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Countries with the Biggest NFT Adoption

According to Finder’s worldwide NFT Adoption Index, NFT ownership has increased across the world, with Southeast Asian countries leading the pack. On the other hand, a survey on this topic highlighted how few people all over the world are aware of this sort of money. So you are not alone if you do not know what an NFT is. Rikkei Finance is delighted to deliver to you this article with a package of information about the adoption of NFT among countries.

Global Adoption of NFT

Many countries seem to welcome NFTs; however, the fact is 66% of the total population do not acquire any knowledge about the existence of NFTs. What’s shocking is that the lack of knowledge about NFT is much more popular in developed countries like the US and Japan than in other countries. 90% of Japanese have no idea about digital assets and approximately 70% of people living in the US have not heard about NFTs. Asian countries are more likely to adopt NFTs than European countries. In addition, compared to Southeast Asian countries such as Philippines, Thailand, Malaysia, NFT ownership in the US is scarcely registered.

Regarding the list above, the Philippines is of the top-tier, where at least 1 NFT is owned by 32% of the population. In fact, the technology has become unbelievably popular, with one of the major drivers behind the adoption being the blockchain-based game Axie Infinity. CNBC illustrated that the craze surrounding Axie Infinity in the Philippines has reached levels totally surpassing that found in any other nation to the point that people have managed to get along entirely off the earnings gained from playing the game. According to Mashable, a digital media platform, Fillipinos are some of the biggest adopters when it comes to NFTs.

Besides the Philippines, Thailand and Malaysia are the next 2 nations with the highest NFT adoption rates with 26.6% and 23.9% respectively.

On the contrary, the US, the UK, and Japan are 3 of the countries which have the lowest adoption. In Japan, only 2.2% of the population utilize NFTs. An insight was given from Keegan Francis, who is a crypto specialist, which is that countries which have lower average income have greater adoption rates. Francis pointed out that “In some of these countries, people are quitting their jobs because they can make money trading NFTs or earning them in games. NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don’t require ID. If you want to buy NFTs directly then you’ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace”.

Gender Discrepancies all over the world

According to statistics, there is still a male-dominated gender gap in the NFT investors among countries. Only Thailand and Venezuela are the two nations that resist the trend. The gender difference in Thailand and Venezuela advantages female NFT investors by 7% and 2% respectively. However, the United Arab Emirates has the highest gender gap rate, with 11% more male than female joining the market.

Bottom Line

Will the NFT market move ahead of the cryptocurrency market? It’s still a big question for many. Experts out there predict that there are quite a lot of possibilities, the NFT market could move ahead of the cryptocurrency market. Tadas Maurukas, CEO at the Blockchain Centre says “Even though we see huge growth in popularity, NFTs are still unknown to the majority of the population. Investors see this as a massive opportunity for early adopters, as profits could be exceedingly high when these digital assets go mainstream”.

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Disclaimer: The information herein is for educational purposes only and should not be considered financial, investment, or trading advice. Please conduct your own research and due diligence before making investment decisions. You understand that you are using the Information provided at your own risk.

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Rikkei Finance

Rikkei Finance

Rikkei Finance is a Web3 platform, encompassing a DeFi lending protocol and an NFT Marketplace; with a focus on NFT rentals and NFT based lending and borrowing.