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What is NFT and What You Need to Know About it

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What Is NFT

By Kenneth Horsfall

What is an NFT? An NFT is a non-fungible token (NFT), a non-interchangeable unit of data stored on a blockchain, a form of digital ledger that can be sold and traded.

Types of NFT data units may be associated with digital files such as photos, videos, and audio because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin.

NFT ledgers claim to provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain. NFTs do not restrict the sharing or copying of the underlying digital files, do not necessarily convey the copyright of the digital files, and do not prevent the creation of NFTs with identical associated files.

NFTs have been used as a speculative asset, and they have drawn increasing criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams and claimed structure of the NFT market to be a Ponzi scheme.

An NFT is a unit of data stored on a digital ledger called a blockchain, which can be sold and traded. The NFT can be associated with a particular digital or physical asset (such as a file or a physical object) and a license to use the asset for a specified purpose. An NFT (and, if applicable, the associated license to use, copy or display the underlying asset) can be traded and sold on digital markets. The extra-legal nature of NFT trading usually results in an informal exchange of ownership over the asset that has no legal basis for enforcement, often conferring little more than use as a status symbol.

How Is an NFT Different from Cryptocurrency?

NFTs function like cryptographic tokens, but, unlike cryptocurrencies such as Bitcoin or Ethereum, NFTs are not mutually interchangeable, hence not fungible.

While all Bitcoins are equal, each NFT may represent a different underlying asset and thus may have a different value. NFTs are created when blockchains string records of cryptographic hash, a set of characters identifying a set of data, onto previous records, therefore, creating a chain of identifiable data blocks.

This cryptographic transaction process ensures the authentication of each digital file by providing a digital signature that is used to track NFT ownership. However, data links that point to details such as where the art is stored can be affected by link rot.

NFTs are different. Each has a digital signature that makes it impossible for NFTs to be exchanged for or equal to one another (hence, non-fungible). One NBA Top Shot clip, for example, is not equal to EVERYDAYS simply because they’re both NFTs. (One NBA Top Shot clip isn’t even necessarily equal to another NBA Top Shot clip, for that matter.)

How Does an NFT Work?

NFTs exist on a blockchain, which is a distributed public ledger that records transactions. You’re probably most familiar with blockchain as the underlying process that makes cryptocurrencies possible.

Specifically, NFTs are typically held on the Ethereum blockchain, although other blockchains support them as well.

An NFT is created or “minted” from digital objects that represent both tangible and intangible items, including:

  • Art
  • GIFs
  • Videos and sports highlights
  • Collectibles
  • Virtual avatars and video game skins
  • Designer sneakers
  • Music

Even tweets count. Twitter co-founder Jack Dorsey sold his first-ever tweet as an NFT for more than $2.9 million.

Essentially, NFTs are like physical collector’s items, only digital. So instead of getting an actual oil painting to hang on the wall, the buyer gets a digital file instead.

They also get exclusive ownership rights. That’s right: NFTs can have only one owner at a time. NFTs’ unique data makes it easy to verify their ownership and transfer tokens between owners. The owner or creator can also store specific information inside them. For instance, artists can sign their artwork by including their signature in an NFT’s metadata.

Early History of NFT (2014–2017)

The first known “NFT”, Quantum, was created by Kevin McCoy and Anil Dash in May 2014, consisting of a video clip made by McCoy’s wife, Jennifer. McCoy registered the video on the Namecoin blockchain and sold it to Dash for $4, during a live presentation for the Seven on Seven conference at the New Museum in New York City. McCoy and Dash referred to the technology as “monetized graphics”.

A non-fungible, tradable blockchain marker was explicitly linked to a work of art, via on-chain metadata (enabled by Namecoin). This is in contrast to the multi-unit, fungible, metadata-less “coloured coins” of other blockchains and Counterparty.

In October 2015, the first NFT project, Etheria, was launched and demonstrated at DEVCON 1 in London, Ethereum’s first developer conference, three months after the launch of the Ethereum blockchain. Most of Etheria’s 457 purchasable and tradable hexagonal tiles went unsold for more than five years until March 13, 2021, when renewed interest in NFTs sparked a buying frenzy. Within 24 hours, all tiles of the current version and a prior version, each hardcoded to 1 ETH ($0.43 at the time of launch), were sold for a total of $1.4 million.

The term “NFT” only gained currency with the ERC-721 standard, first proposed in 2017 via the Ethereum GitHub, following the launch of various NFT projects that year. The standard coincided with the launch of several NFT projects, including Curio Cards, CryptoPunks (a project to trade unique cartoon characters, released by the American studio Larva Labs on the Ethereum blockchain) and rare Pepe trading cards.

Increased Public Awareness of NTF (2017–Present)

The 2017 online game CryptoKitties was monetized by selling tradable cat NFTs, and its success brought some public attention to NFTs.

The NFT market experienced rapid growth during 2020, with its value tripling to $250 million. In the first three months of 2021, more than $200 million were spent on NFTs.

In the early months of 2021, interest in NFTs increased after a number of high-profile sales and art auctions.

Copyright of NFT

Ownership of an NFT does not inherently grant copyright or intellectual property rights to the digital asset a token represents. While someone may sell an NFT representing their work, the buyer will not necessarily receive copyright privileges when ownership of the NFT is changed and so the original owner is allowed to create more NFTs of the same work. In that sense, an NFT is merely proof of ownership that is separate from copyright.

According to legal scholar Rebecca Tushnet, “In one sense, the purchaser acquires whatever the art world thinks they have acquired. They definitely do not own the copyright to the underlying work unless it is explicitly transferred.”

To be continued…

My name is Kenneth Horsfall and I’m the creative director and founder of K.S. Kennysoft Studios Production Ltd, fondly called Kennysoft STUDIOs, a Nigerian Video and Animation Production Studio. I am also the founder and lead instructor at Kennysoft Film Academy and can be reached via di******@*************io.com

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Meta Expands Business Agent to Instagram, WhatsApp, Messenger

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Meta Business Agent

By Aduragbemi Omiyale

The reach of the Meta Business Agent is being expanded to Instagram and other platforms of the social media giant.

Meta Business Agent is an artificial intelligence (AI) that allows business owners to attend to customers’ needs with ease.

Customers expect instant responses, but no team can be everywhere at once. This innovation handles such without hassles.

It helps businesses to answer questions specific to the business, makes product recommendations from the catalogue, books appointments, qualifies incoming leads, and closes sales.

More than one million businesses are already using a Meta Business Agent on WhatsApp and Messenger to respond to customers around the clock.

“We’re now expanding our Business Agent to businesses big and small globally, so within minutes you can have yours up and running, responding in your customer’s local language using your tone,” Meta said in a statement.

“We’re also expanding these agents to Instagram since businesses connect with their customers there, too. Businesses can activate their Business Agent here. Getting started with the Business Agent is free. In the coming months, businesses will access the agent through our paid subscription offerings, with options for businesses of every size,” it added.

Meta also stated that it is making it simpler for people to discover businesses powered by a Meta Business Agent directly on WhatsApp. It noted that starting soon, people will be able to find businesses by typing their name in the Search bar, or by sharing their phone number or contact card in chats with friends and family. This way, when more customers reach out, they get a quick, helpful response.

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Lagos Eyes 250MW Data Centre Capacity by 2030

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Datacentre Investment1

By Adedapo Adesanya

The Lagos State government plans to expand the city’s data centre capacity to over 250 megawatts (MW) by 2030 as part of efforts to strengthen its digital infrastructure ecosystem.

This was disclosed by the state’s Commissioner for Innovation, Science, and Technology, Mr Olatubosun Alake, at the launch of the Kasi Cloud LOS1 data centre facility in Lekki. Nigeria Sovereign Investment Authority (NSIA) invested in Kasi Cloud through an $8 million convertible loan note in 2021.

Mr Alake said Lagos already hosts nearly three-quarters of Nigeria’s commercial data centre capacity, adding that the government intends to expand its infrastructure footprint significantly over the next five years.

“There are about 146 additional megawatt data centres planned in the pipeline,” he said. “We envisage that by 2030, we would have over 250 megawatts of data centre capacity in Lagos, three times the current capacity growth.”

The expansion comes as demand for cloud services, AI computing power, and local data storage continues to grow across Nigeria’s digital economy, with Lagos at the forefront, housing thousands of businesses and startups.

Mr Alake said the Kasi Cloud facility represents Lagos’ entry into “large-scale hyperscale AI infrastructure,” signalling the state’s ambition to evolve beyond being known primarily as a startup hub into a major centre for digital infrastructure and AI computing.

“Lagos is no longer simply a startup city,” he said. “It is an infrastructure city.”

The Kasi LOS1 facility is designed as a 40MW hyperscale data centre campus, beginning operations with an initial 7.2MW IT load.

According to Mr Alake, the facility includes advanced GPU computing infrastructure powered by Nvidia H100 and H200 chips, alongside liquid cooling systems and cloud infrastructure services designed to support AI workloads.

The Lagos State government believes such infrastructure will become critical as AI adoption accelerates globally.

Mr Alake said the state is investing in fibre optic networks, smart city technologies, university innovation programmes, and digital government systems to prepare for the transition.

“The AI economy is going to require hundreds of megawatts,” he said. “The market has already made its decision about where digital infrastructure belongs.”

On his part, Mr Johnson Agbogun, co-founder and chief executive officer of Kasi Cloud, said the project was built to reduce Nigeria’s dependence on foreign cloud infrastructure and give African businesses more control over how their data and AI systems are developed.

“Nigerian enterprises are currently spending $850 million every year on foreign cloud infrastructure,” he said. “Every naira spent abroad on cloud and AI infrastructure helps build capabilities somewhere else.”

He added that the facility runs GPU-powered AI workloads from local enterprises and described the Lekki campus as “the beginning of Nigeria’s AI factory.”

“As artificial intelligence reshapes economies globally, the nations that control their own compute infrastructure and data will be the ones positioned to lead,” added Mr Kolawole Owodunni, NSIA’s Executive Director and Chief Information Officer.

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Google I/O 2026: 4 Major Updates That Are Changing How Google Search Works

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google nigeria

The goal of Google Search has always been simple: to help you ask anything on your mind. Whether it is a quick fact to help with your daily hustle or a complex question about starting a new business, Nigerians rely on Search every single day.

Over the last year, Google has rapidly reimagined what Search can do with AI. The momentum has been incredible—just one year after its debut, AI Mode has surpassed one billion monthly users globally. As people have realised just how much more Search can do for them, they are searching more than ever before, reaching an all-time high in search queries last quarter. Today at Google I/O, Google shared the next step in its journey to bring together the best of a search engine with the best of AI.

To power this next chapter, Google is officially upgrading Search with Gemini 3.5 Flash as the new default model in AI Mode for everyone worldwide. Delivering sustained frontier performance for agents and coding, Gemini 3.5 Flash is the engine driving the new era of AI-powered Search. Because curiosity doesn’t always fit into standard keywords, this powerful AI model is transforming Search from a tool that simply finds information into an intelligent platform capable of reasoning, monitoring the web, and executing complex tasks on your behalf.

Here is a look at the four biggest AI-powered announcements coming to Google Search:

1. A Completely Reimagined Search Box

Google is introducing the biggest upgrade to its Search box in over 25 years. Now completely reimagined with AI, the new intelligent Search box dynamically expands to give you the space to describe exactly what you need. It goes beyond simple autocomplete by anticipating your intent and helping you phrase your questions. You are no longer limited to typing; you can now search using text, images, files, videos, or even Chrome tabs as inputs. Additionally, Google is making it easier to ask follow-up questions directly from an AI Overview, flowing naturally into a conversational back-and-forth where your context stays with you as you explore.

2. New Search Agents That Work in the Background

We are entering the era of Search agents, where you can create and manage multiple AI agents directly in Search. Google is launching “Information agents” that operate in the background 24/7. These agents intelligently scan the web—alongside fresh data on finance, shopping, and sports—to monitor for changes related to your specific questions. For example, if you are house hunting, your agent will continuously scan the market and notify you the moment a listing matches your exact criteria. Furthermore, Search is expanding its agentic booking capabilities; you can soon share specific criteria (like a late-night private karaoke room) and Search will pull the latest pricing and links to finish booking. For certain categories, Google can even call businesses on your behalf.

3. Custom Mini-Apps and Visuals Built Just for You

Search is no longer just returning links; it is now building the ideal response in the perfect format for your query entirely on the fly. By bringing the power of Google Antigravity and the agentic coding capabilities of Gemini 3.5 Flash into Search, users will get a custom “Generative UI.” This means Search can design custom layouts, interactive visuals, tables, graphs, or simulations in real-time. But it goes a step further: if you have an ongoing task, like establishing a new health routine, Search can actually code a custom fitness tracker or mini-app for you. These custom dashboards tap into real-time sources like live maps and weather, giving you a personalised tracker you can return to again and again.

4. Expanded Personal Intelligence Without a Subscription

For AI to be truly helpful, it shouldn’t just know the world’s information—it should understand your personal context, too. To achieve this, Google is expanding Personal Intelligence in AI Mode to more people in nearly 200 countries and territories across 98 languages. Crucially, this is being rolled out with no subscription required. Users can securely connect apps like Gmail, Google Photos, and soon Google Calendar directly to Search. Designed with transparency and choice at its heart, this allows you to safely ask Search to find information buried in your own personal files, always keeping you in complete control of your connected data.

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