Peru is one of the countries in Latin America that has experienced a “boom” in the adoption of cryptocurrencies.
Peruvian fashion and cosmetics companies have landed in the metaverse, including non-fungible tokens (NFT), games, and other types of immersive experiences for their users and potential customers from all over the world, through dynamics that allow them to get to know Peru digitally.
According to the newspaper El Comercio from Peru, companies like Cyzone and Valdé Beauty have landed in the metaverse. The second landed in Decentraland (MANA), where it managed to attract 400 customers, while the first also moved its brand name fragrance brand into the metaverse.
Some Reactions to Peruvian Crypto Boom
Peru has positioned itself in the crypto ecosystem. Days ago, the United Nations Conference on Trade and Development (UNCTAD) stated that 3.7% of the Peruvian population already owns digital assets. This conclusion places Peru in the top 20 countries with the highest adoption of digital money.
“One could say that the investments are more from men than women, but when we did a study last year, the number was lower, it was around 14%, and today this figure has doubled. More and more women are investing in these types of assets.”
Meanwhile, the Peruvian designer Stephanie Wong explained the following to El Comercio:
“Bringing a scent into the digital world is not possible until now, so what we did was replace this olfactory part with experiences and association of feelings within the metaverse. We created a kind of world in which the user can travel different paths, according to their preferences.”
Sherlock Communications Report Highlights
In April, the latest Sherlock Communications report on the adoption of cryptocurrencies in Latin America revealed that in Peru it grew 1,100% in the first months of this year, where from 1 to 12% of Peruvians accepted that they would buy crypto assets in the remainder of the year.
In the survey, 27% of the Peruvian respondents pointed out that they would seek to “better understand” how the technology around cryptocurrencies works and wait for greater regulation to invest, and 37% of the respondents would expect to find out more from the media to learn more about the cryptocurrency market.
Statista Global Survey about Cryptocurrency in LATAM
In addition, the latest Statista global survey highlighted that 16% of cryptocurrency users in the region are in Peru, a country that has been growing in its adoption despite government criticism.
Until the fourth month of the year, Peru had obtained a 600% growth in the use of cryptocurrencies in the country in 2021. This was motivated by people’s interest in new investment mechanisms, in the face of the high inflation rates that are taking place in the country.
It should be noted that the growth of cryptocurrencies in South America is something that has been reported in recent months. The adoption of crypto payment methods in countries like Argentina and Venezuela, the growing interest in Chile and Ecuador, and the appearance of crypto ATMs in Colombia and Uruguay, are some examples of how these assets are becoming part of the economy in the region.
By Audy Castaneda
