A look at the 2021 Geography and Cryptocurrency Report by Chainalysis, will reveal Africa’s share of the global cryptocurrency value is at a mere 3%. Despite this considerably low number, Africa holds the largest share of peer-to-peer (P2P) cryptocurrency transactions globally in the real sense.
This is a no brainer as Africa is the fastest adopter of cryptocurrency among regions of the world, according to a survey by Chainalysis, a US-based research institute. Chainalysis estimates that African countries collectively received around $105.6 worth of cryptocurrency between July 2020 and June 2021. This represents a whooping 1,200% growth.
But the adoption and use of cryptocurrency in Africa and Nigeria specifically is generally limited to trading BTCs alone. As the Founder and Lead of the prestigious CryptoPreacher Blockchain Academy (CPA) and a Premium Ambassador at Newscrypto, and in my capacity as the Head of Mobilization for stakeholders in Blockchain Technology Association of Nigeria (Siban) Presidential Task Force (PTF), I have had very close interaction with many people in this space to know that this is an anomaly that must be addressed, hence this article.
Many a times, people have reached me to say that they are interested in cryptocurrency and want to make money from it. All they want to learn is how to trade with it. To be fair, I can’t blame them because some years ago when I began my career in the cryptocurrency space, my only focus then was on trading, HODLing and buying as many digital assets as I could discern.
That was years ago. But today, many career paths are in high demand in the crypto market. Rising demand for cryptocurrency has made this space a hot cake. And despite the ban on cryptocurrency trading in Nigeria, there are various career opportunities that presents itself in this market. As the demand for cryptocurrency increases, so too, does the number of cryptocurrency jobs.
Legacy companies continue to embrace cryptocurrencies, which means those organizations will need more experts in the field. Many of these companies are open to working from home from any part of the world-many thanks to COVID-19, and Nigerians can take advantage of this. including Apple, Amazon and PayPal — are looking for people to fill cryptocurrency jobs. For example, Walmart is looking to hire a cryptocurrency expert to lead its digital currency strategy.
According to hiring website Indeed, there has been a recent dramatic uptick in cryptocurrency and blockchain job postings. While the future is looking bright for individuals who want to pursue careers in cryptocurrency, those jobs may disappear if the prices of cryptocurrency plummet, according to Indeed. Whether the cryptocurrency and blockchain industries can survive the highs and lows of the market remains to be seen. But as an expert in this field, I will advise against giving into ‘fear of the unknown’.
Blockchains
Beyond careers in the crypto world, there are also numerous other opportunities in this space are life changing. One of them is in Blockchain. Can you believe that Blockchain expertise is the fastest-growing skill according to the latest skills index and is now one of the hottest in the United States job market?
The demand for people with Blockchain skills is high. Due to its many fields of application, it is looking to hire those who have the skills set to navigate this new technology. Nigerians can earn a desirable income from blockchain technology through mining, collaborating with cryptocurrency companies, or faucets.
Nigerians can also make money by operating cryptocurrency master nodes and earning while playing games. The blockchain industry is lucrative and earning a decent income is a step to living your best life. Now you know the easiest ways to make money with blockchain technology, it’s time to explore the industry.
For organisations at the intersection of business and technology, it’s less about asking, “What is blockchain?” and more about, “How soon can we implement blockchain technologies?” In one Deloitte survey of 1,280 senior executives and practitioners around the world, 73% agreed with the statement, “My organisation will lose an opportunity for competitive advantage if we don’t adopt blockchain and digital assets.” Blockchain is already improving the way businesses operate, from banking and finance, agriculture and supply chain, to government, healthcare and education. As a growing number of organisations adopt the technology, blockchain is increasingly becoming a transferable skill.
NFTs
Yet another way Nigerians can make money from this space is through non-fungible tokens or NFTs for short. This is a very popular concept, which is now making waves in the crypto world. It has been created with the aim of protecting the intellectual properties of many artists and players in the creative arts space. The NFTs have skyrocketed in market value over the past year. Specifically, In 2021, users sent at least $44.2 billion worth of cryptocurrency to ERC-721 and ERC-1155 contracts, the two types of Ethereum smart contracts associated with NFT marketplaces and collections, according to Chainalysis.
Of course, over here, the story of the Nigerian Corps Member who sold the painting of a drummer and a subsequent video of him giving the aged entertainer his share of the proceeds is a very good example that comes to mind. You too can look for good NFT projects if you feel you want to get into them. I think one example of an NFT that performs well on the market is the Bored Ape Yacht Club. So, imagine you got in very early when it was like USD 0.08, you would be telling another story today.
Beyond these opportunities, I tell my students that Nigeria needs Crypto analysts, people who study in-depth and predict the value, demands, patterns, and exchanging volumes of explicit digital forms of money and the whole crypto market. One a good example of this with what I do with Channels Television. We need journalists who understand this space and can better report it, we need content writers, Crypto/blockchain security architects who develop systems to secure their organizations’ technology from fraudulent transactions and outside threats; Crypto or blockchain security architects understand cryptocurrency security issues, including threats, risk mitigation, risk management and best practices for advanced cryptocurrency security, among others. The opportunities are limitless!
These endless possibilities as you have seen are beyond the regular trading. These possibilities are made possible by the technology that powers cryptocurrency. As Mark Zuckerberg puts it, “the basic story of technology in our lifetimes is that it has given us the power to express ourselves”. And this is the exact same power that cryptocurrency and the blockchain offer to users: the power to express yourselves and have power over your personal economy.
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