FG Urged To Support Growth of NFTs, Metaverse

Stakeholders in the Blockchain Technology Industry in Nigeria have called for policies that would avail the growth of Non-fungible Tokens (NFTs) and Metaverse in the country.

The stakeholders appealed during an event organized by the Nigerian-British Chamber of Commerce (NBCC) Technology.

According to the News Agency of Nigeria (NAN), the program convened in Lagos with the theme: “The Future and Challenges of Non-Fungible Tokens (NFTs) and Metaverse in Africa”, identifies with the increasing adoption of the sector by young people in the country.

According to the organizers, there was a need for legislation given the increased participation by young people.

The participants noted that NFTs and the Metaverse pose great opportunities while also harboring risks on another side.

Speaking during the event, the Principal Head, Satoshi, BBO Solicitors, Buki Ogunsakin, stressed the role of regulating the cryptocurrency industry.

According to her, the government needed to arm itself with knowledge based on research and come up with reasonable policies for adequate protection due to the complexities of the metaverse.

Ogunsakin identified the issues with data protection, as well as regulations as the risks associated with the Industry.

“We currently do not have regulations for the space and that’s primarily because there is a lack of understanding due to the complexity of the metaverse.

“On the part of the government, there are also concerns about money laundering because funds are now moving in a decentralized format without the influence of the government or the central bank.

“This is why the government needs to do more research to understand the space and get regulations in place to be able to protect citizens,” she said.

“When we are talking about going into the metaverse, we’re talking about getting biometric information including voice and eye commands as well as sensitive personal information.

“It is a very volatile space. So, there are security risks,” she said.





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