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NFT adoption set to double in SA

SOUTH Africans are less likely to own NFTs compared to their global counterparts, according to Finder.com’s Global NFT Adoption report. File Image: IOL

SOUTH Africans are less likely to own NFTs compared to their global counterparts, according to Finder.com’s Global NFT Adoption report. File Image: IOL

Published Nov 26, 2021

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SOUTH Africans are less likely to own NFTs compared to their global counterparts, according to Finder.com’s Global NFT Adoption report.

NFT stands for non-fungible token and it can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games.

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Finder.com’s survey of more than 28 000 internet users reveals that 8.3 percent of South Africans own NFTs, which is just below the global average of 11.7 percent.

This puts South Africa in 12th place out of 20 countries, behind countries such as Nigeria, the United Arab Emirates and Vietnam, but ahead of those like Argentina, Singapore and Canada.

However, an additional 9.4 percent planned to own NFTs in the future, meaning that the adoption rate would hit 17.8 percent and Finder.com’s cryptocurrency editor, Keegan Francis, said that was a conservative forecast.

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“It’s still very early days for NFTs in South Africa. Just about a third of South Africans currently know what NFTs are and we expect adoption to grow with awareness.

“Men are currently the biggest adopters, with 10.5 percent of men saying they own NFTs compared to 6.3 percent of women.”

The report reveals that the Philippines has the most NFT owners (32 percent), followed by Thailand (27 percent), Malaysia (24 percent), the UAE (23 percent) and Vietnam (17 percent).

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