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Brazil Is The 2nd Country In Terms Of NFT Adoption

Although the crypto market is not having its best days- or months- the non-fungible token (NFT) sector continues to attract new users, especially in Brazil.

A recent survey by German consultancy Statista revealed that the country is second in the global rankings for NFT adoption.

In total, the company estimates that three are currently 5 million users of blockchain-based digital collectibles in Brazil. In percentage terms, this equates to approximately 2.33% of the country’s population.

Also, according to the survey obtained by GLOBO, Brazil is only behind Thailand in adopting non-fungible tokens. Brazil is ahead of counties like China, the United States, Canada, and Germany.

Adoption Of NFTs In Brazil

According to Statista, some local phenomena contribute to the strong adoption of NFTs in Latin American nations. Among them is the growth in the number of users of play-to-earn (P2E) games.

In P2E games, NFTs are the foundation of gameplay, serving as rewards, avatars, and various other digital representations of physical assets or objects in games.

The report highlights yet another important reason that helps explain a large number of Brazilian NFT users. This relationship has developed between the sporting world and non-fungible tokens, particularly concerning football. Several football clubs, for example, have launched collections of NFTs to increase fan engagement and create a new revenue stream. Teams like Vasco da Gama, Bahia, Santos, and others have already created their collections of NFTs in partnership with blockchain companies.

In addition, the purchase of NFT by famous Brazilians, such as footballer Neymar Jr. who bought an NFT Bored Ape for 3 million reais in January this year, helps to spread the concept to the general public. Even some cities are considering launching municipal NFTs or promoting other actions to raise funds.