Crypto adoption has grown significantly in the past two years. It is one of the fastest growing trends ever experienced in the market, which is expected to continue with time. A look at the growth trend shows some unlikely factors behind this adoption. The NFT space is one that has also grown in prominence in the last year, and according to data, NFTs have contributed substantially to crypto adoption in some parts of the world.
CSAO adopts Crypto through NFT
Central and South Asia and Oceania (CSAO) have done more cryptography in recent years. However, where other parts of the world are driving their adoption through cryptocurrencies like Bitcoin, Ethereum and Dogecoin, this part of the world seems to have embraced non-fungible tokens (NFTs).
Between June 2021 and June 2022, the volume of crypto trade in this part of the world was almost 1 trillion dollars. More interesting was the percentage of this that was made up of NFT trading volume. Chainalysis reports that NFTs account for 58% of the $932 billion that was recorded during that time.
The same was the case with the web traffic that flowed into crypto from this part of the world. Where NFTs accounted for the total web traffic, blockchain games came in around 21%. However, instead of the usual profit-chasing seen in other markets, CSAO crypto users seem to be moving towards entertainment.
NFT makes up more than half of crypto traffic | Source: Chainalysis
The growth of blockchain gaming in this region is also attributed to the countries low minimum wages. In places like the Philippines, players can often earn more than they would in a month playing blockchain games with a play-to-win feature.
As the third largest crypto market in the world, CSAO numbers are ultimately very important to the adoption of digital assets. With that in mind, the direction they are headed also points to where most of the money ends up going.
Total market cap falls below $900 billion | Source: Crypto Total Market Cap on TradingView.com
NFTs and blockchain games were not the only drivers of cryptocurrency adoption in countries. Remittance payments have also become increasingly important in these regions, with remittance payments accounting for 5% and 9.6% of gross domestic product in Vietnam and the Philippines, respectively. Low fees and ease of transfer have also helped boost the crypto remittance markets in these countries.
Stablecoins have a large presence in these remittance markets as they retain their value during the transfer until they reach the recipient. Similarly, ETH/WETH also featured heavily in the list of most traded cryptocurrencies, which also follows the growth of NFT, blockchain games, and remittance growth in these countries.
Featured image from Entrepreneur, chart from TradingView.com
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