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Cryptocurrencies have influenced people all over the world. While it might look like the biggest influence they had over people in Asia or the United States, the contrary is true. Cryptocurrencies have spread into every corner of the world, while establishing a pretty strong presence in Africa as well.
Some believe that especially in Africa, cryptocurrencies have the power to change the everyday lives of people. One of the projects that is trying to achieve exactly that is AFEN Blockchain, a relatively new cryptocurrency called AFEN Coin that aims to help people in Africa especially in art, real estate and education.
What is AFEN Blockchain?
AFEN Blockchain is the new exciting cryptocurrency project from Africa that aims to help the continent. AFEN wants to become a leading hub for African Blockchain-related collaborations focusing on three fields, namely art, real estate and education. This should be done through Binance Smart Chain and its smart contract.
Through the inclusion of blockchain technology, AFEN wants to eliminate three current problems and challenges that are present in these three sectors. These are high middleman fees, dishonest transactions and undervaluation of African arts. That is why AFEN wants to create a NFT platform that will serve as a marketplace where the users can come to buy, mint or sell NFTs.
Thus, overall, the project should be able to not only help people in Africa with property rights and financial inclusion, but also with spreading of the crypto adoption and bringing it to the people that need it the most. Let’s take a closer look at how they want to achieve it with each of the three categories mentioned previously.
In its whitepaper, AFEN shows that while arts are predominantly offline business, its online sector is quickly developing. And while traditionally the African culture and art have thrived, it has been challenged due to various factors such as the difficulty to preserve the value of the arts. However, a move to the online world would help solve many issues for the local artists, which they cannot solve on their own in the real world.
According to AFEN, Asia and Africa are the driving forces behind the expansion of post-secondary graduates and K12 graduates. However, sub-Saharan Africa has the highest level of exclusion of education, with one in five children aged between 6-11 being out of school. For the ages of 11-14 the number goes as high as one in three, and with 15-17 it’s almost two in three. Ease of education, especially online and verifiable certificates issued on blockchain as NFTs can help solve this problem.
However, that is not everything from this project. AFEN Blockchain wants to help with education as well, which is why it has created educational courses. Additionally, all the certificates from the crypto courses will be published to the blockchain and the attendees will receive them in the form of NFT. After completion, the users will also gain the native token of this platform, AFEN, which will be discussed more in the tokenomics section.
High value assets such as real estate were not possible to be transferred digitally before. However, that has changed with the blockchain and is now one of the reasons why AFEN is willing to work on inclusion of the African real estate ecosystem in the overall economy. Thanks to blockchain platforms, real estate can be tokenised and traded such as different cryptocurrencies. Through this, cutting off the middleman is possible, which would lead to better deals for both, the buyers as well as the sellers.
So far, the project has been endorsed in Africa by both, Nigerian Tourism Development Corporation as well as Plateau State Information and Communication Technology Development Agency, by the Plateau state government in Nigeria.
The team behind this project is full of young enthusiastic people. Nevertheless, they do not lack the experience or expertise, since many of them have previously worked at interesting positions for very lucrative companies. The CEO of AFEN Blockchain, Deborah Ojengbede, for instance has experience at positions such as Business Development, Project Management, or Strategy & Innovation. Keith Mali Chung, Chairman Advisory Board of AFEN has experience in developing blockchain products and services, while Ibidoyin Aina, legal advisor, is a member of Chartered Institute of Arbitrators in the United Kingdom.
The team also includes Avinash Sengar, Bukola Akinpelu, David Saba or Onyinye Okoye. Moreover, the team is also currently hiring for different roles, which might be an interesting opportunity for people especially from Africa to join a new exciting project that is connected to cryptocurrencies, DeFi or NFTs.
When it comes to tokenomics, there seem to be some discrepancies when it comes to the total supply. While different cointracking websites such as CoinMarketCap state the total supply at 850,000,000 AFEN tokens, the official website shows the total supply to be 800,000,000 AFEN.
As of now, the reported circulating supply is somewhere around 150M AFEN, with the market cap of less than 100,000 dollars, with fully diluted market cap of about half a million dollars. The fact that the trade volume is about 50,000 dollars does not help the project at all. The combination of low market cap as well as low trading volume only shows that currently, there is no interest in the project so far.
Yet, during the launch of the token, the buy-in demand for the token was extremely huge. On 20th April of 2021, when the token was launched on Julswap, it sold out in less than five minutes.
Nevertheless, the AFEN token was created by the project for several reasons. The first one is staking, which the AFEN allows for. The interest that these tokens pay will be solely based on the time of the “lock-up” period. The longer the lock-up period, the higher the interest that the stakers will earn on their AFEN.
Find out more about Defi and staking here “What is DeFi?”
AFEN will also offer the possibility of transactions, obviously, which could then bring some money back to the buyers. The cashback on transactions with AFEN is expected to be somewhere between 1-2%, and the users should be able to use it at the AFEN Marketplace. Moreover, there will be an option of paying with the token for the educational course.
AFEN is also thinking about allowing educators to upload content to their platform. In exchange for this service, the educators would be able to earn AFEN, based on every completion their course gets, thus incentivising content creators to bring the best quality courses to the platform.
Over the next few months, the project has some interesting plans according to its Roadmap. Most of them are just shortly mentioned and not somehow explained, but by the end of 2022, AFEN Blockchain wants to launch its NFT Marketplace, introduce the first batch of courses to BloomOne or have its own NFT conference. Yet, more details on all of these, and many other goals that AFEN Blockchain has on its roadmap, have not been specified.
This project is one from the new wave of cryptocurrencies emerging from this continent amidst the increasing adoption of cryptocurrencies in Africa. AFEN is mostly focused on the needs of the people and wants to solve their problems mostly in three areas: arts, education and real estate. With some interesting plans, the investors still need to stay cautious about the whole development of the project, since it is only in its beginnings, but the future might be brighter than it looks.
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