Experts, including facilitators at the third edition of the SBI Media Workshop, believe the adoption of blockchain technologies in media sector is a top forecast for 2023, especially in Africa.

According to a report by Chainanalysis, Africa is home to some of the most well developed markets for the penetration and integration of financial transactions for many users, but beyond the payment for goods and services, blockchain technology is being considered for the opportunities it holds for the media and creative industries.

At the workshop, which held in Ikeja, Lagos, speakers explored possibility of helping young Nigerians capitalise on cutting-edge media opportunities on the blockchain.

With critical concerns such as, how to determine and transfer ownership of media assets, the ease of payments, fraud protection and much more, blockchain offers the capacity to diminish existing challenges, if not, make them disappear completely.

Participants, comprising mostly students, young media professionals and creatives, were taught by a panel of facilitators who shared little-known industry knowledge on how solutions powered by blockchain technology – including Web3 applications – could empower creators to monetise their art better or apply smart contracts to profit from the sales of such pieces of art in perpetuity.

Some of the facilitators include, Opeyemi Awoyemi, the co-founder of Fast Forward Venture Studio, the job-listing site Jobberman, and native Nigerian webhost...