The Lagos government is expanding its plans to tokenize real estate on the blockchain, effectively turning properties into easily transferable NFTs. The primary goal of this initiative is to boost internal revenue through the Eko Revenue Plus Summit.
Real Estate Tokenization in Lagos
A key initiative outlined during the summit is the tokenization of real estate on the blockchain. The process is expected to take 16 months and will be led by the Ministry of Science & Technology in collaboration with other agencies and partners. The goal is to convert properties into easily transferable digital assets, essentially turning them into NFTs. To achieve this, the Ministry and its partners have allocated a budget of ₦500 million, underscoring the government's commitment to leveraging cutting-edge technology for revenue generation and streamlining property transactions in Lagos.
Nigerian Crypto Market Overview
Nigeria's crypto market is known for its massive adoption rate; according to several surveys conducted in 2022, over 44% of residents hold digital assets. Bitcoin, Ethereum, USDT, and USDC are some of the significant crypto assets traded in the region. Increasing crypto adoption in Nigeria is primarily driven by surging inflation and the massive devaluation of its national currency. In 2023, the trading volume of the Nigerian crypto market grew by 9%, reaching $56.7 million.
Other Market News
Riot Platform Inc. recently boosted its stakes in Bitfarms Ltd, a major crypto miner. Additionally, Grayscale is a digital assets management fund for MakerDAO’s governance token. A recent filing argues that Metaplanet has increased its Bitcoin holdings, purchasing 57.103 BTC at an average price of 8,756,107 Japanese yen per Bitcoin. Following this, its total holding reached 303.095 BTC.
By embracing cutting-edge technologies like blockchain and the growing popularity of crypto assets, the region continues to attract international attention. These initiatives have the potential to significantly contribute to economic development and improve the quality of life for its citizens.
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