NFTs lead Central and Southern Asia’s $932 billion worth of crypto adoption: Chainalysis report
- According to Chainalysis, Central and Southern Asia and Oceania (CSAO) markets have 58% crypto-related web traffic coming from NFTs.
- India, in particular, is leading the CSAO markets’ crypto adoption receiving $178 billion in cryptocurrency value between July 2021 and June 2022.
- NFTs demand in the global market has been decreasing, with August generating less than $1 billion in sales.
The crypto market is one of the most rapidly developing industries, and with every passing day, more and more people are becoming a part of it. While initially, it was due to the prospect of profits and ROIs, the situation is gradually changing.
For example, in the Central and Southern Asia and Oceania (CSAO) markets, the motivation behind being a part of this space comes not from money but entertainment.
NFTs bringing investors on board
As per the report from Chainalysis, the CSAO market is the third largest crypto market in the world. These markets received about $932 billion in cryptocurrency value from July 2021 to June 2022.
Amongst the countries that fall within the CSAO umbrella, India emerged as the leader, with about $172 billion received by users in crypto in the same duration. However, the driving factor behind crypto adoption for these countries was not the profitability but the prospect of entertainment.
India leading the CSAO markets in crypto value
NFTs and blockchain gaming held the most domination amongst the crypto-related traffic generated in this market. 58% of the web traffic from CSAO users was connected to NFTs, while another 21% of web traffic was towards play-to-earn blockchain games.
NFTs and blockchain games leading crypto-affiliated web traffic
The report further noted,
“Play-to-earn games and non-fungible tokens are intimately related. 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.”
NFTs in the rest of the world
While 2021 was a great year for NFTs, 2022 has been gradually worsening. In the last couple of months, the total volume generated by the sale of NFTs has not even crossed the billion-dollar mark.
Both July and August noted total sales close to $800 million and $740 million, respectively, and the month of September might not even make it beyond $600 million.
Thus while NFTs may have successfully attracted more users in the past, they do not hold that potential anymore.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
