Crypto adoption has grown significantly over the past couple of years. It is one of the fastest growing trends ever in the market which is expected to continue over time. A look at the growth trend shows a few unlikely drivers of this adoption. The NFT space is one that has also grown in prominence over the past year, and according to the data, NFTs have contributed significantly to the adoption of crypto in some parts of the globe.
CSAO embraces cryptography via NFTs
Central and South Asia and Oceania (SWAC) have become more crypto-leaning in recent years. However, where other parts of the world are driving their adoption through crypto coins such as Bitcoin, Ethereum, and Dogecoin, that part of the world has apparently embraced non-fungible tokens (NFTs).
Between June 2021 and June 2022, the crypto trading volume from this part of the world was nearly $1 trillion. Even more interesting was the percentage of this that was made up by NFT trading volume. On-Chain Analytics Reports that NFTs represent 58% of the $932 billion recorded during this period.
So was the web traffic that was pouring into crypto from that part of the world. Where NFTs accounted for total web traffic, blockchain games accounted for around 21%. However, instead of the usual profit-seeking that has been seen in other markets, it seems that CSAO crypto users were heading 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 earn in a month playing blockchain games with a play-to-win feature.
As the third largest crypto market in the world, CSAO’s numbers are ultimately very important for the adoption of digital assets. Given this, the direction they go also indicates 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 crypto adoption in countries. Remittances have also become increasingly important in these regions, with remittances accounting for 5% and 9.6% of the gross domestic products of Vietnam and the Philippines respectively. The low fees and ease of transfer have also helped propel the crypto remittance markets in these countries.
Stablecoins have a strong presence in these remittance markets, as they retain their value during transfer until they reach the recipient. Similarly, ETH/WETH also featured prominently in the list of top-traded cryptocurrencies, which also tracks the growth of NFT, blockchain games, and remittances in these countries.
Featured image from Entrepreneur, chart from TradingView.com
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