Auction Houses are partnering with wine producers as art galleries want to capitalise on the global trend, according to the South Africa NFT Market Intelligence Report 2022–2028.
The publisher anticipates that over the next three to four years, an increase in the number of online marketplaces where users may purchase, sell, and trade NFTs would also contribute to the expansion of the South African NFT industry. In the past year, several South African businesses from a range of industry sectors have become more interested in NFTs. As blockchain technology continues to spread internationally, several new advancements are taking place locally. Even though the NFT movement is still developing locally, many South African businesses see tremendous potential in it. Businesses from a wide range of industries have entered the South African NFT market, from print media companies to art galleries.
Africa and the Middle East’s NFT industries are primed for substantial expansion.
According to a survey from ResearchAndMarkets, the NFT industries in Africa and the Middle East are predicted to increase by 48.3% yearly to reach $3.42 billion in 2022.
The NFT sector is anticipated to expand gradually during the projection period, with a Compound Annual Growth Rate (CAGR) of 34.3% between 2022 and 2028, according to the research. The NFT expenditure value in the region, according to the analysis, would rise from $3.42 billion in 2022 to $18.22 billion by 2028.