DUBLIN–(BUSINESS WIRE)–the report “South Africa NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” has been added ResearchAndMarkets.com’s Offering.
The NFT industry in South Africa is expected to grow by 50.2% YoY to reach USD 1315.8 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, registering a CAGR of 35.7% during 2022-2028. The NFT use value in the country will increase from USD 1315.8 million in 2022 to reach USD 7420.2 million by 2028.
Over the past 12 months, NFTs have increasingly attracted interest from various South African firms across various industry verticals. Many new developments are unfolding locally as blockchain technology continues to grow globally. While the NFT trend is still in the early stages of development locally, many South African firms are identifying great potential in NFTs. From print media agencies to art galleries, firms from various industries have entered the South African NFT market.
As firms in South Africa continue to become more innovative and identify growth opportunities in the local NFT space, the publisher expects NFTs to be adopted in a wide range of industries, including fashion, real estate, licensing and certifications, as well as in wildlife conservation. where technology can be used to represent in-game assets typically represented by some type of wild animal.
More marketplaces are expected to drive the growth of the South African NFT market. Over the next three to four years, the publisher expects the growth of the South African NFT market to also be driven by the growing number of marketplaces where users can sell, buy and trade NFTs.
Many artists, musicians, fashion, sports, gaming, entertainment and retail brands produce NFTs to engage with customers, consumers and fans. Accordingly, buyers and sellers will look for innovative NFT marketplaces that facilitate trading of NFTs.
Digital artists and musicians drive the NFT market in South Africa. As the South African NFT industry continues to grow, digital artists and musicians are driving the NFT market in the country. South Africans are quite active in buying collectibles and selling art. This has supported the growth of the NFT market over the past 12 months in the country.
As well as digital artists and musicians, tech-savvy charities have also jumped on the NFT bandwagon and are looking to raise funding by auctioning off pieces of history in South Africa. However, the publisher believes that the key factor contributing to the sustainable growth of the NFT market in the country over the next three to four years is building a solid educational foundation among South Africans regarding NFTs.
Prominent South African figures launching NFTs drive market growth and awareness. Globally, celebrities from various industries have entered the NFT space by launching their NFT collection. From movie stars to singers and sports players, everyone has entered the NFT space globally; similar trends are visible in South Africa, where many prominent figures are launching NFTs.
Some of the big names that have entered the South African NFT industry include cricketer AB de Villiers, influencer Diipa Khosla, musician Goldfish and the Kiffness and filmmaker Dan Mace. The entry of these big names into South Africa has fueled the popularity of NFTs among the general public, thus driving market growth over the past 12 months. The publisher expects the trend to continue in the short to medium term as more and more big names enter the NFT space in South Africa.
Art galleries in South Africa are looking to capitalize on the global trend in the NFT market
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In March 2021, Worldart, the South African art gallery, became the first in the country to auction the artwork as an NFT. The artwork for sale was in a GIF file, with moving elements added to a painting from local artist Norman O’Flynn’s acclaimed Timekeeper series.
Companies are raising funding rounds to further accelerate growth in South Africa
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In November 2021, NFTfi, the firm that allows users to use their NFTs as collateral for loans, announced that it had raised $5 million to further accelerate growth in the country. The financing round was led by the early-stage crypto fund 1kx. Maven 11, Sound Ventures, Scalar Capital and Kleiner Perkins were among the other investors.
Auksjonshus collaborates with wine producers to offer wine NFT in South Africa
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In April 2022, Strauss & Co, the main South African auction house, announced that it had entered into a strategic partnership with five of the most respected wine producers in South Africa. Under the strategic partnership, the auction house offered fine wine NFTs. The unique digital contracts consist of past, present and future vintages and include vertical collections of Meerlust Rubicon, Kanonkop Paul Sauer, Klein Constantia Vin de Constance, Mullineux Olerasay and Vilafonte Series C. Notably, each of the NFTs has between 20 and 50 vintages with collections from 66 to 288 bottles.
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South Africa NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
South Africa’s NFT Market Size and Forecast by Key Asset, 2019-2028
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Collectables and art
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Property
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Sport
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Gaming
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Benefit
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Fashion and luxury
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Other
South Africa NFT Market Size and Forecast by NFT Key Collection Objects, 2019-2028
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Digital art
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Music and sound clips
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Videos
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Memes and Gifs
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Other
South Africa NFT Market Size and Forecast by Currency, 2019-2028
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Ethereum
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Solana
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Avalanche
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Polygon
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BSC
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Flow
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Wax
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Ronin
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Other
South Africa NFT Market Size and Forecast by Sales Channel, 2019-2028
South Africa user statistics, 2019–2028
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