Non-fungible tokens (NFTs) took 58% of total web traffic going to crypto-related services. Chainalysis, a New York-based blockchain analysis firm established in 2014 by Michael Gronager and Jonathan Levin, has published its report about crypto adoption in the Central & Southern Asia and Oceania (CSAO) region.
According to the report, the majority of recorded crypto web traffic, around 58%, went to NFTs-related services during the second quarter of 2022. On top of that, another 21% of crypto web traffic went to play-to-earn (P2E) games, such as STEPN, Battle Infinity, and Axie Infinity.
Did you know? Want to get smarter & wealthier with crypto? Subscribe – We publish new crypto explainer videos every week!
Chainalysis claims that it is not a coincidence, as many blockchain-based games create their in-game items as NFTs. The company highlighted that NFTs can be sold on marketplaces such as OpenSea and MagicEden.
The blockchain analysis firm presented a web traffic heatmap, which revealed that NFT-related websites captured most of the traffic in almost every country of the CSAO region. According to the company, it is not surprising considering that the region is keen on adapting blockchain-based innovations.
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.
On September 14th, Chainalysis published another report called “The 2022 Global Crypto Adoption Index: Emerging Markets Lead in Grassroots Adoption, China Remains Active Despite Ban, and Crypto Fundamentals Appear Healthy.” The report identified countries with the highest crypto adoption rate.
CSAO region is home to 32 countries, of which seven were included in the list of 20 countries with the highest crypto adoption rate.
Vietnam held its position from last year as the country with the highest crypto adoption index. Following Vietnam, the Philippines took second position. Last year, the Philippines placed 15th. The analysis firm noted that these countries attract crypto users through “play-to-earn (P2E) games and remittances.”
The list also includes India (4th), Pakistan (6th), Thailand (8th), Nepal (16th), and Indonesia (20th). by Gile K. – Crypto Analyst, BitDegree