No two ways about it, NFTs are on the rise.
With the global market warming up to non-fungible tokens (NFT), we’ve seen a wide array of digital assets introduced to the market. Digital art aside, we’ve seen in recent months a full length feature film starring Anthony Hopkins as well as whiskies being offered as NFT. There’s also one that was produced by an elephant. However NFT ownership in Singapore is still in its infancy at the moment.
According to Finder.com’s recent NFT Adoption, NFT ownership in Singapore is currently at 6.8%. It’s well below the global average of 11.7%. The Lion City trails behind its Southeast Asian neighbours, the Philippines, which registered 32% in terms of NFT adoption.
Thailand is a close second in the region with 27% followed by Malaysia (24%) and Vietnam (17%). Still NFT ownership in Singapore is way higher compared to Japan which registers a mere 2.2%. It is also ahead of the UK and the US, which currently stands at 3% each for NFT ownership.
NFT Adoption Is On The Rise
Still despite not being a hotspot for NFTs at the moment, the marketplace is expected to rise eventually. The study states that a total of 11.0% of Singaporean internet users plan to own NFTs in the future. Two in five Singaporean internet users also know what NFTs are.
“It’s still very early days for NFT ownership in Singapore,” says Finder.com’s cryptocurrency editor, Keegan Francis. “41% of Singaporean internet users currently know what NFTs are, and we expect adoption to grow with awareness.”
In terms of forecast, the adoption rate for NFTs in Singapore will hit 17.8% in the near future. “Singapore’s forecast to have the 7th biggest increase in NFT adoption among the countries surveyed, behind countries like Nigeria, Peru and Venezuela but ahead of those like Malaysia and Hong Kong,” adds Francis.
Finder.com’s study surveyed more than 28,000 internet users across 20 countries. In their findings they found that Singaporean men are currently the biggest adopters. A total of 7.4% stated they own NFTs compared to 6.2% of women.
The report also noted that NFT adoption is higher in countries that have a lower average wage of working citizens. “In some of these countries people are quitting their jobs because they can make money trading NFTs or earning them in games,” explains Francis.
“NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don’t require ID. “If you want to buy NFTs directly then you’ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace”.
You can find Finder.com’s full NFT Adoption report here.
(Main and featured image: Old Money/Unsplash)