- A new report by Chainalysis found NFTs to be the biggest driver of crypto adoption in Central, Southern Asia, and Oceania.
- Actions related to NFTs accounted for a total of 58% of all the web traffic going to cryptocurrency services from this region in the second quarter of 2022.
- Vietnam excelled in the Chainalysis cryptocurrency adoption index for the second year in a row. The Philippines secured second rank.
In a recent report released by Chainalysis, websites related to crypto accounted for the most significant share of web traffic related to crypto in most of the CSAO countries over a year. Furthermore, the report found out that it won’t be wrong to say that NFTs might be the biggest driver of crypto acceptance in Central, Southern Asia, and Oceania.
The Chainalysis report titled ‘Crypto Adoption Steadies in South Asia, Soars in the Southeast’ revealed that actions associated with NFT accounted for 58% of the overall web traffic dedicated to services linked with cryptocurrencies from this region in the second quarter of 2022.
As revealed in the report, the other 21% of the traffic in the quarter moved to the websites of blockchain games that fall under the category of Play-to-Earn. These games include STEPN, Battle Infinity, and Axie Infinity.
It should be noted that the P2E blockchain games are closely associated with NFTs as most P2E games feature in-game items in the form of NFTs that can be sold on marketplaces such as OpenSea and MagicEden.
India, Vietnam, Singapore, Thailand, Philippines, and Indonesia are among the 25 other countries that constitute the CSAO countries. These countries are home to seven of the top twenty countries in the crypto adoption index of Chainalysis.
Vietnam stood first on the Chainalysis cryptocurrency adoption index for the second year in a row, but the Philippines came out of the box and secured the second rank after ranking 15th in the previous report.
In addition to this, it should be noted that traffic to other websites that are linked with subjects, such as decentralized exchange contracts, has declined significantly in recent quarters. Well, there is certainly no doubt that it is deeply affected by the bear market conditions and the fall in the crypto market.
India and Pakistan ranked as the third highest acceptors of cryptocurrency worldwide in 2021, but they have fallen to fourth and sixth positions, respectively, this year. The reason could be the implementation of a 30% tax on crypto gains in India with a 1% fee on crypto transactions. In Pakistan, the Central Bank of Pakistan, along with the government, suggested a crypto ban.