Latin American NFTs Are Booming Amid the Cryptocurrency Boom
People in Latin American countries have been using cryptocurrency to deal with the growing financial and political crises in the last few years. Now, there are more non-fungible tokens (NFT), which are meant to solve real problems and not be used for speculation.
Stablecoins have become the most popular choice for millions of people in Latin America who want to escape the region’s high inflation rate. Mastercard says that 51% of its customers in the area have used cryptocurrency at least once. Click link to the best trading site, as it makes it possible for anyone to invest in cryptocurrencies.
NFTs can be used to do all of these good things. Enigma. art is a decentralized platform that helps well-known traditional Latin American artists in the visual arts, music business, and other creative fields make NFTs. It allows musicians to connect with their fans, whether it’s through meet-and-greet tickets, collectible cards, or memorable songs.
“We discovered NFTs in 2021 and used them to purchase a one-of-a-kind piece of art created by a Latin American artist. When this happened, Facundo was 21, and Manuel was 18. It’s used by more than 5,000 people, and at least 1,500 wallets are connected to it. When people use the platform, they can find original songs and buy them directly from the artists who created them. The artists also get a portion of the price as a royalty. Users can also separate the voice from the instruments and put them back together differently to make a new track.
Conceptual artists like Marta Minujin, who is from Argentina and is famous worldwide, are now using the platform. Minujin is one of the artists who use the site. For her first NFT, she got 24 ETH worth about $30,720. Or Bizarrap, an Argentinian music producer who has already sold his first NFT for 100 ETH ($128,000) as part of a more extensive collection of NFTs that are still being made.
For instance, NFTs give fans early access to a musician’s new songs and a share of ownership over those songs. We’re always coming up with new ways for fans to help their favorite artists.” Added
But in Latin America, NFTs aren’t just about new businesses. Instead, NFT companies in the area are also trying to push innovation in more traditional business areas.
When these plane tickets from the cheap Argentine airline Flybondi are bought, they are tokenized and turned into non-fungible tokens called NFTickets by TravelX, a market for tokenized travel items. In August, TravelX started selling these tickets.
Federico Pastori, the head of sales for Flybondi, said that the company lost money when a customer bought a ticket but couldn’t go on the trip. A user who has bought an NFTicket can use TravelX’s peer-to-peer system to auction, sell, transfer, give, or trade the ticket.
“Think about something important. People could buy many tickets and then resell or auction them for twice as much. “There are so many things you can do with NFTickets,” Pastori said. “Let’s say something significant happened. People could buy many tickets and then resell or auction them for twice as much. Right now, you can buy tickets with fiat currency or USDC by setting up a wallet on TravelX, BinancePay, or, more recently, Lemon, a Latin American cryptocurrency exchange. Both travel and Flybondi charge an extra 2% for every transaction.