Report Shows NFT Leading Crypto Adoption In Central And South Asia

Crypto adoption has increased significantly over the past two years. This is one of the fastest growing trends the market has ever experienced and is expected to continue. An examination of growth trends reveals several surprising factors in this adoption. The NFT space has been a hot topic in the last year as well, with data showing that NFTs are a major contributor to crypto adoption in several parts of the world.

CSAO Adopts Crypto Through NFTs

Central and South Asia and Oceania (CSAO) has embraced more cryptocurrencies in recent years. However, while other parts of the world have seen adoption through cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin, this region appears to be adopting non-fungible tokens (NFTs).

Between June 2021 and June 2022, this region of the world had nearly $1 trillion in cryptocurrency trading volume. Even more interesting is the percentage of NFT trading volume. Chainalysis reports that NFTs account for 58% of the $932 billion recorded during this time.

The same was true for the web traffic that flowed to cryptocurrencies from this part of the world. Blockchain games accounted for about 21% while NFTs dominated all web traffic. However, instead of the usual pursuit of profit seen in other markets, CSAO crypto users seem to be shifting to entertainment.

NFT makes up more than half of crypto traffic | Source: Chainalysis

The growth of blockchain gaming across the region is also due to low minimum wages in each country. In places like the Philippines, players often earn more than a month by playing blockchain games with the ability to play and earn.

As the world’s third-largest cryptocurrency market, CSAO’s figures are ultimately crucial for the adoption of digital assets. Given this, the direction they’re headed shows where most of the money goes.

Total market cap falls below $900 billion | Source: Crypto Total Market Cap on TradingView.com

NFTs and blockchain games weren’t the only drivers of cryptocurrency adoption in countries. Remittance payments are also becoming increasingly important in these regions, with remittance payments accounting for 5% and he 9.6% of the gross domestic product of Vietnam and the Philippines respectively. Low fees and ease of remittance have helped propel the cryptocurrency remittance market in these countries as well.

Stablecoins are a major feature in these remittance markets because they retain their value during the transfer until they reach the recipient. Similarly, ETH/WETH has also featured heavily in the list of most traded cryptocurrencies, following the rise of his NFTs, blockchain games and remittances in these countries.

Featured image from Entrepreneur, chart from TradingView.com

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