More than half of the population in Southeast Asia is under the age of 30. Several countries in the region, like Singapore and Vietnam, have some of the world's highest adoption rates for virtual currency.
The country is thought to hold huge potential for web3 adoption due to a young and sizable population.
Indonesia is catching up on web3 because it still has a large talent pool in the web2 industry.
Entrepreneurs are trying to bring applications to the island. In June, Pintu secured $113 million in financing to offer their services to Indonesians. SerMorpheus is a startup that is trying to connect brands and consumers.
Non-fungible token can be used to verify ownership of a digital asset. NFTs can demonstrate access to exclusive content, membership in an organization, or discounts on a deal.
Indonesia is a big consumer of social media. A lot of intellectual property is being created, but creativity is not getting as much attention as it could. There isn't much creativity coming out of Indonesia.
He said that part of the problem is the technical loops creators need to jump to create smart contracts; they would have to manage relationships with each of them. Users are stuck at the stage of setting up a wallet and are concerned about losing their private keys.
SerMorpheus closed a $2.5 million seed round to create a user-friendly platform for businesses to create NFTs and end users to buy and trade digital assets on the platform with the local currency rupiah. The service has been used by some 27,000 people to claim tickets to music events, exclusive fan perks from celebrities, membership to football clubs, and so on.
The platform is still manually onboarding businesses and brands, but the next step is to automate SerMorpheus as a Facebook page. To do that, smart contracts, or lines of codes that execute on preset rules, will be standardized, as well as the types of benefits creators give to their users.
The startup charges a 2% fee in secondary sales and takes a cut from the NFTs it sells.
The seed round was led by IntudoVentures, with participation from other companies. The fresh capital will be used to build out its infrastructure and hire people across all functions.
In Southeast Asia, a booming crypto scene
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