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In Central, South Asia and Oceania, NFTs are the “biggest foray” into cryptocurrencies

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In Science and Space: 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).

Axie Infinity, STEPN, and Battle Infinity are three popular play-to-earn (P2E) blockchain games that received additional 21% of traffic during the quarter.

NFT-related activities accounted for 58% of all web traffic coming to cryptocurrency services from this region in the second quarter of 2022, according to a Chainalysis report titled “Crypto Adoption Steadies in South Asia, Soars in the Southeast” published on September 21.

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:

Axie Infinity and STEPN, the two biggest play-to-earn games, are run in Vietnam and Australia, respectively, as are game-centric blockchain developers Polygon and Immutable X, whose headquarters are in India and Australia, respectively.
The Philippines unexpectedly ranked second in the Chainalysis bitcoin adoption index after placing 15th in the previous survey, although Vietnam took first place for the second year in a row.

Play-to-earn (P2E) games and remittances are similar development drivers for each of these nations, according to the blockchain analysis company. However, according to Chainalysis, traffic to websites discussing other topics, such decentralised exchange contracts, has decreased recently. This reduction in traffic, according to Chainalysis, is most likely tied to the bear market and ongoing crypto winter.

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. The potential causes of the change are given as recent regulatory developments.

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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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