Non-fungible tokens (NFTs) could be the biggest driver of crypto adoption in Central, South Asia and Oceania (SWAC), according to a new report.
According to a September 21 Chainalysis article titled “Crypto Adoption Steadies in South Asia, Soars in the Southeast,” NFT-related stocks accounted for 58% of all web traffic going to cryptocurrency services in this region in Q2. of 2022.
Meanwhile, an additional 21% of traffic in the quarter went to blockchain play-to-earn (P2E) gaming websites, with major titles including Axie Infinity, STEPN, and Battle Infinity.
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Chainalysis noted that P2E blockchain games are “intricately tied” to NFTs, as most P2E games offer in-game items in the form of NFTs that can be sold on marketplaces like MagicEden and OpenSea, which means:
“NFTs are perhaps the biggest on-ramp to cryptocurrency in CSAO today.”
SWAC countries include India, Thailand, Vietnam, Australia, Singapore, the Philippines, and Indonesia, among 25 others, and are home to seven of the top 20 countries in Chainalysis’ Crypto Adoption Index .
According to a web traffic heatmap, NFT-related websites accounted for the majority of web traffic in almost all countries in the SWAC region, although blockchain games and entertainment also recorded a significant share of traffic.
Chainalysis noted that this is “not necessarily surprising: CSAO is a hub for innovation in blockchain-based entertainment,” adding:
“Gaming-centric blockchain developers Polygon and Immutable X are headquartered in India and Australia, for example, and Axie Infinity and STEPN, the two biggest play-to-win games, are operated in Vietnam and Australia respectively. in Australia.”
Vietnam topped the Chainalysis Cryptocurrency Adoption Index for the second year in a row, but the Philippines made a surprise appearance in second place after ranking 15th in the latest report.
“These two countries have similar growth engines: play-to-earn (P2E) games and remittances,” explained the blockchain analyst firm.
On the other hand, traffic to websites related to other topics, such as decentralized exchanges, has been declining in recent quarters, according to Chainalysis — which it says is likely related to the bear market and to the ongoing crypto winter.
Related: Emerging Markets Lead Global Adoption Index: Chainalysis Report
The report also touched on crypto adoption in India and Pakistan, noting that although both rank second and third among cryptocurrency users globally in 2021, both countries have fallen to the fourth and sixth respectively.
Recent regulatory developments are listed as possible reasons for the change.
In January, Pakistan’s central bank and government recommended a crypto ban, while the Indian government implemented a 30% tax on all crypto earnings in April and an additional 1% fee on each crypto transaction in July.
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NFTs Are The “Biggest On-Ramp” To Cryptography In Central, South Asia And Oceania – Report
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