The crypto market is one of the most rapidly developing industries, and with every passing day, more and more people are becoming a part of it. While initially, it was due to the prospect of profits and ROIs, the situation is gradually changing.
For example, in the Central and Southern Asia and Oceania (CSAO) markets, the motivation behind being a part of this space comes not from money but entertainment.
As per the report from Chainalysis, the CSAO market is the third largest crypto market in the world. These markets received about $932 billion in cryptocurrency value from July 2021 to June 2022.
Amongst the countries that fall within the CSAO umbrella, India emerged as the leader, with about $172 billion received by users in crypto in the same duration. However, the driving factor behind crypto adoption for these countries was not the profitability but the prospect of entertainment.
India leading the CSAO markets in crypto value
NFTs and blockchain gaming held the most domination amongst the crypto-related traffic generated in this market. 58% of the web traffic from CSAO users was connected to NFTs, while another 21% of web traffic was towards play-to-earn blockchain games.
NFTs and blockchain games leading crypto-affiliated web traffic
The report further noted,
“Play-to-earn games and non-fungible tokens are intimately related. For countries with high web traffic to NFT marketplaces – especially Thailand, Vietnam, and the Philippines – a large portion of that NFT-related traffic may therefore come from players of blockchain games.”
While 2021 was a great year for NFTs, 2022 has been gradually worsening. In the last couple of months, the total volume generated by the sale of NFTs has not even crossed the billion-dollar mark.
Both July and August noted total sales close to $800 million and $740 million, respectively, and the month of September might not even make it beyond $600 million.
NFT monthly sales
Thus while NFTs may have successfully attracted more users in the past, they do not hold that potential anymore.
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Bitcoin price faces numerous external forces that keep making recovery a daunting task. The United States FOMC (Federal Open Markets Committee) raised interest rates by 0.75% on Wednesday, a move tailored toward combating inflation. Before market participants got used to the spike, the Bank of England (BoE) warned of a recession in the United Kingdom. A recovery across the crypto market will likely stay on hold unless investors stop waiting for a floor price in favor of long positions.
Dogecoin price shows a strong affinity to recover losses as it digs itself out of a stable demand zone on a wave of buying pressure. With Bitcoin resolving its downside liquidity, the big crypto ought to help DOGE move higher in tandem.
Cardano price shows a repeating pattern before it triggers an explosive run-up. This has been mentioned as a liquidity fractal in previous articles.
Chainlink (LINK) price perfectly reflects the current situation with some short-term upward potential as the dust settles after the sell-off on Wednesday, on the back of the FOMC.
Bitcoin price has been on a rollercoaster ride since June 18. The most recent yet explosive run-up has hit targets mentioned in our previous publication. After hitting these levels, BTC has undone these gains quickly.
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