- Thailand leads as the country with the highest number of NFT users, with 5.6 million.
- Brazil and the U.S take the second and third positions with 4.99 million and 3.81 million users, respectively.
According to a CryptoMonday analysis, NFTs gained popularity in Southeast and East Asian countries in 2021. China, Thailand, and Vietnam have gained massive numbers of NFT users. CryptoMonday concludes that Thailand has the highest number of NFT users, 5.65 million, globally.
Brazil comes in second with 4.99 million users, while the U.S takes the third position with 3.81 million users. Again If the population ratio were the ranking criteria, Thailand would still be top as 8.08% of its population own digital property. Canada follows with 3.67 percent, while Brazil ranks third with 2.33 percent.
CryptoMonday’s Jonathan Merry attributes Thailand’s lead in NFT adoption to the growth of the Metaverse.
Jonathan MerrySky Mavis’s play-to-earn games like Axie Infinity are popularizing NFTs here. Again the Metaverse Thailand virtual sale has allowed Thais to buy virtual property easily, and social media platforms enable artists to showcase their artworks.
NFT market share
NFT market share has been rising, reaching $41 billion by 2021. This value poses competition to the conventional art market, which had a market share of $50 billion in 2020. However, it has been experiencing significant drops in sales. Last month it registered 19,000 daily average from a peak of 225,000 in September, a 92 percent drop in those sales.
Further analysis of the situation reveals that the cause of the drop in sales can be directly linked to the reduction of hype. Also, investors have developed a fear of their investment due to the frequent drop in sales. The rise in inflation rates and scams also deters people from committing to invest in NFT.
NFT insight
NFTs are digital assets representing other real elements. These elements include in-game items, art, and so on. They operate in a similar way to cryptocurrency. That is, you can buy and sell them online, and they use similar encoding technology as cryptos.
NFTs are unique because of their specific identifying codes. These codes are attached to these digital items during their creation or minting process. Minting is the process of publishing a digital item on a blockchain platform for trading purposes.
Financial experts advise prospective investors to exercise caution when investing in NFTs. Some argue that they’re highly speculative and rely on hype more than anything else. As much as one can get a good return from them, they can easily lose their funds quickly.
