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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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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