Brazil ranks second in the number of NFT holders

Brazil ranks second in the number of NFT holders

Non-fungible tokens (NFT) gained more prominence in 2021, when many projects gained prominence in the cryptocurrency world. The most famous NFTs are the Cryptopunks Collection and the Bored Ape Yatch Club (BYAC).

Far from being something for crypto enthusiasts, NFTs have reached out to celebrities around the world, such as Justin Bieber, Madonna, Neymar and even Gucci, applying their products in NFT format for use. metaverse.

As a result, Brazil gained prominence in the number of holders of these digital collections. Which is not surprising, since the country is one of the largest investors in the digital market.

Brazil ranks second in the number of NFT holders

Statistics and data company, Statista Digital Economy Compass, surveyed where most NFT users live. The data could surprise some, with East and Southeast Asian nations leading the NFT trade in 2021.

Infographic: Where most NFT users live |  Statistics
Where most NFT users live. Source: Statista.

Thailand leads with 5.65 million users. It is followed by Brazil with 4.99 million. Although the United States market is very popular, due to the large number of companies in the country, it ranks 3rd with only 3 million users.

Although Brazil ranks second in this ranking, in terms of population, it is only 2.33% of digital collectors compared to Canada, where 3.67% of people collect digital assets.

What is NFT?

NFT, or, non-fungible token (non-fungal token) is a digital collectible, which is characterized by being unique, so it is not fungal, that is, it cannot be exchanged for another NFT.

Therefore, these collectibles can be files of images, videos, music, other items that have a unique digital record on the blockchain. Therefore, it is possible to verify the authenticity of this property.

In 2021, the NFT market grew by more than $ 41 billion, according to data from Channelisis. The digital collectible market has almost collided with the traditional arts, which raised $ 50 billion in 2020, for example.

Despite this market growth, NFT trading has been slowing down since last month, with NFT sales falling to an average of 19,000 per day. According to the World Street Journal, this number is down 92% compared to the peak trading period, which reached 225,000 in September 2021.

What does this data show us about the Brazilian cryptocurrency situation?

Brazil is one of the largest crypto trading countries, with Brazil being one of the top 15 crypto trading countries in 2021, according to Channelisis. It is the largest trading country in Latin America.

However, these data show us that the country trades more digital assets, not necessarily. Contrary to what happens in Venezuela, for example, with a collapsed economy, cryptocurrency was seen as the only option for state money.

Although Brazil is also going through a period of financial crisis, mainly due to measures taken during the Covid-19 epidemic, it appears that investors in the crypto market still have speculative biases and need immediate profits when making dubious investments. Cryptocurrency Project.

So, these data show us that, despite being mature in terms of the number of trades, mentally, Brazilian crypto investors still need to mature in their financial allocations.

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