NFTs have emerged as major crypto on-ramp for nations in Central and Southern Asia. 58% of the online traffic from these nations to crypto services in Q2 2022 was NFT-related.
- According to a report by Chainalysis on Wednesday, NFTs have emerged as the major crypto on-ramp for nations in Central and Southern Asia as well as Oceania.
- According to the blockchain analytics company, 58% of the online traffic from these nations to crypto services in Q2 2022 was NFT-related.
- NFTs are distinctive tokens built on the blockchain that are used to signify ownership of other digital or physical assets. These tokens are widely exchanged as speculative collectibles, but they may also offer their owners additional features and advantages.
- According to a Chainalysis report titled "Crypto Adoption Steadies in South Asia, Soars in the Southeast" released on September 21 and titled "Crypto Adoption Steadies in South Asia, Soars in the Southeast," NFT-related activities accounted for 58% of all web traffic to cryptocurrency services from this region in the second quarter of 2022.
- Chainalysis noted that P2E blockchain games and NFTs are "intimately interwoven" due to the fact that the majority of P2E games contain in-game items in the form of NFTs that can be traded on marketplaces like MagicEden and OpenSea.
- Within the last two years, the market for NFTs has skyrocketed. Despite the NFT market slowing in the second half of 2022, sales of these digital assets surpassed $23 billion in 2021 and are on track to surpass that record this year. Digital collectibles have become more popular thanks to NFT collections like CryptoPunks and Bored Apes, and, according to Chainalysis, the NFT boom has had a particularly significant influence on the adoption of cryptocurrencies in Central and Southern Asia.
- In the Philippines, blockchain e-sports like Axie Infinity have been especially well-liked, but as cryptocurrency values have fallen recently, so too have user numbers for these games. The Philippines is second only to Vietnam in the area in terms of crypto acceptance.