NFTs and Play-To-Earn Gaming popularity are expanding in Central and South Asia.
Among all of the crypto transactions occurring in the region, more than 50% of the transactions belong to NFT sites.
Chainalysis’s report shows that the NFTs are the biggest assets used in Central and Southern Asia, as well as Oceania. According to the report, in Q2 2022, 58% of the web traffic was NFT related.
NFTs are blockchain tokens which provide ownership of digital items as well as physical ones. NFTs are mostly traded as collectible items, but also provide users utility when used as an in-game asset, or when bonded to an ecosystem with additional features and benefits. With the expansion of blockchain gaming, the NFT market is growing rapidly with over $23 billion market shares.
Talking about blockchain gaming, the report revealed that the other 21% of the traffic belongs to Play-To-Earn blockchain games. Chainalysis states that the correlation is no coincidence.
The report said: “For countries with high web traffic to NFT marketplaces—especially Thailand, Vietnam, and the Philippines—a large portion of that NFT-related traffic may therefore come from players of blockchain games”.
The Philippines is especially known for their interest in Play-To-Earn gaming and the country is the second after Vietnam, in crypto-adoption. Games like Axie Infinity have major popularity in the country despite the decreased player numbers after the bear market started mid-May 2022.
However, according to the report, even though the player numbers have dropped compared to last year's numbers, the region still has a total of $932 billion in cryptocurrency value from July 2021 to June 2022, which makes the region the third largest in its geographical area.
There is another growing area for the cryptocurrencies in the region: Asset transferring.
It was written in the report that: “Pakistan, India, and Bangladesh each have $20+ billion remittance markets, and blockchain-based payment providers are beginning to disrupt traditional intermediaries.”
In these countries the two most traded assets are stated as stablecoins, Ethereum, and Wrapped Ethereum.
Source: decrypt.co
analyst opinion
Eda Tutkun
NFTs are blockchain tokens which provide ownership of digital items as well as physical ones. NFTs are mostly traded as collectible items, but also provide users utility when used as an in-game asset, or when bonded to an ecosystem with additional features and benefits. With the expansion of blockchain gaming, the NFT market is growing rapidly with over $23 billion market shares.
Talking about blockchain gaming, the report revealed that the other 21% of the traffic belongs to Play-To-Earn blockchain games. Chainalysis states that the correlation is no coincidence.
The report said: “For countries with high web traffic to NFT marketplaces—especially Thailand, Vietnam, and the Philippines—a large portion of that NFT-related traffic may therefore come from players of blockchain games”.
The Philippines is especially known for their interest in Play-To-Earn gaming and the country is the second after Vietnam, in crypto-adoption. Games like Axie Infinity have major popularity in the country despite the decreased player numbers after the bear market started mid-May 2022.
However, according to the report, even though the player numbers have dropped compared to last year's numbers, the region still has a total of $932 billion in cryptocurrency value from July 2021 to June 2022, which makes the region the third largest in its geographical area.
There is another growing area for the cryptocurrencies in the region: Asset transferring.
It was written in the report that: “Pakistan, India, and Bangladesh each have $20+ billion remittance markets, and blockchain-based payment providers are beginning to disrupt traditional intermediaries.”
In these countries the two most traded assets are stated as stablecoins, Ethereum, and Wrapped Ethereum.
Source: decrypt.co
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