Hello and welcome to this week's edition of Overbit Weekly Round Up. The first piece discusses how global crypto use has increased 881 per cent in the last year, with Vietnam, India, and Pakistan solidly in the lead, according to new Chainalysis data.
This is the second year that the blockchain data business has published its Global Crypto Adoption Index, which ranks 154 nations based on measures including peer-to-peer exchange trade volume. According to recent Chainalysis data, global cryptocurrency use has increased 881 per cent in the last year, with Vietnam, India, and Pakistan solidly in the lead.
The index's goal, according to Chainalysis, is to represent "regular people's" crypto adoption and to "concentrate on use cases relating to transactions and individual saving, rather than trading and speculation."
The measures are weighted to account for the average person's wealth and money in specific countries. The majority of the top 20 are emerging economies, such as Togo, Colombia, and Afghanistan. Meanwhile, the United States fell from sixth to eighth place, and China, which cracked down on cryptocurrency this spring, fell from fourth to thirteenth.
A few significant variables, according to Chainalysis, are driving increased adoption levels in emerging markets. For example, when adjusted for buying power parity per capita and internet usage, nations like Kenya, Nigeria, Vietnam, and Venezuela have massive peer-to-peer or P2P platforms transactions.
According to Chainalysis, many locals utilise peer-to-peer cryptocurrency exchanges as their primary entry point into cryptocurrencies, often because they do not have access to centralised exchanges. According to the survey, many inhabitants of these nations use cryptocurrencies to protect their investments in the face of currency depreciation, send and receive remittances, and conduct business transactions.
Closing out this Overbit Round Up, we take a look at a new niche that's taking the crypto markets by storm: NFTs.
The crypto market experienced mania regularly, particularly amid favourable market circumstances.
Last summer, this mania took the form of 'DeFi Summer', in which an explosion in DeFi interest had people chasing yield farms by the day. People were mass-administering money to prominent Ponzi schemes, effectively creating one gigantic, high-stakes game of musical chairs.
However, due to the fever and mania, a significant and possibly world-altering subgroup of technical innovation emerged, with earnings from less than ethical ventures eventually flowing over into more genuine ones.
The following year, we saw a similar trend emerge on Binance Smart Chain with dog and animal-themed initiatives, likely fuelled by the enthusiasm around Dogecoin and other cryptocurrencies.
Right now, the latest flavour of the day for crypto markets is NFT's. OpenSea, one of the world's largest NFT marketplaces, has surpassed popular DeFi products by multiples in volume. NFTs are popular with the majority of users introducing their own NFT collection or collecting themselves.
Like previous fads in crypto, there are sure projects that do not stand the test of time. However, if history repeats itself, there are sure to be so-called 'winners' in this new and emerging NFT space, and it may be worth researching before dismissing it as another fad.
Thanks as always for reading Overbit Round Up! Enjoy your weekend - see you next time.