Southeast Asian Crypto Users Most Interested in NFTs
More than half of all crypto-related web traffic in Central, Southern Asia, and Oceania over the past 12 months has come from NFT websites.
Analyst firm Chainalysis has published an excerpt from its upcoming 2022 Geography of Cryptocurrency Report. According to the researchers, in the CSAO (Central, Southern Asia, and Oceania) region, over 58% of all web traffic in the crypto segment in Q2 2022 was driven by NFT-related sites.
The analysts believe that non-fungible tokens are the main driver of crypto adoption in the region. Recall that a recent study by Statista found that Thailand has the largest number of NFT users — about 33% of the total population.
P2E projects come second in popularity among users. They account for about 21% of the traffic associated with the cryptocurrency market. At that, the analysts emphasize that P2E games are closely connected with the NFT market. Non-fungible tokens are a major factor in the active adoption of cryptocurrencies in the CSAO region.
There are two countries in the region leading in the rate of crypto adoption, according to Chainalysis: Vietnam and the Philippines. Experts state that they have similar growth drivers, with P2E gaming and remittances being the main ones. DappRadar reports that Play-to-Earn activity growth exceeded 2,000% during the year.