NFT Gaining Popularity In Latin America

  • Many Latin American companies are starting to introduce NFT into users’ daily lives.
  • Brazil, Argentina, Colombia, and Ecuador are among the top 20 countries with the highest adoption of cryptocurrencies.

Recently, financial and political crises have been occurring in the world. In this regard, the inhabitants of Latin America have found a powerful tool in the world of cryptocurrencies. This is NFT.

High inflation has forced many residents of Latin America to look for a solution to problems in cryptocurrency. According to Mastercard, 51% of consumers in the region have made at least one transaction using cryptocurrencies. And countries such as Brazil, Argentina, Colombia, and Ecuador are in the top 20 countries with the most extensive distribution of cryptocurrencies.

In developed countries, NFTs have found their audience thanks to such projects as Bored Ape Yacht Club or CryptoPunks, whose NFTs are now quite popular. Latin American companies have chosen a different path for the population in their region. They invest in NFT use cases such as supporting local artists, reselling airline tickets, or donating to nonprofits. Latin American artists can develop their NFT on the Enigma. art platform. Musicians also create on the platform. This marketplace connects artists with their fans, and artists can sell tickets in the form of NFTs.

CEO of . Facundo Migoya said:

“When we came to the cryptocurrency universe in 2021 and found out what NFT is, we wanted to buy an original work of art by an American artist – until we realized that there were practically none. Therefore, they created their own platform to connect fans with their idols. We continue to create and develop new ways for fans to invest in their favorite artists. For example, early access and ownership of the artist’s new songs.”

Also, in Latin America, there is a marketplace for travel products, TravelX, where you can buy tickets for a plane or some large-scale event. For example, when customers bought tickets and could not fly, the money was lost; now, people can sell their tickets three days before the flight.

Imagine if some big event happens, customers can buy several tickets and then sell them for several times more. The possibilities of NFTs are endless.

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