Report: 58% of crypto web traffic in Central and South Asia relates to NFTs
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According to the new report According to Chainalysis, NFTs play a key role in the adoption of cryptocurrencies in Central and South Asia.
According to a report by a leading blockchain research firm, more than 58% of web traffic originating in Central and South Asia and Oceania was related to NFTs.
In addition to the large amount of NFT activity, the study highlighted that pay-to-play games and NFTs are closely linked in these geographies, with 21% of web traffic going to blockchain gaming websites.
The report states “In countries with high online traffic to NFT marketplaces – particularly Thailand, Vietnam and the Philippines – a large proportion of NFT traffic may therefore come from blockchain game players.”
In addition, the study notes that Vietman is the highest country for cryptocurrency adoption, and the Philippines jumped from 15th to second place. Both countries have been quick adopters of blockchain gaming, with a whopping 25% of Filipinos and 23% of Vietnamese claiming to have played a P2E game.
Gaming as a key adoption mechanism
GameFi and play-to-ear games have proven popular in the blockchain gaming community, especially in Central and South Asia. In the past report the same research firm found that much of the adoption in these countries occurred at the grassroots level.
Being able to own your assets, collect digital assets and trade assets while playing the game has added utility to the gaming community worldwide.
It also asks new game developers to consider different ownership models and consider different forms of NFTs as possible additions to their games.
Games like Alien Worlds, Axie Infinity, The Sandbox and Sorare are already tapping into this market. Since community participation is a key measure of understanding the value of NFTs in gaming, many believe that the potential of NFT technology in gaming is still in the discovery phase and has a lot of room for growth.
In addition, Asia is the number one region in the growth of users of Metamask wallets. Current barriers to entry and TradFi policies that exclude low-income individuals will impact adoption in these geographies.
Blockchain Gaming and NFTs provide an easy entry point for individuals looking to discover cryptocurrencies.