NFTs It has become the largest cryptocurrency on the slope of countries in Central and South Asia, as well as Oceania, according to Report From Chainalysis on Wednesday.
The blockchain analytics firm noted that in the second quarter of 2022, 58% of web traffic from these countries to crypto services was related to NFT.
NFTs are unique based on the blockchain icons that are used to represent ownership over digital or other physical items. These tokens are often traded as collectible speculative items, but may also provide additional functionality and benefits to their holders.
The market for NFTs has exploded over the past couple of years. Sales of these digital assets reached $23 billion in 2021 and are on track to break that record this year, although the NFT market has plummeted in the second half of 2022. NFT groups such as CryptoPunks and Bored Apes helped make digital holdings mainstream According to Chainalysis, the NFT boom has been particularly influential in expanding cryptocurrency adoption in Central and South Asia.
The analytics firm noted that another 21% of traffic to crypto services is linked to play to earn Blockchain games, which reward players with cryptocurrency and often incorporate NFTs into their gameplay. Chainalysis suspects that the link is likely not coincidental.
“For countries with high internet traffic to the NFT marketplace – particularly Thailand, Vietnam and the Philippines – a significant portion of the NFT-related traffic may come from players in blockchain games,” the report said.
Blockchain games like Axi Infinity Especially popular in the Philippines, although these games have seen a range Significant decrease in the number of users In recent months with the collapse of cryptocurrency prices. In terms of cryptocurrency adoption in the region, the Philippines is second only to Vietnam.
Overall, Chainalysis found that citizens in the region received a total of $932 billion in cryptocurrency value from July 2021 to June 2022. This makes it the third largest crypto market the company has indexed.
Along with NFT games and the games they earn, cryptocurrency is also growing in popularity as a transfer tool in these regions, according to the company. “Pakistan, India and Bangladesh have remittance markets of more than $20 billion, and blockchain-based payment providers are beginning to disrupt traditional intermediaries.” The report noted.
In line with the popularity of remittance payments and NFTs, the two most actively traded crypto assets in these countries are the two stablecoins, Ethereum, and Wrapped Ethereum.
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