Dublin, Dec. 12, 2022 (GLOBE NEWSWIRE) — The “South Africa NFT Market Intelligence and Future Growth Dynamics Databook – 50+ KPIs on NFT Investments by Key Assets, Currency, Sales Channels – Q2 2022” report has been added to ResearchAndMarkets.com’s offering.

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, the publisher 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…