Report: Vietnam, Philippines adopt crypto thru P2E games, remittance payments

By September 22, 2022NFT
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The blockchain analytics company, Chainalysis, released an excerpt of its upcoming 2022 Geography of Cryptocurrency Report revealing that the cryptocurrency adoption of countries Vietnam and the Philippines has been driven greatly by P2E (play-to-earn) games and remittances.

It also noted that Vietnam topped its index of cryptocurrency adoption for the second consecutive year, while the Philippines jumped from 15th to second place.

Vietnam, Philippines love for P2E games

Both of these nations rely on play-to-earn (P2E) games and remittances for economic growth.

According to the firm’s statistics, around 25% of Filipinos and 23% of Vietnamese have played a P2E game, and at one point, 40% of Axie Infinity’s gamers were headquartered in the Philippines.

Remittance payments done thru crypto

Meanwhile, Vietnam and the Philippines are also massive crypto remittance markets.

It says that remittance inflows in Vietnam accounts for 5% of its country-wide gross domestic products while in the Philippines it is 9.6%.

“It makes a lot of sense. Why pay 3% to a banking intermediary and wait two days for the funds to reach them when USDT/USDC can reach them within one minute, with almost zero fees?” Vora was quoted in the firm’s blog.

NFTs as entry point of crypto for Asian countries

Meanwhile, the report also revealed that non-fungible tokens (NFTs) have become the largest crypto entry point for countries in Central, Southern, and Oceania Asia.

It notes that in the second quarter of 2022, 58% of web traffic from nations in these regions to crypto services was NFT-related.

NFTs are rare blockchain-based tokens that are used to represent ownership of digital or physical assets. These tokens are widely traded as speculative collectibles, but they may also provide their owners with additional functionality and benefits.

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