NFTs have become the biggest crypto on-ramp for countries in Central and Southern Asia, as well as Oceania, according to a report from Chainalysis on Wednesday.
The blockchain analytics firm noted that, in Q2 2022, 58% of web traffic from these countries to crypto services was NFT-related.
NFTs are unique blockchain-based tokens that are used to 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 exploded 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. NFT collections like CryptoPunks and Bored Apes have helped make digital collectibles mainstream—and, according to Chainalysis, the NFT boom has been particularly impactful in broadening crypto adoption in Central and Southern Asia.
The analytics firm noted that another 21% of traffic to crypto services was…