NFT can Become the Largest Driver of the Adoption of Crypto in Central, South Asia and Oceania
Despite the fall of the cryptocurrency market, the popularity of NFT in Asia remains at a high level.
According to Chainalysis, NFT-related activities reached 58% of all web traffic coming to cryptocurrency services from South Asia in the second quarter of 2022.
21% of the traffic for the quarter came from P2E blockchain game sites such as Axie Infinity,STEPN and Battle Infinity.
P2E is “closely related” to NFT, as most P2E games contain in-game items in the form of NFT, which can be sold on open sites such as MagicEden and OpenSea. Thanks to this feature, NFTs are the largest influx of cryptocurrencies to CSAO to date.
CAO countries include India, Thailand, Vietnam, Australia, Singapore, Philippines and Indonesia.
NFT-related websites compose the majority of web traffic in almost every country in the CSAO region. Blockchain games and entertainment also have a significant share of traffic.
CSAO region is currently the center of innovation in the field of entertainment based on blockchain. NFT and P2E games play an important role in it.
The P2E segment is actively developing in Asia and Oceania. Game-oriented blockchain developers Polygon and Immutable X have headquarters in India and Australia. At the same time Axie Infinity and STEPN operate in Vietnam and Australia.
Vietnam leads the Chainalysis cryptocurrency adoption index for the second year in a row. The Philippines came in second place.
On the other hand, traffic to websites related to other topics, such as decentralized exchange contracts, has declined in recent quarters. This is due to the bear market and the ongoing crypto winter.
For now Central and South Asia and Oceania (CSAO) is the third largest cryptocurrency market. Citizens of CSAO countries received $932 billion in cryptocurrency from July 2021 to June 2022.