More than Half of Southeast Asia’s Population Under 30: A Coveted Market for Novel Technologies
Southeast Asia is home to a young and vibrant population, with more than half of its inhabitants under the age of 30. This demographic makes it an attractive market for novel technologies, particularly those related to web3 and cryptocurrency adoption.
High Crypto Adoption Rates in the Region
Several countries in Southeast Asia have some of the world’s highest crypto adoption rates. Singapore and Vietnam are among the top performers, with Indonesia also showing promise despite being less active than its neighbors. According to Chainalysis, Indonesia received less than half of Thailand’s total crypto value from July 2021 to June 2022.
Huge Potential for Web3 Adoption in Indonesia
Indonesia has a sizable population (270 million) and a vibrant web2 industry, making it an attractive market for web3 adoption. The country is often seen as ‘catching up’ on web3 due to its large talent pool remaining in the web2 industry. However, entrepreneurs are working to bring blockchain applications to the multicultural archipelago.
Pintura Raises $113 Million to Offer Crypto Trading Services
In June 2022, Pintura raised $113 million in financing to offer crypto trading services to Indonesians. Another startup, SerMorpheus, is hoping to connect brands and consumers through digital assets using non-fungible tokens (NFTs).
The Power of NFTs in Indonesia
NFTs can be used to authenticate ownership, proving one’s access to exclusive content, membership in an organization, or discounts on a deal. Indonesians are big consumers of social media content, with much intellectual property being created but underexposed when it comes to web3.
The Challenges Facing Web3 Adoption in Indonesia
Co-founder of SerMorpheus, Kenneth Tali, noted that part of the problem is the technical loops creators need to jump to create smart contracts. They’d have to contact multiple platforms and manage relationships with each of them. On the consumer side, users are already stuck at the stage of setting up a wallet and worried about losing their private keys.
SerMorpheus Aims to Bridge the Gap
To address these challenges, SerMorpheus recently closed a $2.5 million seed round to create a user-friendly platform for businesses to create NFTs. End users can buy and trade digital assets on the platform using the local currency rupiah.
The Platform’s Features and Future Plans
The platform has been used by 27,000 people to claim tickets to music events, exclusive fan perks from celebrities, membership to football clubs, and so on. The service is still manually onboarding businesses and brands (25 of them, including Indonesia Comic-Con). However, the next step is to make SerMorpheus as automated as creating a Facebook page.
Standardizing Smart Contracts and Benefits
To achieve this goal, smart contracts will be standardized, as well as the types of benefits creators devise for their end users. The startup takes a 5-10% cut from NFTs minted on its platform and charges a 2% fee in secondary sales.
Funding and Future Plans
The seed round was led by Intudo Ventures, with participation from 500 Global, Febe Ventures, AlphaLab, and other investors. The funding will be used to further develop the platform and expand its reach.
Conclusion
Southeast Asia’s young population presents a significant opportunity for web3 and cryptocurrency adoption. Indonesia, in particular, has shown promise despite some challenges. SerMorpheus is working to bridge the gap by creating a user-friendly platform for businesses and consumers alike. With the right support and funding, web3 adoption in Indonesia can reach new heights.
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