Reports: NFTs May Be The Biggest On-ramp to Cryptocurrency in CSAO Today.
Non-fungible Token (NFTs), an asset in the form of cryptographic on blockchains which can be uniquely identified and identified by their metadata. A new report finds that crypto adoption may be the biggest driver in Central, Southern Asia, and Oceania (CSAO).
There are 25 countries in the CSAO, including India, Thailand, Vietnam, Australia, Singapore, Philippines and Indonesia. Seven of these countries rank in Chainalysis’ top 20 rankings for crypto adoption.
The Steadiness of Crypto Adoption
In the second quarter of 2022, crypto-related web traffic from South Asia accounted for 58% of all web traffic heading to cryptocurrency services from this region, according to Chainalysis post titled “Crypto Adoption Steadies in South Asia, Soars in the Southeast,” on September 21.
Axie Infinity, STEPN and Battle Infinity are among the major games for play-to-earn (P2E) blockchains that generated another 21% of traffic in the quarter.
According to Chainalysis, P2E blockchain games are “intimately related” to NFTs, since most of these games provide in-game items in the form of NFTs that can be sold on marketplaces such as MagEden and OpenSea.
“NFTs are perhaps the biggest on-ramp to cryptocurrency in CSAO today.”
CSAO A Blockchain Entertainment Innovation Hub
Nearly all countries in the CSAO region saw major traffic increases from NFT-related websites, although blockchain games and entertainment also saw significant growth, cited from a web traffic heatmap.
Chainalysis explained that this “not necessarily surprising: CSAO is a hub for innovation in blockchain-based entertainment. “Game-centric blockchain developers Polygon and Immutable X are headquartered in India and Australia, for example, and Axie Infinity and STEPN, the two largest play-to-earn games, are operated in Vietnam and Australia, respectively.”
For the second consecutive year, Vietnam topped Chainalysis’ cryptocurrency adoption index, but the Philippines surprised many with a surprising second place finish after sitting 15th in the previous report.