Vietnam has ranked as the leader in grassroots cryptocurrency adoption for the second consecutive year.
The country has shown “extremely high purchasing power” and “population-adjusted adoption across centralized, DeFi, and peer-to-peer (P2P) cryptocurrency tools”, according to blockchain analytics firm Chainalysis' Geography of Cryptocurrency report.
Vietnamese consumers have not only been known to support their “love of crypto” with a 2020 poll showing 21% of consumers in the Southeast Asian country reportedly either using or owning cryptocurrencies, but many have displayed a fondness for blockchain gaming too.
Play-to-earn (P2E) and move-to-earn (M2E) games have been popular among the crypto gaming community in Southeast Asia, particularly rocketing in the Philippines and Thailand during the covid-19 pandemic.
P2E gaming was said to appeal to individuals during times of uncertainty regarding job roles and low income.
So, taking this into account and contributing to the enthusiasm for P2E games, Southeast Asia enabled players to store currency without needing a traditional bank account.
With the top grossing P2E game Axie Infinity based in Ho Chi Minh City, interest in such games does not just appeal to users, “but builders too”.
The success of the game – one which has five million active players – has inspired the likes of crypto gamers and start-ups in Vietnam which in turn pushes Southeast Asia’s rankings further into the top field of its crypto adoption.
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