Meet Ore Afolayan, the blockchain expert who is assisting crypto traders to access real-time data

Ore Afolayan is a marketing, blockchain, and data analytics expert with a proven track record of success. In this exclusive interview with leading technology platform Technext, he reflects on his early days and discusses his challenges.

His foray into those fields is intriguing. He began in marketing and later learned data analysis (Python) during the COVID-19 lockdown. Following the success of a marketing campaign, he became interested in using data tools to interpret and visualize marketing data and insights. That wasn’t enough to keep him from becoming immersed in the burgeoning world of Blockchain technology and cryptocurrency. He became enamored with the concept of Decentralized Finance and began to conduct research.

“Due to the explosion of cryptocurrency, a couple of people made lots of money. However, many others lost money. This was a time to help people get access to real-time data that enables them make smarter decisions and not to jump on a coin because it’s pumping at that moment. So, I married the knowledge of data analysis with my new love in Blockchain, to form my latest interest; Blockchain Research Analysis.”

Ore Afolayan

Before speaking with Afolayan, we noticed he was recently featured in “22 LinkedIn influencers to watch in 2022,” and we knew we were dealing with a notable individual.

“It was a really nice feeling to be recognized,” he says. I had no idea people were watching me.

“I was just showing up every day, posting about Marketing and Blockchain, and then all of a sudden, I was recognized.” It essentially talks about showing up and being consistent in what you enjoy doing.”

Behind Ore’s well-known moniker – Mr Miyagi of Marketing – there is an intriguing allusion. It was inspired by the popular film ‘Karate Kid,’ which starred Mr Miyagi as the main character.

Mr Miyagi is a fictional karate master who taught children how to fight karate and used novel methods to ensure that the children understood what he was teaching.

“So, I reasoned, if Mr Miyagi could devise ways to ensure students understood what he taught, why not use a similar name when teaching students Marketing, just as I went to great lengths to ensure my students understood what I taught?”

His foray into the crypto world

Ore entered the cryptoverse during his MSc program at the University of Ibadan in 2016/2017. He was introduced to cryptocurrency by a friend, but what drew him in was the blockchain’s decentralized nature and the vast opportunities it offered.

“I was ecstatic about the prospect of making your money work for you.” The concept of passive income appealed to me, and I wanted to be a part of something that was expected to grow in the future.”

Cryptocurrency in Nigeria

According to global statistics, cryptocurrency has performed quite well in Nigeria. Nigerians are among the most active cryptocurrency users. From payments for freelancer services to attempting to beat bank fees to hedging earnings against inflation, there is something for everyone. Nigerians, on the other hand, have encountered difficulties along the way. According to Ore:

“Government Regulation is the most significant impediment to cryptocurrency adoption in Nigeria.” Because cryptocurrency is not legal tender, it is difficult to persuade the average trader to accept it as payment. Not only that, but the strict CBN laws prohibiting cryptocurrency trading in Nigeria make it illegal to trade cryptocurrency in Nigeria.

These crypto-related regulations and sanctions have had some negative effects and consequences. One of them is Nigerian crypto companies that incorporate abroad and leave Nigeria’s shores to establish offices elsewhere. Yellow Card, a bitcoin wallet app that has abandoned Nigeria in order to focus on Cameroon, Kenya, and other West African countries, is one example.

“If the regulation and ban remain in place, it will become more difficult for freelancers to receive payments from clients in other countries.” It will also have an impact on goods imports and exports because payments will become a barrier at the point of trade.”

Despite these obstacles, crypto and bitcoin continue to grow in popularity among Nigerians. Ore joins an impressive list of those who believe that the rate at which cryptocurrency will scale economic development will be unfathomable.

“The prospects and possibilities of cryptocurrency are limitless. From receiving payment from all over the world to ordering goods from China and other manufacturing companies.”

Ore Afolayan

Afolayan’s startups

Ore has founded and co-founded a number of businesses. Reni and TOA are the most well-known of them.

Reni is a Blockchain research startup that aggregates cryptocurrency-based data. Crypto traders/hodlers can make better financial decisions with their insights. They also provide training and consultation, and they recently launched a Web3.0 Writing Competition to make research, studies, and essays on cryptocurrency available to the general public.

Ore has also led TOA to be named one of the Emerging 100 SMEs in 2019 (ConnectNigeria), one of the Top 10 Marketing Firms in 2021 (worldleaders.com), and to receive several other nominations and recognitions.

TOA Marketing is a marketing firm that assists businesses in increasing their profits and achieving their goals. They also provide youth with the skills necessary to become better marketers.

These enormous strides and accomplishments, however, must be accompanied by their own set of challenges.

Web3

Examining Ore’s social media profiles and activities reveals that he is a fervent supporter of the trendy and divisive concept known as Web3. According to him, Web3 is a new form of the Internet that leverages concepts such as decentralisation (interconnected system of networks) and tokens (coins, NFTs), and Nigerians can benefit from this technology because it helps hedge earnings against rising inflation in Nigeria.

“Instead of signing up for Facebook or another social media app, you can use Blockchain technology to write and read data.” Unlike social media platforms, which are owned by a corporation or a Tech Bro (Mark Zuckerberg), no one owns this technology. This technology belongs to all of us, and we are all creators, writers, and readers of it. Whatever changes we make in one place on the Blockchain are reflected elsewhere. So, if you buy a coin right now, anyone on the planet can see what you bought and how much you paid. It’s not like it’s a private matter between you and your bank.”

Ore Afolayan also revealed that one of the challenges he faces in the entrepreneurial space is access to talent and funding, and he looks forward to scaling Reni, forging more strategic partnerships, and venturing into consulting and lecturing in the near future.