According to the Q2 2022 NFT Survey, NFT industry in South Africa is expected to grow by 50.2% on an annual basis to reach US$1315.8 million in 2022.
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.7% during 2022-2028. The NFT Spend Value in the country will increase from US$1315.8 million in 2022 to reach US$7420.2 million by 2028.
Over the last 12 months, NFTs have increasingly drawn interest from various South African firms across different industry verticals. Many new developments are unfolding locally as blockchain technology continues to grow globally. While the NFT trend is still in its early stages of development locally, many South African firms are identifying huge potential in NFTs. From print media agencies to art galleries, firms across 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 the adoption of NFTs 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 a 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 that the growth in the South African NFT market will 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 are producing NFTs to engage with customers, consumers, and fans. Consequently, buyers and sellers would be looking for innovative NFT marketplaces that make it easier to trade in NFTs.
Digital artists and musicians are driving 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 fairly active in buying collectibles and selling art. This has supported the growth of the NFT market over the last 12 months in the country.
Besides digital artists and musicians, tech-savvy charities have also jumped on the NFT bandwagon and are looking to raise funding by auctioning 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 are driving the market growth and awareness. Globally, celebrities across different industries have entered the NFT space by launching their NFT collection. From film stars to singers and sports players, all have 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 in South Africa has propelled the popularity of NFT among the general public, thereby driving the market growth over the last 12 months. The publisher expects the trend to continue from the short to medium-term perspective as more and more big names enter the NFT space in South Africa.
This report provides in-depth, data-centric analysis of NFT Market in South Africa and below is the summary of key market segments:
The NFT industry is expected to grow steadily over the forecast period, recording a CAGR of 35.7% during 2022-2028. The NFT Spend Value in the country will increase from US$1315.8 million in 2022 to reach US$7420.2 million by 2028.
Over the last 12 months, NFTs have increasingly drawn interest from various South African firms across different industry verticals. Many new developments are unfolding locally as blockchain technology continues to grow globally. While the NFT trend is still in its early stages of development locally, many South African firms are identifying huge potential in NFTs. From print media agencies to art galleries, firms across 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 the adoption of NFTs 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 a 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 that the growth in the South African NFT market will 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 are producing NFTs to engage with customers, consumers, and fans. Consequently, buyers and sellers would be looking for innovative NFT marketplaces that make it easier to trade in NFTs.
Digital artists and musicians are driving 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 fairly active in buying collectibles and selling art. This has supported the growth of the NFT market over the last 12 months in the country.
Besides digital artists and musicians, tech-savvy charities have also jumped on the NFT bandwagon and are looking to raise funding by auctioning 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 are driving the market growth and awareness. Globally, celebrities across different industries have entered the NFT space by launching their NFT collection. From film stars to singers and sports players, all have 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 in South Africa has propelled the popularity of NFT among the general public, thereby driving the market growth over the last 12 months. The publisher expects the trend to continue from the short to medium-term perspective as more and more big names enter the NFT space in South Africa.
Art galleries in South Africa look to capitalize on the global trend in the NFT market
- In March 2021, Worldart, the South African art gallery, became the first in the country to auction the artwork as NFT. The artwork for sale was in a GIF file, with moving elements added to a painting of local artist Norman O'Flynn's acclaimed Timekeeper series.
Firms are raising funding rounds to further accelerate their growth in South Africa
- In November 2021, NFTfi, the firm that allows users to use their NFTs as collateral for loans, announced that it had raised US$5 million to further accelerate its growth in the country. The funding round was led by early-stage crypto fund 1kx. Maven 11, Sound Ventures, Scalar Capital, and Kleiner Perkins were among the other investors.
Auction houses are partnering with wine producers to offer wine NFT in South Africa
- In April 2022, Strauss & Co, the principal South African auction house, announced that it had entered into a strategic collaboration with five of the most respected wine producers in South Africa. Under the strategic partnership, the auction house offered fine wine NFTs. Consisting of the past, present, and future vintages, the unique digital contracts encompass vertical collections of Meerlust Rubicon, Kanonkop Paul Sauer, Klein Constantia Vin de Constance, Mullineux Olerasay, and Vilafonté Series C. Notably, each of the NFTs holds between 20 and 50 vintages having collections from 66 to 288 bottles.
Scope
This report provides in-depth, data-centric analysis of NFT Market in South Africa and below is the summary of key market segments:
South Africa NFT Market Size and Future Growth Dynamics by Key Performance Indicators, 2019-2028
South Africa NFT Market Size and Forecast by Key Assets, 2019-2028
- Collectibles and Art
- Real Estate
- Sports
- Gaming
- Utility
- Fashion & Luxury
- Other
South Africa NFT Market Size and Forecast by Key NFT Collectible Assets, 2019-2028
- Digital Art
- Music & Sound Clip
- Videos
- Memes & Gif
- Other
South Africa NFT Market Size and Forecast by Currency, 2019-2028
- Ethereum
- Solana
- Avalanche
- Polygon
- BSC
- Flow
- Wax
- Ronin
- Other
South Africa NFT Market Size and Forecast by Sales Channels, 2019-2028
- Primary
- Secondary
South Africa User Statistics, 2019-2028
Reasons to buy
- Based on data and analysis, develop country-level strategies.
- Identify investment opportunities in growth segments.
- Exceed competition by incorporating forecast data as well as market trends.
- Use the relationships between major data sets with valuable insights to improve strategy.
- Appropriate for providing accurate, high-quality data and analysis to support internal and external presentations.
Table of Contents
1 About this Report1.1 Summary
1.2 Methodology
1.3 NFT Definitions
1.4 Disclaimer
2 South Africa NFT Market Size and Future Growth Dynamics by Key Performance Indicators
2.1 South Africa NFT - Total Sales Spend Value Trend Analysis, 2019 - 2028
2.2 South Africa NFT - Total Sales Spend Volume Trend Analysis, 2019 - 2028
2.3 South Africa NFT - Average Value Per Transaction Trend Analysis, 2019 - 2028
3 South Africa NFT Key Market Insight and Innovation
3.1 Consumer Behavior
3.2 Competitive Landscape and Growth Strategies
3.3 Regulation Trends
4 South Africa NFT Market Size and Forecast by Key Assets
4.1 South Africa NFT Market Share by Key Assets (%), 2021 Vs. 2028
4.2 South Africa NFT Collectibles and Art Trend Analysis, 2019 - 2028
4.3 South Africa NFT Real Estate Trend Analysis, 2019 - 2028
4.4 South Africa NFT Sports Trend Analysis, 2019 - 2028
4.5 South Africa NFT Gaming Trend Analysis, 2019 - 2028
4.6 South Africa NFT Utility Trend Analysis, 2019 - 2028
4.7 South Africa NFT Fashion and Luxury Trend Analysis, 2019 - 2028
4.8 South Africa NFT Other Assets Trend Analysis, 2019 - 2028
5 South Africa NFT Collectibles and Art Market Size and Forecast by Key Assets
5.1 South Africa NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
5.2 South Africa NFT Collectibles and Art - Digital Art Spend Value Trend Analysis, 2019 - 2028
5.3 South Africa NFT Collectibles and Art - Music & Sound Clip Spend Value Trend Analysis, 2019 - 2028
5.4 South Africa NFT Collectibles and Art - Videos Spend Value Trend Analysis, 2019 - 2028
5.5 South Africa NFT Collectibles and Art - Memes & GIF Spend Value Trend Analysis, 2019 - 2028
5.6 South Africa NFT Collectibles and Art - Other Assets Spend Value Trend Analysis, 2019 - 2028
6 South Africa NFT Market Size and Forecast by Currency
6.1 South Africa NFT Market Share by Currency (%), 2021 Vs. 2028
6.2 South Africa NFT Currency Ethereum - Spend Value Trend Analysis, 2019 - 2028
6.3 South Africa NFT Currency Solana - Spend Value Trend Analysis, 2019 - 2028
6.4 South Africa NFT Currency Avalanche - Spend Value Trend Analysis, 2019 - 2028
6.5 South Africa NFT Currency Polygon - Spend Value Trend Analysis, 2019 - 2028
6.6 South Africa NFT Currency BSC - Spend Value Trend Analysis, 2019 - 2028
6.7 South Africa NFT Currency Flow - Spend Value Trend Analysis, 2019 - 2028
6.8 South Africa NFT Currency WAX - Spend Value Trend Analysis, 2019 - 2028
6.9 South Africa NFT Currency Ronin - Spend Value Trend Analysis, 2019 - 2028
6.10 South Africa NFT Other Currencies - Spend Value Trend Analysis, 2019 - 2028
7 South Africa NFT Market Size and Forecast by Key Sales Channels
7.1 South Africa NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
7.2 South Africa NFT Primary Market - Spend Value Trend Analysis, 2019 - 2028
7.3 South Africa NFT Secondary Market - Spend Value Trend Analysis, 2019 - 2028
8 South Africa User Statistics of Internet and Population, 2019 - 2028
8.1 South Africa Internet Users Trend Analysis, 2019 - 2028
8.2 South Africa Internet Penetration Rate, 2019 - 2028
8.3 South Africa Adult Population Trend Analysis, 2019 - 2028
9 Further Reading
9.1 About the Publisher
List of FiguresFigure 1: Methodology Framework
Figure 2: South Africa NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Figure 3: South Africa NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Figure 4: South Africa NFT - Average Value Per Transaction (US$), 2019 - 2028
Figure 5: South Africa NFT Market Share by Key Assets (%), 2021 Vs. 2028
Figure 6: South Africa NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Figure 7: South Africa NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Figure 8: South Africa NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Figure 9: South Africa NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Figure 10: South Africa NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Figure 11: South Africa NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Figure 12: South Africa NFT Sports - Spend Value (US$ Million), 2019 - 2028
Figure 13: South Africa NFT Sports - Spend Volume (Thousands), 2019 - 2028
Figure 14: South Africa NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Figure 15: South Africa NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Figure 16: South Africa NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Figure 17: South Africa NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Figure 18: South Africa NFT Utility - Spend Value (US$ Million), 2019 - 2028
Figure 19: South Africa NFT Utility - Spend Volume (Thousands), 2019 - 2028
Figure 20: South Africa NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Figure 21: South Africa NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Figure 22: South Africa NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Figure 23: South Africa NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Figure 24: South Africa NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Figure 25: South Africa NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Figure 26: South Africa NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Figure 27: South Africa NFT Collectibles and Art Market Share by Key Assets (%), 2021 Vs. 2028
Figure 28: South Africa NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Figure 29: South Africa NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Figure 30: South Africa NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Figure 31: South Africa NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Figure 32: South Africa NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Figure 33: South Africa NFT Market Share by Currency (%), 2021 Vs. 2028
Figure 34: South Africa NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Figure 35: South Africa NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Figure 36: South Africa NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Figure 37: South Africa NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Figure 38: South Africa NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Figure 39: South Africa NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Figure 40: South Africa NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Figure 41: South Africa NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
Figure 42: South Africa NFT Other Currencies - Spend Value (US$ Million), 2019 - 2028
Figure 43: South Africa NFT Market Share by Key Sales Channels (%), 2021 Vs. 2028
Figure 44: South Africa NFT Primary Market - Spend Value (US$ Million), 2019 - 2028
Figure 45: South Africa NFT Secondary Market - Spend Value (US$ Million), 2019 - 2028
Figure 46: South Africa Internet Users Trend Analysis (Million), 2019 - 2028
Figure 47: South Africa Internet Penetration Rate (%), 2019 - 2028
Figure 48: South Africa Adult Population Trend Analysis (Million), 2019 - 2028
List of TablesTable 1: South Africa NFT - Total Sales Spend Value (US$ Million), 2019 - 2028
Table 2: South Africa NFT - Total Sales Spend Volume (Thousands), 2019 - 2028
Table 3: South Africa NFT - Average Value Per Transaction (US$), 2019 - 2028
Table 4: South Africa NFT Collectibles and Art - Spend Value (US$ Million), 2019 - 2028
Table 5: South Africa NFT Collectibles and Art - Spend Volume (Thousands), 2019 - 2028
Table 6: South Africa NFT Collectibles and Art - Average Value Per Transaction (US$), 2019 - 2028
Table 7: South Africa NFT Real Estate - Spend Value (US$ Million), 2019 - 2028
Table 8: South Africa NFT Real Estate - Spend Volume (Thousands), 2019 - 2028
Table 9: South Africa NFT Real Estate - Average Value Per Transaction (US$), 2019 - 2028
Table 10: South Africa NFT Sports - Spend Value (US$ Million), 2019 - 2028
Table 11: South Africa NFT Sports - Spend Volume (Thousands), 2019 - 2028
Table 12: South Africa NFT Sports - Average Value Per Transaction (US$), 2019 - 2028
Table 13: South Africa NFT Gaming - Spend Value (US$ Million), 2019 - 2028
Table 14: South Africa NFT Gaming - Spend Volume (Thousands), 2019 - 2028
Table 15: South Africa NFT Gaming - Average Value Per Transaction (US$), 2019 - 2028
Table 16: South Africa NFT Utility - Spend Value (US$ Million), 2019 - 2028
Table 17: South Africa NFT Utility - Spend Volume (Thousands), 2019 - 2028
Table 18: South Africa NFT Utility - Average Value Per Transaction (US$), 2019 - 2028
Table 19: South Africa NFT Fashion and Luxury - Spend Value (US$ Million), 2019 - 2028
Table 20: South Africa NFT Fashion and Luxury - Spend Volume (Thousands), 2019 - 2028
Table 21: South Africa NFT Fashion and Luxury - Average Value Per Transaction (US$), 2019 - 2028
Table 22: South Africa NFT Other Assets - Spend Value (US$ Million), 2019 - 2028
Table 23: South Africa NFT Other Assets - Spend Volume (Thousands), 2019 - 2028
Table 24: South Africa NFT Other Assets - Average Value Per Transaction (US$), 2019 - 2028
Table 25: South Africa NFT Collectibles and Art - Digital Art Spend Value (US$ Million), 2019 - 2028
Table 26: South Africa NFT Collectibles and Art - Music & Sound Clip Spend Value (US$ Million), 2019 - 2028
Table 27: South Africa NFT Collectibles and Art - Videos Spend Value (US$ Million), 2019 - 2028
Table 28: South Africa NFT Collectibles and Art - Memes & GIF Spend Value (US$ Million), 2019 - 2028
Table 29: South Africa NFT Collectibles and Art - Other Assets Spend Value (US$ Million), 2019 - 2028
Table 30: South Africa NFT Currency Ethereum - Spend Value (US$ Million), 2019 - 2028
Table 31: South Africa NFT Currency Solana - Spend Value (US$ Million), 2019 - 2028
Table 32: South Africa NFT Currency Avalanche - Spend Value (US$ Million), 2019 - 2028
Table 33: South Africa NFT Currency Polygon - Spend Value (US$ Million), 2019 - 2028
Table 34: South Africa NFT Currency BSC - Spend Value (US$ Million), 2019 - 2028
Table 35: South Africa NFT Currency Flow - Spend Value (US$ Million), 2019 - 2028
Table 36: South Africa NFT Currency WAX - Spend Value (US$ Million), 2019 - 2028
Table 37: South Africa NFT Currency Ronin - Spend Value (US$ Million), 2019 - 2028
