{"id":213810,"date":"2021-11-25T10:50:55","date_gmt":"2021-11-25T02:50:55","guid":{"rendered":"https:\/\/techwireasia.com\/?p=213810"},"modified":"2021-12-07T14:42:49","modified_gmt":"2021-12-07T06:42:49","slug":"nft-adoption-on-the-rise-in-singapore","status":"publish","type":"post","link":"https:\/\/techwireasia.com\/2021\/11\/nft-adoption-on-the-rise-in-singapore\/","title":{"rendered":"NFT adoption on the rise in Singapore"},"content":{"rendered":"<ul>\n<li><strong>6.8% of Singaporean internet users currently have NFTs and 11.0% plan to own NFTs in the future<\/strong><\/li>\n<li><strong>Two in five Singaporean internet users know what NFTs are\u00a0<\/strong><\/li>\n<li><strong>NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%)<\/strong><\/li>\n<\/ul>\n<p>Non-fungible tokens (NFTs) adoption are slowly picking interest among Internet users in the last couple of months. While many still do not understand what NFTs are or how they work, users in Southeast Asia represent a high percentage of global NFT users.<\/p>\n<p>According to statistics from Finder.com\u2019s <a href=\"https:\/\/www.finder.com\/sg\/nft-statistics\">Global NFT Adoption repor<\/a>t, Southeast Asian users make up the most NFT users based on the 20 countries surveyed. The Philippines has the most NFT owners (32%) out of the 20 countries compared, followed by Thailand (27%), Malaysia (24%), the UAE (23%), and Vietnam (17%). On the other end of the spectrum, Japan has the smallest percentage of Internet users with NFTs (2%), followed by the UK and the US (3% each), Germany (4%), Australia (5%), and Canada (6%).<\/p>\n<div class=\"see-also right\"><div class=\"row\" data-equalizer><a href=https:\/\/techwireasia.com\/2021\/11\/nfts-and-moving-beyond-the-hype-enterprise-use-cases\/><div class=\"medium-12 small-4 columns\" data-equalizer-watch><img width=\"400\" height=\"200\" src=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-400x200.jpg\" class=\"ratio2by1 wp-post-image\" alt=\"Real estate management is just one of the many sectors that NFTs can help optimize (Photo by SPENCER PLATT \/ GETTY IMAGES NORTH AMERICA \/ Getty Images via AFP)\" loading=\"lazy\" srcset=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-400x200.jpg 400w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-800x400.jpg 800w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><img width=\"150\" height=\"150\" src=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-150x150.jpg\" class=\"ratiosquare wp-post-image\" alt=\"Real estate management is just one of the many sectors that NFTs can help optimize (Photo by SPENCER PLATT \/ GETTY IMAGES NORTH AMERICA \/ Getty Images via AFP)\" loading=\"lazy\" srcset=\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-150x150.jpg 150w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-400x400.jpg 400w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-167x167.jpg 167w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-344x344.jpg 344w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-409x409.jpg 409w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-100x100.jpg 100w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-80x80.jpg 80w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-125x125.jpg 125w, https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/06\/building-real-estate-60x60.jpg 60w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/div><div class=\"medium-12 small-8 columns\" data-equalizer-watch><h4>NFTS AND MOVING BEYOND THE HYPE: ENTERPRISE USE CASES<\/h4><p class=\"byline\">Jamilah Lim | 30 November, 2021<\/p><\/div><\/a><\/div><\/div>\n<p>NFTs are essentially digital tokens that <a href=\"https:\/\/techwireasia.com\/2021\/12\/nfts-explained-heres-why-theyre-not-cryptocurrencies\/\">carry data and are stored in an immutable blockchain ledger<\/a>. Its main purpose is to represent assets and prove their authenticity and ownership.<\/p>\n<p>They carry data and are stored in the immutable blockchain ledger.\u00a0When an asset with the NFT token undergoes a transaction digitally or in real life, the blockchain creates a new \u2018block\u2019 with the information of the new owner.<\/p>\n<p>There will be a chain of information for every transaction carried out, and traceability of ownership along the chain is easily done in order to establish the authenticity and provenance of the item.\u00a0As such, NFTs can serve as a secure way to establish the authenticity of an asset that\u2019s digitally represented.<\/p>\n<p>While the Philippines has the highest number of NFT owners, the survey also showed that Nigeria is expected to have the biggest growth in NFT adoption from 13.7% to 35.3% \u2013 an increase of 22%. Other countries that are expected to see huge growth in NFT adoption include Peru, Venezuela, and United Arab Emirates.<\/p>\n<p>Surprisingly, Singapore&#8217;s internet users are still far behind compared to their global counterparts. From a survey of more than 28,000 internet users, just 6.8% of Singaporean own NFTs, which is below the global average of 11.7%. Interestingly, an additional 11% plan to own NFTs in the future meaning the adoption rate will hit 17.8%.<\/p>\n<p>Finder.com\u2019s cryptocurrency editor Keegan Francis believes that it\u2019s still very early days for NFTs in Singapore. 41% of Singaporean internet users currently know what NFTs are and the adoption is expected to grow with awareness.<\/p>\n<p>\u201cSingapore\u2019s 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. Men are currently the <a href=\"https:\/\/techwireasia.com\/2021\/11\/indian-star-kamal-haasan-to-launch-metaverse-avatar\/\">biggest adopters<\/a>, with 7.4% saying they own NFTs compared to 6.2% of women.\u201d<\/p>\n<p>Francis also pointed out that NFT adoption is much higher in countries that have a lower average wage of working citizens.<\/p>\n<p>\u201cIn some of these countries, people are quitting their jobs because they can make money trading NFTs or earning them in games. NFTs can be a great gateway to cryptocurrency ownership, especially because many NFT games don\u2019t require ID. If you want to buy NFTs directly then you\u2019ll need to set up a wallet, purchase cryptocurrency, and choose an NFT marketplace\u201d.<\/p>\n<p>With<a href=\"https:\/\/techwireasia.com\/2021\/11\/crypto-payments-becoming-a-trend-among-singaporeans\/\"> cryptocurrency<\/a> usage also increasing in Singapore, it won&#8217;t be surprising if NFTs follow suit in the next couple of months. Either way, the trend is increasing and users are beginning to realize the full potential the token can offer to them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>6.8% of Singaporean internet users currently have NFTs and 11.0% plan to own NFTs in the future Two in five Singaporean internet users know what NFTs are\u00a0 NFT adoption is the highest in the Philippines (32%) and lowest in Japan (2.2%) Non-fungible tokens (NFTs) adoption are slowly picking interest among Internet users in the last<a class=\"excerpt-read-more\" href=\"https:\/\/techwireasia.com\/2021\/11\/nft-adoption-on-the-rise-in-singapore\/\" title=\"ReadNFT adoption on the rise in Singapore\">&#8230; Read more &raquo;<\/a><\/p>\n","protected":false},"author":638,"featured_media":213811,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[12,10],"tags":[3541,10378,154],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NFT adoption on the rise in Singapore<\/title>\n<meta name=\"description\" content=\"NFT adoption among Singaporeans are still low but users are picking up the pace as the Philippines records the most NFT users.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/techwireasia.com\/2021\/11\/nft-adoption-on-the-rise-in-singapore\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NFT adoption on the rise in Singapore\" \/>\n<meta property=\"og:description\" content=\"NFT adoption among Singaporeans are still low but users are picking up the pace as the Philippines records the most NFT users.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/techwireasia.com\/2021\/11\/nft-adoption-on-the-rise-in-singapore\/\" \/>\n<meta property=\"og:site_name\" content=\"Tech Wire Asia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/techwireasia\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-25T02:50:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-12-07T06:42:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/techwireasia.com\/wp-content\/uploads\/2021\/11\/000_9NP6L2-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1580\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@techwireasia\" \/>\n<meta name=\"twitter:site\" content=\"@techwireasia\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/techwireasia.com\/#website\",\"url\":\"https:\/\/techwireasia.com\/\",\"name\":\"Tech Wire Asia\",\"description\":\"Where technology and business intersect\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":\"https:\/\/techwireasia.com\/?s={search_term_string}\",\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/techwireasia.com\/2021\/11\/nft-adoption-on-the-rise-in-singapore\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/11\/000_9NP6L2-scaled.jpg\",\"contentUrl\":\"https:\/\/cdn.techwireasia.com\/wp-content\/uploads\/2021\/11\/000_9NP6L2-scaled.jpg\",\"width\":2560,\"height\":1580,\"caption\":\"(Photo by TIMOTHY A. 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