As per recent information, the state government of Lagos is planning to associate real estate with blockchain and other decentralized products.
Bitcoin, Ethereum, USDT, and USDC are some of Nigerian tradersâ favorite crypto assets.Â
In 2023, the trading volume of the Nigerian crypto market grew 9%, reaching $56.7 Million.
The state government of Lagos extended its plans to tokenize real estate on the blockchain, effectively turning properties into easily transferable NFTs. The motive for exploring blockchain and other decentralized features is to boost its internally generated revenue through the Eko Revenue Plus Summit.
A key initiative outlined in the summit documents is tokenizing real estate on the blockchain.Â
This process is expected to take 16 months to complete and will be spearheaded by the Ministry of Science & Technology in collaboration with other agencies and partners. The goal is to convert real estate properties into easily transferable digital assets, essentially turning them into NFTs.
To achieve this, the Ministry and its partners have allocated a budget of âŠ500 M. This significant investment underscores the governmentâs commitment to leveraging cutting-edge technology to enhance revenue generation and streamline property transactions in Lagos.
Nigerian Crypto Market Overview
The crypto market of Nigeria is known for its massive adoption rate; as per several surveys conducted in 2022, over 44% of the residents hold digital assets. Bitcoin, Ethereum, USDT, and USDC are some of the significant crypto assets traded in the region.Â
Growing crypto adoption in Nigeria is solely backed by surging inflation in regions and the massive devaluation of its national currency. It is crucial to note that thousands of Nigerian citizens are actively engaged in blockchain and other evolving technology.Â
Trading digital assets help the regionâs people escape poverty and make a profit in short spans. In 2023, the trading volume of the Nigerian crypto market grew 9%, reaching $56.7 Million.Â
Other Market NewsÂ
Riot Platform Inc. recently filed that boosted its stakes in Bitfarms Ltd, the contenting crypto miner. Additionally, Grayscale is a digital assets management fund for the governance token of MakerDAO. Â
A recent filing argues that Metaplanet has boosted its Bitcoin holds, as it bought 57.103 BTC for an average price of 8,756,107 Japanese yen per Bitcoin. Following the addition of 57.103 Bitcoins, its total holding reached 303.095 BTC.
Crypto Market Price Alert
The fear and greed index powered by CoinMarketCap is at 55, denoting neutrality. However, the crypto market capitalization has surged over 3.40% in the past 24 hours.Â
In the past seven days, Bitcoinâs price grew 6.48%, reaching above the mark of $61k; in terms of market cap, BTC is leading among 13k listed digital assets.Â
In the past one decade, the popularity of digital assets has lured millions of users, offering the unique feature of decentralization. Several analysis firms primarily state that underdeveloped and financially unstable nations are the earlier and highest adopters of cryptocurrencies.Â
