The Largest On-Ramp To Cryptocurrency In Central, Southern Asia, And Oceania Is NFTs
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The Largest On-Ramp To Cryptocurrency In Central, Southern Asia, And Oceania Is NFTs

The Largest On-Ramp To Cryptocurrency In Central, Southern Asia, And Oceania Is NFTs

Sarah Morgan
Sep 22, 2022

According to Chainalysis, during the past 12 months, web traffic connected to cryptocurrencies in the majority of CSAO countries was dominated by NFT-related websites. According to a recent study, nonfungible tokens (NFTs) may be the main factor influencing the adoption of cryptocurrencies in Central, Southern Asia, and Oceania (CSAO).

In the second quarter of 2022, 58% of all online traffic from this region to cryptocurrency services was due to NFT-related activities. Axie Infinity, STEPN, and Battle Infinity are three popular play-to-earn (P2E) blockchain games that received an additional 21% of traffic during the quarter.

As most P2E games have in-game products in the form of NFTs that can be traded on markets like MagicEden and OpenSea, Chainalysis highlighted that P2E blockchain games and NFTs are “intimately intertwined.” This means the largest on-ramp to cryptocurrencies in the CSAO right now may be NFTs.

This is “not very surprising,” according to Chainalysis, given that CSAO is a center for blockchain-based entertainment innovation.

They also added that “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.”

The research also discussed the use of cryptocurrencies in India and Pakistan, stating that after ranking second and third globally in 2021, respectively, this year’s rankings for the two nations are fourth and sixth.

While the Indian government placed a 30% tax on all cryptocurrency gains in April and an extra 1% levy on every cryptocurrency transaction in July, Pakistan’s central bank and government advocated a ban on cryptocurrencies in January.

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