (us) issue any pending tickets to avoid fare increase,” a notice from the British Airways said.

The situation has drawn wide condemnation as it portrays Nigeria in bad light, putting the CBN and the Aviation Ministry on the spot. The Nigerian aviation industry, which has been struggling to stay afloat, is expected to take further hit as more airlines are likely going to shun Nigeria if the situation is not swiftly addressed.

Nwanisobi said that the central bank was not against any company repatriating its funds from Nigeria. He said the apex bank is only concerned about an orderly exit for those who want to repatriate fund.

However, while the released fund may calm the outrage the situation has generated, it doesn’t solve the entire problem. The CBN didn’t provide further details on how it intends to handle the rest of the trapped   fund.

There is concern that with this released fund, the authorities may halt their efforts to repatriate the remaining fund, which may lead to another episode of embarrassment to Nigeria.

Follow Ndubuisi Ekekwe on LinkedIn and Facebook

By
Ndubuisi Ekekwe
-
0

LinkedIn

When you have a great service, and you fail to promote it, you are NOT fair to the potential users you are denying the opportunities to use that service. I think my LinkedIn feed is a good service, and I want more users. So, FOLLOW Ndubuisi Ekekwe

Do not send Friend Connection requests; I have since exceeded the 30k allowed by LinkedIn law. The only option now is FOLLOW. While you can still send friend requests, I am unable to accept because once you hit 30k “friends”, you are unable to accept more; only FOLLOW.

(Meanwhile, I just accepted an invitation to attend a policy event in the European Union in Brussels to do what teachers do – talk. I like to connect with communities when in town).

If you can, FOLLOW. Do not send a connection request, expecting me to accept. LinkedIn technology does not allow that past 30k. As always, I thank you for coming here. daal?, e dupe, na gode.

Facebook

When you have a great service, and you fail to promote it, you are NOT fair to the potential users you are denying the opportunities to use that service. I think my Facebook feed is a good service, and I want more users. So, FOLLOW Ndubuisi Ekekwe

Unlike LinkedIn, Facebook has been challenging to grow users. But if you like, FOLLOW,  comment, etc, more people can know of this page. I began writing to co-learn with everyone and I have noticed one thing: a digital village is better when there are  many members.

(Meanwhile, I just accepted an invitation to attend a policy event in the European Union in Brussels to do what teachers do – talk. I like to connect with communities when in town).

If you can, FOLLOW. I tried Twitter, but  gave up; stuck at sub-10k for months. I do not want to give up on Facebook; the indicators do not compound for my time unlike LinkedIn where I do really very well.  I know that my content is professorial, academic and intellectual. Yet, we can find space here.

As always, I thank you for coming here. daal?, e dupe, na gode.

Nigeria To Lead Global Crypto Adoption

By
Ojukwu Emmanuel
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0

The adoption of crypto in Nigeria is growing at an exponential rate. The country currently has more than 50% monthly active adult crypto traders, as a lot of citizens now prefer to store their money in digital currencies over fiat cash, due to the constant devaluation of the Naira.

Despite the Nigerian government’s ban on crypto in 2021, a lot of Nigerians continue to trade in cryptocurrencies. Recent data by Merchant Machines has predicted that by 2030, Nigeria will be at the forefront of global crypto adoption.

Experts have disclosed that if the use of crypto in the country continues to grow exponentially, the entire population of Nigeria will possibly be using digital assets by 2030. Nigeria is reported to be currently leading the pack of countries with the highest interest in crypto despite the bear market experienced in 2022.

Nigeria has however failed to make it to the top 10 global list of countries utilizing crypto currently, despite the prediction of having full adoption by 2030. However, the prediction that foretells Nigeria’s global crypto takeover, stems from its current position as Africa’s largest crypto market, and also several other challenging economic factors, like the continuous devaluation of its local currency, growing inflation, and worsening economic conditions.

The list of crypto predictions for 2030 places Nigeria in the top spot (100%), followed by the Philippines (86%), Thailand (64%), Malaysia (61%), and India (50%).

Let’s look at some factors that are impacting the adoption of Cryptocurrencies in Nigeria.

Some Factors Impacting Crypto adoption In Nigeria

1.) Financial Hedge/ Freedom

There is no disputing the fact that Nigeria is ravaged by a high poverty rate, where the number of poor people in the country has been predicted to reach 95 million in 2022 by the world bank. The country’s currency, the Naira, has been experiencing hyperinflation lately, making the cost of living high for ordinary citizens. However, cryptocurrencies have continued to serve as a better hedge of financial value, making a large percentage of Nigerians drift towards digital currencies to preserve their savings.

2.) Creation Of Job Opportunities 

The unemployment rate in Nigeria is at a high rate, which has been estimated to reach 33 percent this year. However, the crypto industry has opened up a new world of job opportunities for Nigerians, which is one of the reasons for its widespread adoption in the country. In 2020, the number of jobs in the crypto industry multiplied by more than twice the previous number. A lot of Nigerians have leveraged the job opportunities in the crypto industry with so many of them who are full-time crypto traders, doing exceptionally well. Some others have also delved into Crypto writing, Crypto Analysts, NFT Marketing, and the likes.

3.) Remittance Payments

This refers to the money sent by people in the diaspora to their families, which has served as a financial lifeline to most households in Nigeria. It has been reported that the transfers in the African region, make up a more significant share of its cryptocurrency market than any other region. In 2019, Sub-Saharan Africa received about $48 billion of estimated remittances, as a large volume of these payments were coming from Europe.

The unfavorable monetary policies in Nigeria no doubt affected the confidence of Nigerians in sending money home to their loved ones which led to the switch in the use of crypto. Also, it has been reported that currency devaluation made it difficult for a lot of Nigerians’ income to hold their value, which has continued to drive the attraction for crypto remittances.

Conclusion

As the Naira continues to devalue, more and more Nigerians continue to trade and store in digital currencies. The average Nigerian has taken interest in cryptocurrencies, asides from the fact that it serves as a financial hedge, the industry has a lot of opportunities to offer.

Crypto currency has continued to impact the lives of so many Nigerians in different ways, such as creation of job opportunities, crypto trading, and granting financial freedom and many more which has continued to drive its widespread adoption.

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