Thailand has the Highest Number of NFT Users Worldwide at 5.6M

Blockchain, News | June 16, 2022 By:

Thailand has the highest number of NFT users, 5.65 million, globally, according to a CryptoMonday analysis. 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, it would still be top as 8.08% of its population own digital property.

CryptoMonday’s Jonathan Merry attributes Thailand’s lead in NFT adoption to the growth of the Metaverse. He said, “Sky 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. However, it has also recorded some rough patches of significant drops in sales. Last month it, for instance, registered 19,000 daily average from a peak of 225,000 in September, a 92 percent drop.

Further analysis of the situation reveals that the cause of the drop in sales is the reduction in the hype surrounding them. Also, investors have developed a fear of their investment due to the frequent drop in sales. Furthermore, the rise in inflation rates and scams also deters people from committing to invest in them.

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. You can buy and sell them online, and they use similar encoding technology as cryptos.

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.