According to statistics from last year, about 8% of the residents of Thailand own non-fungible tokens (NFTs).
A study by analytics firm Statista found that the largest number of NFT users reside in Thailand, with the number reaching 5.65 million. The country’s population was 70.2 million at the end of 2021.
Thailand has 33% more NFT users than its closest “competitor,” Brazil, where 4.99 million citizens own non-fungible tokens. However, it is worth noting that this figure makes up about 2.33% of Brazil’s population. The top three in terms of the number of NFT users is completed by the United States, where about 3.81 million residents own tokens, which is 1.2% of the total population.
Analysts attribute the popularity of NFTs in Southeast Asia to several reasons:
- the popularity of P2E games, particularly Axie Infinity by Sky Mavis;
- local artists have begun actively showcasing their creativity in the form of NFTs;
- the launch of virtual real estate sales in Metaverse Thailand in 2021.
The top 10 countries for the number of NFT users also included:
- China — 2.68 million (0.18%);
- Vietnam — 2.19 million (2.21%);
- India — 1.5 million (0.11%);
- Canada — 1.4 million (3.78%);
- Indonesia — 1.25 million (0.45%);
- Germany — 1.23 million (1.47%);
- South Africa — 1.23 million (2.05%).
Statista analysts report that the NFT market capitalization exceeded $41 billion in 2021, but the token value of large NFT projects began to decline significantly in May 2022. As a result, the NFT market dropped 94% in six months, even despite sporadic bursts of investor activity. However, MarketsandMarkets analysts have predicted the growth of the NFT market in the next five years to hit $13.6 billion.