GEOGRAPHIC LOCATION

About Nigeria

Abuja
Capital of Country
206.1 million
Population
$432.3B
GDP
English
Official Languages
Nigerian Naira (₦, NGN)
Currency
24,840 km2
Area

Nigeria, is located on the west coast of Africa. Nigera has a diverse geography with climates ranging from arid to humid. It’s the most populous city in Africa, so populous one in every five Africans is Nigerian. Nigeria is known for many things both favourable (ex: abundance of natural resources, especially large quantities of natural gas and petroleum) and unfavourable (ex: oil spills, widespread corruption).

Nigeria is a huge technical hub with social media being hugely popular. It’s a fashion forward creative hub, known for its vibrant culture, sense of humor, adaptability and optimistic attitude. It’s also the home to Nollywood, on average churning out new flicks every two weeks and are famous for shoestring production value, but contributes to 5 percent of the GDP. If we zoom out to the rest of Africa - many of the world’s top Crypto companies have their eyes on the continent. Ethereum, Cardano, CELO and Solana have all setup African-focused initiatives to try and atrract Africans into adopting their tech over others. In total, the entire continent’s Crypto Market value increased by more than 1200% between June 2020 and July 2021. The rapid apoption of Crypto and Web3 hasn’t gone unnoticed and isn’t always welcomed. In 2021, Crypto was banner in almost half of the countries on the African Continent - Including Nigeria. The Nigerian Government later announced a pilot scheme for a new government controlled digital currency, hoping to steer citizens away from using unregulated Crypto.

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In emerging markets like Nigeria, crypto has a more fundamental utility perspective,” says Maya Caddle, the manager of Strategic Products and Investments at Nestcoin. This differs from western markets, “where usage of crypto is fundamentally ideological or speculative.  

- The Africa Report

THE STATE OF CRYPTO

What Do We Know?

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23,233
Blockchain companies in NIGERIA
16.1 million
Employees working directly with web3
$432.3B
In valuation of the top 50 companies

It’s safe to say crypto is taking over the world with everyone participating in one way or another. In the case of Africa, the entire continent's crypto market value has increased by more than 1200% between June 2020 and July 2021. Leading the high adoption rates is Nigeria. Taking top prize in such things as 51% of adults (who participate in crypto) trade crypto once a month. Also leading in being the second largest country for Bitcoin peer to peer trading, (the United States is first).

Many top-known crypto companies were all there competing for Africas love in hopes they’d start adopting them to help mold the Web3 world in Africa. Ethereum, Cardano, Celo, and Solana set up African-focused initiatives. While cooperating partnerships, Venture capitalists, NGOs, and blockchain protocols were there to help push the implementation of Web3 Africa’s government could be the make or break of whether Web3 gets truly integrated.

Noteworthy Companies

The web3 world is expanding more and more as we speak, and many key players are involved in setting fire to the market, especially in Nigeria.

DAPP
House Africa

Take the guess work and gambling out of real estate transactions in Nigeria.

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NFTs & Art
Ayoken

For collectors, and users to buy official digital collectibles from their favorite creatives

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Defi
Xend Finance

The first DeFi credit union on the binance smart chain.

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Noteworthy Companies

DAPP

HOUSE AFRICA

Abuja, Nigeria

House Africa, here to help stop the never-ending fears and skepticism that come along with the many scams that plague our earth. With the lack of trust, inaccurate data and money trapped in residential real estate it’s easy to see why it’s hard to maybe want to invest in property. House Africa is a blockchain-based company that develops virtual representations of properties and the surroundings to be viewed without physical presence. You get access to property data, and transactional history without compromising personal data. They focus on helping to verify investments, and possessions and create security for potential homeowners. House Africa allows access to risk-free properties and unlocks debt assets like a loan, creating an easy environment to access loans, and purchasing and selling of properties. The main features include sitemaps, a marketplace to display the properties, access to their partner banks and issue mortgages and loans buying their properties, transaction history, transfers, and virtual ownership. The title and other documents are attached to the NFT of this virtual property. Overall creating a platform for secure property purchases and eliminating some of the insecurities we have when it comes to purchasing.

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Key Information

2017
Founded
$ 125k
In Funding
$ 206.1 million
In Valuation
Platform & Protocol
Focus
206.1 million
Employees
Trending up
DDT Score

A Dedicated Team Building the Technology behind Risk-Free Real Estate Transactions

HouseAfrica is driven by a team of creatives and tech talent with a shared vision to take the guess work and gambling out of real estate transactions in Nigeria with a digital land registry.

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Noteworthy Companies

NFT

Ayoken

Lagos, Nigeria

Africa is home to many amazing artists, musicians, designers, and other creatives and is an ever-growing continent with an amazing tendency to leapfrog and embrace innovation. Currently, less than 1 percent of African art transacts online. There’s so much potential to change lives and affect monumental change in Africa's creative markets. Ayoken plans to digitize the fragmented creative industry and create a pathway for the world to access African creativity. It’s dedicated to empowering musicians and creatives. . The Ayoken marketplace provides a global platform for collectors, and users to buy official digital collectibles, from their favourite musicians, artists, and creatives. Users can buy, sell, promote and showcase their collections, and search for established and emerging talent, while subscribing for updates on future drops. The Ayoken platform architecture is built on Avalanche, utilizing its highlight decentralized network, taking advantage of its vibrant & steady growing ecosystem. Cutting edge security, and excellent scalability to reach the goals of serving over 3 million users by year-end 2023. Ayoken is delivering huge value and business model innovations to its users, as well as distribution and creative partners throughout the world.

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Key Information

2021
Founded
$1.4 Million
In Funding
--
In Valuation

NFTs, NFT
Marketplace

Focus
9
Employees
Treading Down
DDT Score

Global Access to Exclusive Digital Collectibles from the World’s Leading Creatives

Ayoken is the digital collectibles marketplace that connects creators to global audiences.

Noteworthy Companies

DEFI

Xend Finance

Enugu, Nigeria

Xend finance has been making quite the name for themselves. Backed by Binance and Google Launchpad, Xend Finance has become the first crypto bank in Africa. Focused on mainstream adoption for those in underserved regions around the world, Xend is working extra hard on countries with constant currency devaluation, pushing offline marketing with great rewards. One would be able to seamlessly convert local, faltering, and devaluing fiat currency to the US dollar or to stablecoins from your phone. The platform allows credit unions to have over 1,000 members who don’t stay in the same geographical location, while also employing smart contracts to lock each member’s contribution and enable flexible payouts when a payment cycle is due, reducing default payment rates. Xend Finance presents people with the opportunity to channel their savings into stablecoins without worry that their money will devalue overnight and earn higher interest rates through DeFi. Global access to loans and flexible repayment terms, as well as decentralized insurance to protect assets and investments are at the heart of the company, and while Xend has already crossed many incredible milestones, they have many more to come.

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Key Information

2019
Founded
$2 million
In Funding
$4.7 million
In Valuation
Crypto Bank,
Currency, Tokens
Focus
51
Employees
Treading Down
DDT Score

The first DeFi Credit Union on the Binance Smart Chain.

XF is a decentralized Credit Union protocol built to optimize, improve and add value to the core operations of credit unions globally.

Key takeaways

So what are the key takeaways? What is Nigeria taking on, and where might Web3 technology take it?

Virtual Free Zones

The Nigerian Authorities are in discussions with crypto exchange Binance over plans to create a virtual free zone, essentially establishing an industry hub for global digital assets with the aim of promoting long term economy growth and encouraging a range of crypto companies to become licensed in nation.

eNaira

Nigeria recently became the first African country to introduce a digital currency. Nigeria’s digital currency will be the digital form of thhe Naira and will be used just like cash. The introduction of the eNaira will enable peer-to-peer payments, cutting out ‘middle men’ or the use of intermediaries such as financial institutions

Social Impact

Africa is poised to benefit tremendously from cryptocurrency’s potential to transform financial services. DeFi offers more value to emergining economies displeased with current financial infastructure, NFTs allow for marketing to a global audience that wasn’t before available, and DAOs provide an effective and safe way to work with individuals around the world.

Listen to the Decentralized Design Podcast Now!

Nigeria: An Emerging Web3 Market

Hosts Jason Goodman and Teija Bean chat about what’s happening in Web3 and crypto right now, why Nigerians are known as the most “crypto curious” and what we learned from making friends with some amazing Web3 designers and entrepreneurs in Nigeria.