NFTs are taking the crypto world by storm in 2021, but since their peak in December 2021 it’s been a gradual decline throughout 2022. However, some countries around the world are driving NFT adoption during this bear market. Don’t worry, if you’re new to the cryptocurrency world, we’ll explain what all of this means in just a moment.
What are NFTs?
Non-Fungible Tokens, or NFTs, are tokens that exist on blockchain, can’t be reproduced or changed, can be used to verify ownership, and can indicate ownership of both digital and physical items.
Here are some examples of items that can be NFTs:
- Digital artwork
- A limited-edition sneaker or fashion line
- In-game items
- Digital collectibles
- Essays
- Tickets for events or concerts
- Domain names
- Real world goods
Merchants who choose to “Tokenize” their goods will find that they’re easier to buy and sell them, and that there’s less probability of fraud. Basically, NFTs make online shopping easier and safer for both merchants and consumers.
What is a Bear Market?
When it comes to investment terms, there are two different types of market: a bull market and a bear market. A bull market occurs when investment prices rise. A bear market is when investment prices decrease in value. You’ll typically find a bear market during periods of economic turmoil and increases in unemployment.
Oftentimes, while investors are encouraged to buy during a bull market, investors tend to sell during a bear market. Mass- selling of assets often occurs, which is often referred to as “panic selling”.
What Countries Are Driving NFT Adoption During A Bear Market?
NFTs are the way most people use cryptocurrency platforms in Central and Southern Asia, as well as Oceania (this is a large number of islands found in the Central and South Pacific Ocean. Australia is included in Oceania.), according to blockchain marketing data. In fact, this is backed up by blockchain analytic data, which shows that during the second quarter of 2022, 58% of all internet traffic from these countries was related to NFTs.
Other countries that have a lot of traffic to NFT marketplaces are Thailand, the Philippines and Vietnam. This is because they’re using the NFTs for blockchain games, which is a brilliant crypto marketing strategy. In short- they’re gamers. Axie Infinity, as well as other blockchain games, are quite popular in the Philippines. However, games of this sort have seen a significant decrease in users lately due to the collapse of crypto prices.
When it comes to cryptocurrency adoption in this region, Vietnam is in first place currently. From July 2021- June 2022, people from this global region have spent $932 billion on cryptocurrency, which makes it the world’s third-largest cryptocurrency market.
NFTs are also being used as a tool for remittance. This means that people are using it as a payment method or payment platform, sort of like PayPal. Pakistan, India and Bangladesh currently have remittance markets of more than $20 million, and payment providers on blockchain are using NFT marketing to give customers a new payment alternative.
Along with NFTs, the most popularly traded cryptocurrency assets in Central or Southern Asia and Oceania are Ethereum, Wrapped Ethereum and stablecoins.