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