Latin America is one of the leading regions the world in ownership of NFTs (Non Fungible Tokens) and many of the innovators of this movement are women. NFTs are attractive for many in Latin America because they are seen as affordable investments that provide utilities to their owners while hedging against inflation and volatile market conditions.
And Colombia provides a prime example of this new economic direction.
“Blockchain and cryptocurrencies have been seen as an alternative to protecting wealth,” said Economist Carolina Cifuentes. “Latin American economies see their local fiat currencies depreciate at a faster rate than anywhere else in the world. We’ve seen this in Argentina, Venezuela, and Colombia.”
“It is estimated that more than 3 million people in Colombia own cryptocurrencies. It is likely that this figure is underestimated since a large amount of these transactions can be anonymous,” said Cifuentes. “According to the last research conducted by Finder, 8% of Colombian adults with access to the internet own an NFT.”
Blockchain development is being supported by local banks and governments, the most famous example being El Salvador accepting Bitcoin as a legal currency.
Cifuentes also argued against a misconception common in developed countries that costs of NFTs and Cryptocurrency can be a barrier to entry in Latin America as there are many options at lower price points, that of Populart being an example. It is also a way for artists to gain traction for their art outside of their home countries, something difficult without access to major galleries and museums.
A bit of the Popularte Collection of NFTs that celebrate Latino culture and trailblazers.
Popularte is an NFT collection that seeks to give more relevance to Hispanic talent and culture on the web3 and NFT spaces. Populart is a minimalist pop art collection with 5454 unique NFTs. Populart highlights the talent and character of the Hispanic culture…
