Inflation has consumed all the reserves of Venezuelans for years. What they earn today may be worthless tomorrow. The Bolivar, the currency of Venezuela, has been in free fall for years. Against hyperinflation, entrepreneurs and the socialist government are betting on digital currencies. Many people with cryptocurrencies have thus been regaining some independence, taking into account that most Venezuelans today convert their reserves into dollars.
According to statistics, 66% of all transactions already take place in dollars, but cryptocurrencies, in other hyper-inflationary countries such as Zimbabwe, are also very popular. In Venezuela, it is mainly the middle and upper classes who pay or save with cryptocurrencies. Internet connection is often very poor in some parts of the country, even in large cities. Today the growth of cryptocurrencies is going even further with the explosion of NFTs, which in recent months have been involved in sectors interested in using blockchain technology to coin works, objects, or moments that are unique to the society.
This June 25, 2021 Venezuela has announced the launch of its first NFT as a country, in the globally known exchange of NFT’s Rarible, an NFT market that allows you to mint, buy and sell digital collectibles without the need for coding knowledge. The news was announced by Joselit Ramírez, national superintendent of crypto assets in the Latin American country on his twitter account, where he has indicated that his creation has been the reason for the commemoration of the “Bicentenario de la Batalla de Carabobo”.
The auction has an initial price of 10,000 US dollars, in this way Venezuela becomes the first country in Latin America to tokenize a momentous moment for society, such as the “Batalla de Carabobo”, which is a historical moment that has a lot of impact on the country and has been important for its independence.
With this announcement, Venezuela is ratified as one of the countries that globally adopted the use of crypto assets within its economy at an early stage. Venezuela on the other hand has also become an important Latin American region where a large number of users are registered in one of the most important exchanges such as Binance. We know that Binance recently launched its NFT platform, so this could generate more impact in the country and give more entry to the exchange of NFTs in Venezuela.
A non-fungible token (NFT) is a special type of encrypted token that represents unique collectibles. An NFT is used in specific applications that require unique digital items, such as encrypted art, digital collectibles, and online games. In contrast to fungible tokens that can be exchanged with each other because they have the same value, similar to a simple exchange between bills of the same denomination. If you want to know more about NFTs, BSCTIMES has detailed information in an article about this.