Non-fungible tokens surged in popularity and made their way into the mainstream thanks to the incredible upswing of cryptocurrencies in the last two years. Now, buyers and sellers have shown more confidence in NFTs and believe that the market will continue to grow.
Currently, adoption continues to pick up interest among potential investors as data suggests that total sales volume rising to $12 billion. A massive surge in sales was also recorded between 2018 and the first half of 2021. During this period, NFT sales increased from $41 million to $2.5 billion indicating a 60-fold surge within three and half years.
Even though NFTs are still new and many don’t seem to fully understand how they work, NFTs have seen major adoption in about five countries. Meanwhile, other countries also continue to adopt NFTs albeit slowly.
Top five countries with the biggest adoption of NFTs
Finder’s NFT Adoption trying to establish the fact polled over 28,000 traders and collectors across 20 countries. The idea behind the poll was to compare NFT ownership and their results were more fascinating than expected. At the end of the poll, results showed that most Asian countries have a high rate of NFTs adoption.
Among the 20 countries compared, the Philippines has the highest number of NFT holders (32%). Thailand (27%) is another Asian country that followed suit, then comes Malaysia (24%), the United Arab Emirates(23%), and Vietnam (17%).
Based on the report, 9.5% of the Philippines poll participants still intend to buy more NFTs while forecast adoption is around 45%. As regards Thailand, 7.9% of its poll participants still intend to buy more NFTs while forecast adoption is pegged at 34.5%.
Meanwhile,10.5% of Malaysia’s poll participants are also looking to buy more NFTs while forecast adoption is pegged at 34.4%. 11.5% of the United Arab Emirate poll participants also look to buy more NFTs while forecast adoption is around 45%. Lastly, 11.62% of Vietnam poll participants still intend to buy more NFTs while forecast adoption is around 29.1%.
The report also showed that in 17 out of the 20 countries polled, men have a higher chance of owning NFTs than women. Among these countries, Vietnam, Malaysia, and the United Arab Emirates have the largest gender gap. Hopefully, the gender gap gets to reduce as more adoption continues to take place.
Frankly, NFTs are here to stay and will continue to adapt to the innovative inclinations of this present digital era. Hence, it’s best one key into NFTs at this early stage.
