Despite having huge potential for web3, Indonesia is lagging in terms of Web3 creativity. However, SerMorpheus is working to ensure that NFT adoption becomes mainstream in Indonesia by launching a platform to help businesses create, buy, and sell digital assets.
Web3 Adoption in Indonesia
According to reports, over 50% of the people in Southeast Asia are under 30. This makes the region a good market for modern technologies. Besides, countries like Vietnam and Singapore have one of the highest cryptocurrency adoption rates in the world.
Meanwhile, Indonesia is not the most cryptocurrency-active country in the area. However, several crypto investors believe the country’s active web2 sector and young population make it suitable for web3 technology and products.
Meanwhile, Indonesia is currently fighting to catch up with other parts of the world in web3 adoption. Entrepreneurs are working to bridge the gap between blockchain tech and the Indonesian people. Recently, Pintu closed a funding round of over $113 million.
The company plans to use this fund to offer crypto services to the Indonesian people. Also, another startup firm that is into NFTs, SerMorpheus, wants to connect consumers and brands using digital assets.
Recently, NFTs have gained huge prominence in the crypto industry. NFTs allow creators to prove ownership of their products while benefiting from their work.
SerMorpheus to Drive Web3 Adoption in Indonesia
Kenneth Tali, SerMorpheus’ co-founder, stated that huge funds are entering Indonesia’s crypto sector. However, Tali wondered why creators were not producing enough web3 content.
According to him, Indonesians consume lots of content on social media. Also, they create intellectual properties but do not produce much content for the web3 sector.
Meanwhile, the co-founder stated that one major problem is the technological loops that creators face. They have to develop smart contracts and also contact several platforms.
As for the consumers, he stated that most of them do not have a wallet. Those who have a wallet are afraid of misplacing their private keys or being scammed.
As a result, SerMorpheus is working to create a platform that would benefit creators and consumers. Recently, the company closed a funding round of about $2.5 million.
SerMorpheus plan to use the funds to develop a platform that would allow businesses to develop NFTs for users. Also, users could trade and buy digital assets on this platform using the Rupiah, Indonesia’s local currency.
Over 27,000 People Have Used SerMorpheus
Furthermore, the co-founder stated that more than 27,000 individuals had used SerMorpheus to claim music tickets and digital products from celebrities. Meanwhile, the platform is onboarding brands and businesses manually.
Therefore, the company plans to ensure SerMorpheus becomes automated. Hence, several upgrades will be coming to the platform soon.
Meanwhile, SerMorpheus receives a 5-10% commission for all NFTs minted using its platform. Also, it charges a fee of 2% for secondary sales.
Intudo Ventures conducted the company’s last seed round. There was also participation from AlphaLab Capital, Caballeros Capital, 500 Global, BRI Ventures, and Febe Ventures.