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HomeAsiaEthereum NFTs Are Driving Crypto Adoption in Central and South Asia: Report

Ethereum NFTs Are Driving Crypto Adoption in Central and South Asia: Report

NFTs It has become the largest cryptocurrency entry point not only for Oceania, but also for countries in Central and South Asia, according to. report From Chainalysis on Wednesday.

A blockchain analytics firm noted that 58% of web traffic to crypto services from these countries will be NFT-related in Q2 2022.

NFT is unique blockchain-based token Used to represent ownership over other digital or physical items. These tokens are frequently traded as speculative collectibles, but may also offer additional features and benefits to their holders.

of Market for NFTs exploded in the last two years. Sales of these digital assets will reach $23 billion in 2021, at a record-breaking pace This year, The NFT market has cooled NFT collections such as CryptoPunks and Bored Apes have contributed to the mainstreaming of digital collections, and according to Chainalysis, the NFT boom has had a particular impact on the growing adoption of cryptocurrencies in Central and South Asia.

The analytics firm noted that a further 21% of traffic to crypto services is related. play and earn Blockchain games that reward players in cryptocurrencies and often integrate NFTs into gameplay. Chainalysis believes that this correlation is likely not a coincidence.

“In countries with high web traffic to NFT marketplaces, particularly Thailand, Vietnam and the Philippines, the majority of NFT-related traffic may come from blockchain game players,” the report said.

blockchain games like Axie Infinity These games are especially popular in the Philippines, Significant decrease in users The last few months when crypto prices collapsed. The Philippines is second only to Vietnam when it comes to cryptocurrency adoption in the region.

Overall, Chainalysis found that citizens of the region received a total of $932 billion in cryptocurrency value from July 2021 to June 2022.

According to the company, in addition to NFTs and games that you earn by playing, cryptocurrencies are also becoming a popular remittance tool in these regions. Blockchain-based payment providers are beginning to disrupt traditional intermediaries,” the report noted.

Consistent with the popularity of remittance payments and NFTs, the two most actively traded crypto assets in these countries are stablecoins, Ethereum, and wrapped Ethereum.

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