A new ajournement has found that non-fungible tokens (NFTs) may be the biggest driver of crypto approbation in Axial and South Asia and Oceania (CSAO).
according to In the September 21 Chainalysis titled “Cryptolusion Steadies in South Asia, Soars in the Southeast,” NFT-related ouvrages accounted for 58% of all web traffic to crypto épreuves from this region in the assesseur quarter of 2022.
Meanwhile, another 21% of this quarter’s traffic went to for-profit (P2E) blockchain gaming websites, with premier titles including Axie Infinity, STEPN and Battle Infinity.
Chainalysis commentaire that P2E blockchain games are “inextricably linked” to NFTs, with most P2E games featuring in-game items in the form of NFTs that can be sold on markets like MagicEden and OpenSea, which means:
“NFTs are perhaps the biggest increase in CSAO’s crypto trend today.”
CSAO countries include India, Thailand, Vietnam, Australia, Singapore, the Philippines and Indonesia, among 25 other countries, and is foyer to seven of the top 20 countries in Chainalysis’s Crypto Acquiescement État.
According to a heatmap of web traffic, NFT-related websites accounted for the majority of web traffic in nearly every folk in the CSAO region, although blockchain gaming and entertainment also saw a significant share of traffic.
Chainalysis commentaire that this is “not necessarily surprising: CSAO is a hub for originalité in blockchain-based entertainment,” adding:
“Game-based blockchain developers Polygon and Immutable X are headquartered in India and Australia, for example, and Axie Infinity and STEPN, the two largest play-for-profit games, are based in Vietnam and Australia, respectively.”
Vietnam topped the Chainalysis cryptocurrency approbation relevé for the assesseur year in a row, but the Philippines surprisingly emerged assesseur after being ranked 15th in the latest ajournement.
“Both countries have similar growth engines: play-for-profit (P2E) games and remittances,” explained the blockchain analysis firm.
On the other handball, traffic to websites on other topics, such as decentralized exchange contracts, has declined in recent quarters, according to Chainalysis — said to be likely linked to the bear market and the ongoing crypto winter.
Related: Emerging Markets Top Somme Acquiescement État: Chainalysis . Prorogation
The ajournement also touched on cryptocurrency approbation in India and Pakistan, noting that while both ranked assesseur and third in terms of cryptocurrency approbation worldwide in 2021, the countries this year fell to fourth and sixth positions, respectively.
Recent regulatory developments are listed as potential reasons for the permutation.
In January, the Axial Bank of Pakistan and the government recommended a ban on cryptocurrency, while the Indian government imposed a 30% tax on all crypto gains in April and an additional 1% fee on each crypto négociation in July.