Venezuela tops NFT auction charts for Latin countries

TL;DR Breakdown

• Digital artist believes that NFTs provide various opportunities for Venezuelans.
• Venezuela is one of the first Latin countries to use the cryptocurrency market without restrictions.

For a few months now, the NFT trend has been fully imbibed in Venezuela. Trading in non-fungible tokens is crossing borders, going from being useful for artists in Europe to helping fans in the Caribbean country. According to reports, citizens are using the virtual market to offer their pieces and thus generate income that will serve as a source of help to defeat the economic conflicts that the country is going through.

It is important to know that Venezuela has been in economic decline for more than five years. Its citizens are constantly struggling with the devaluation of their local currency against the dollar. On several occasions, it has been reported that the Latin country has a great attraction towards cryptocurrencies and all alternative technologies, including NFTs.

Artist in Venezuela takes advantage of the NFTs rise

Andrés Piña, a young artist from Venezuela, said that the NFT trade has enough potential to make art lovers famous. Piña presents abstract works on cement and brick surfaces, but recently he has decided to take his pieces to a virtual form and thus be able to obtain cryptocurrencies. The painter indicates that thanks to the NFT trade, he has been able to take his works to other territories and not only in the country where he grew up.

Within the non-fungible tokens collections, the works could be auctioned at a direct value or can also be subject to negotiations between fans. It is good to know that each NFT contains a virtual certification and a contract specifying the image authenticity.

NFT auctions bring good profits to Venezuelans

Trade with NFTs dominates Venezuela, knowing that the Caribbean country is undergoing a serious economic crisis. The country is rich in virtual artists who do their best to show their emotions through a piece that will eventually be auctioned as NFT. Not only has Piña made its debut with the NFTs and Oscar Olivares and his collection “Golden Arepa NFT.”

Olivares said that NFTs are a brilliant trading option this year because they do not restrict anyone’s access. The artistic developer indicates that even a child can participate in virtual auctions, either as an artist or an NFTs buyer.

Venezuela is also known as one of the first Latin countries to use cryptocurrencies. The country’s policies against cryptos are inconclusive, which generates a virtual free market. It is common for Venezuelans to adopt cryptocurrencies because the Bolívar, their fiat currency, is subject to a large devaluation.

The NFT fans in Venezuela will continue to increase in population if the government does not impose any restrictions or regulations on cryptocurrencies. It is expected that soon, new virtual auctions of citizens with great talent but with an uncertain destiny at the economic level will come to the fore.