September 26, 2022
By Anjali Kochhar
A new report has said that NFTs have become the biggest crypto on-ramp for countries in Central and Southern Asia and Oceania.
According to a report by Chainalysis published Wednesday, NFTs drove 58% of web traffic from these countries in Q2 2022.
NFTs are unique blockchain-based tokens that represent ownership over other digital or physical items.
These tokens are frequently traded as speculative collectible items, but may also provide additional functionality and benefits to their holders.
The market for NFTs grew within the last two years. Sales for these digital assets reached $23 billion in 2021 and are on pace to break that record this year, even though the NFT market has cooled in the second half of 2022.
As per the report, popular NFT collections like CryptoPunks and Bored Apes have helped make digital collectibles mainstream and the NFT boom has been particularly impactful in broadening crypto adoption in Central and Southern Asia.
The firm noted that another 21% of traffic to crypto services was related to play-to-earn blockchain games, which reward players with cryptocurrencies and often integrate NFTs into their gameplay.
Several reports have surfaced in the recent time showcasing an upward trend in gaming-led metaverse market.
A report published by decentralized application (DApp) data aggregator DappRadar last week, the collapse of Terra in May was similar in scale to the 2008 subprime mortgage crisis.
“It is becoming clear that the Terra debacle has become a Lehman brothers-like event that has sent shockwaves across the entire breadth of the crypto industry and aftershocks that will affect us for many months,” the report said.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.