NFT Adoption Set to Double in South Africa, According to the Latest Survey

8.3% of South African internet users currently have NFTs and 9.4% plan to own NFTs in the future

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South Africans are less likely to own NFTs compared to their global counterparts, according to a survey of 28, 000 respondents in select 20 countries.

In the report by Finder.com, the following stats were uncovered:

  • 8.3% of South African internet users currently have NFTs and 9.4% plan to own NFTs in the future
  • Only about a third of South Africans know what NFTs are
  • NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%)

South Africa’s 8.3% NFT ownership puts it at 12th place out of 20 countries, behind countries like Nigeria, the United Arab Emirates, and Vietnam, but ahead of those like Argentina, Singapore, and Canada.

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SEE ALSO: [WATCH] It is Completely Free to Mint and Post on Momint – A Chat with CEO, Momint, a Leading South African NFT Marketplace

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However, an additional 9.4% plan to own NFTs in the future, meaning the adoption rate will hit 17.8%.

According to Finder.com’s cryptocurrency editor, Keegan Francis, that is a conservative forecast:

“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.”

                                           – Crypto Editor, Finder.com

From the survey, it has also been found that men are currently the biggest adopters of NFTs in South Africa with 10.5% of men saying they own NFTs compared to 6.3% of women.

Here is a breakdown of South Africa compared to other countries:

  • Philippines (32%)
  • Thailand (27%)
  • Malaysia (24%)
  • the UAE (23%)
  • Vietnam (17%)
  • UK (3%)
  • US (3%)
  • Japan (2%)

According to the report, NFT adoption is much higher in countries that have a
lower average wage of working citizens.

NFTs have also been identified as an alternative to owning cryptocurencies.

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RECOMMENDED READING: EXPLAINER: A Simple Explainer of What NFTs Are

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