According to a report by blockchain analytics company Chainalysis, Central and Southern Asian traders account for the majority of NFTs owners globally.
Asian traders controlled over 30% of the market in early-2022. During a boom in the industry in mid-2021, Asian dominance in the NFT space climbed to nearly 40% of the market.
The same report by Chainalysis states that North American and Western European traders are the second and third biggest users of the space. Africa, Eastern Europe, and the Middle East are among the space laggards.
Countries such as India, Kazakhstan, and Pakistan appear to be the most likely to account for NFT trading in Central and Southern Asia. In recent years, all three countries have emerged as important cryptographic hubs.
According to a previous Chainalysis analysis, India was the second-largest crypto adopter in 2021, after only Vietnam. Pakistan came in third place on the list.
Retail traders account for virtually all NFTs transactions, which matches the demographics of both nations’ crypto trading.
Although India and Kazakhstan have seen a crypto boom in recent years, strict regulation seems to have limited future development potential. Kazakhstan recently prohibited cryptocurrency mining, while India just imposed high tariffs on cryptocurrency trade.
