NFTs largest on ramp to crypto in Central Southern Asia and Oceania
Non Fungible Tokens(NFTs) Cryptocurrency
Modified Date:- Published Date:-Categories: Cryptocurrency
NFT 'largeston-ramp' to crypto in Central, Southern Asia and Oceania
According toa September 21 Chainalysis post, titled "Crypto Adoption Studies inSouth Asia, Sources in the Southeast", NFT-related operationsaccounted for 58% of all web traffic going to cryptocurrency services from theregion in the second quarter of 2022.
Meanwhile,another 21% of traffic in the quarter went to the websites of play-to-earn(P2E) blockchain games, with major titles including Axie Infinity, STEPN andBattle Infinity. Chainalysis noted that P2E blockchain games are “seriouslyrelated” to NFTs, as most P2E games offer in-game items in the form of NFTsthat can be sold on marketplaces such as MagicEden and OpenSea.
CSAOcountries include India, Thailand, Vietnam, Australia, Singapore, Philippinesand Indonesia, 25others, and is home to seven of the top 20 countries on Chainalysis's CryptoAdoption Index. According to the Web Traffic Heatmap, NFT-related websitesaccounted for the majority of web traffic in almost every country in the CSAOregion, although blockchain games and entertainment saw a significant share oftraffic as well.
Vietnamtopped the Chainalysis cryptocurrency adoption index for the second year in arow, but the Philippines took a surprising second place after finishing 15th ina previous report. “These two countries have similar growth drivers:play-to-earn (P2E) games and remittances,” explained the blockchainanalysis firm.
On the otherhand, traffic to websites related to other topics, such as decentralizedexchange contracts, has been declining in recent quarters, according toChainalysis – adding that it may be linked to the bear market and the ongoing cryptowinter. The report also looked at crypto adoption in India and Pakistan,noting that both were ranked as the second and third highest adopters ofcryptocurrency worldwide in 2021, with both countries falling to fourth andsixth positions respectively this year. went.
Recentregulatory developments are listed as possible reasons for the change. InJanuary, Pakistan's central bank and government recommended a crypto ban, whilethe Indian government implemented a 30% tax on all crypto gains in Apriland an additional 1% fee on every crypto transaction in July.
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