According to TechInsight360’s 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...
According to TechInsight360’s 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, TechInsight360 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, TechInsight360 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, TechInsight360 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. TechInsight360 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.
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
• In-depth understanding of NFT spend market dynamics: Understand market opportunity, industry dynamics, key trends and drivers across NFT market segments and sub-segments. • Develop market specific strategies: Identify growth segments and target specific opportunities to formulate your NFT investment and business strategy; assess market specific key trends, drivers and risks in the industry. • Get insights into consumer attitude and behaviour: Understand changing consumer attitude and behaviour and boost ROI. Get detailed insights into NFT spend across various categories.
1 About this Report 1.1 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 TechInsight360 9.2 Related Research
Table 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
Figure 1: TechInsight360’s 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
