NFT adoption on the rise in Singapore

(Photo by TIMOTHY A. CLARY / AFP)

  • 6.8% of Singaporean internet users currently have NFTs and 11.0% plan to own NFTs in the future
  • Two in five Singaporean internet users know what NFTs are
  • Adoption of NFT highest in the Philippines (32%) and lowest in Japan (2.2%)

The adoption of non-fungible tokens (NFT) has been slowly gaining interest among internet users over the past two months. While many still don’t understand what NFTs are or how they work, Southeast Asian users make up a high percentage of global NFT users.

According to statistics from Finder.com’s Global NFT Adoption report, Southeast Asian users make up the largest number of NFT users based on the 20 countries surveyed. The Philippines has the highest number of NFT owners (32%) of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), United Arab Emirates (23%) and Vietnam ( 17%). At the other end of the spectrum, Japan has the lowest percentage of internet users with NFT (2%), followed by the UK and US (3% each), Germany (4%) %), Australia (5%) and Canada. (6%).

Essentially a digital token, NFTs are built on blockchain, a distributed ledger technology currently widely adopted for various applications. They carry data and are stored in the ledger of the immutable blockchain. When an asset with the NFT token undergoes a transaction digitally or in real life, the blockchain creates a new “block” with the information of the new owner.

There will be a chain of information for every transaction made, and the traceability of ownership throughout the chain is easy to establish the authenticity and provenance of the item. As such, NFTs can serve as a secure means to establish the authenticity of a digitally represented asset.

While the Philippines has the highest number of NFT owners, the survey also showed that Nigeria is expected to experience the highest growth in NFT adoption, from 13.7% to 35.3%, a 22% increase. Other countries expected to experience huge growth in NFT adoption include Peru, Venezuela, and the United Arab Emirates.

Surprisingly, Singaporean internet users are still far behind compared to their global counterparts. According to a survey of more than 28,000 Internet users, only 6.8% of Singaporeans have NFTs, which is below the global average of 11.7%. Interestingly, an additional 11% plan to own NFTs in the future, which means the adoption rate will hit 17.8%.

Finder.com cryptocurrency publisher Keegan Francis believes it is still early days for NFTs in Singapore. 41% of Singaporean internet users currently know what NFTs are and adoption is expected to increase with awareness.

“Singapore expects to have the 7th largest increase in NFT adoption among the countries surveyed, behind countries like Nigeria, Peru and Venezuela but ahead of those like Malaysia and Hong Kong. Men are currently the largest adopters, with 7.4% claiming to have TVNs compared to 6.2% of women. “

Francis also pointed out that adoption of NFT is much higher in countries where the average salary of working citizens is lower.

“In some of these countries people are quitting their jobs because they can make money trading NFTs or earning them in games. NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games do not require identification. If you want to buy NFTs directly, you will need to create a wallet, buy cryptocurrency and choose an NFT marketplace ”.

As the use of cryptocurrency is also on the rise in Singapore, it will come as no surprise that NFTs follow suit over the next couple of months. Either way, the trend is on the rise and users are starting to realize the full potential that the token can offer them.





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