When you think of digital currency and NFT power, Turkey may not be at the top of the list, but it is in fact miles ahead of many countries around the world. Both acceptance and technology are evolving at a speed which users in other countries can only dream of. Actually, its effect is so powerful that the Lira’s instability may be related to the prices of Bitcoin and Ethereum.
International Tax Attorney and CPA Ozelli Published an in-depth discussion of the interaction between digital currencies and the Lira. In the fourth quarter of 2021, the TRY / USD exchange rate fell from 18.5 to 9 Lira per dollar in the six weeks to mid-December. After that, it climbed to a strong position up to 10 Liras. At the time of release, the currency has been fixed at 13.45, making it a highly volatile asset.
Bitcoin (BTC) reached its highest level in 2021. Moreover, the market fell in the first trading week of 2022. Thus, the buzz is that it has officially excessed the downtrend. Nevertheless, the crypto and NFT industries are booming in the country. According to PwC Payment Research 2020, cashless payments now account for more than 50% of all transactions. Besides, the government established the Digital Turkish Lira Cooperation Platform to back digitalization.
The NFT landscape in Turkey is growing as the rest of the world. Rafik Anadol, the award-winning new Turkish-American media artist, is at the front of NFT acceptance. He was the initial artist to use artificial intelligence in an all-encompassing public work of art. To make this possible, he worked with teams from leading companies and institutions. For instance, Microsoft, Google, Epson, Harvard, and Stanford University.
Turkish consumers use different platforms to create and sell NFTs. OpenSea remains the most popular NFT marketplace. Artists like Cem Yilmaz, Rafik Anadol, and others have created and sold their NFTs on the ETH-based platforms.