SerMorpheus wants to make NFTs an everyday sight in Indonesia • TechCrunch

More than half of the population in Southeast Asia under 30 years old, making it a coveted market for new technologies. It is not surprising that some countries in the region, such as Singapore and Vietnam, have several countries in the world. highest crypto adoption rate.

While Indonesia is not the most crypto-active country in the region – the total value of crypto received is less than half that of Thailand from July 2021 to June 2022, according to Chainalysisthe country is said to have great potential in terms of web3 adoption, thanks to its young and sizable population (270 million) as well as vibrant web2 industry.

Indonesia is “catching up” with web3 because their huge talent source is still in the web2 industry, a cryptocurrency investor shown before.

But entrepreneurs are working to bring blockchain applications to the multicultural archipelago. Pintu earned 113 million dollars funded in June to provide cryptocurrency trading services to Indonesians. Now, a startup called SerMorpheus is hoping to connect brands and consumers through digital assets.

Digital assets in the form of a non-fungible token that can be used to validate ownership. For example, an NFT can demonstrate one’s access to exclusive content, membership in an organization, or a discount on a transaction.

“Indonesians are big consumers of social media content. SerMorpheus co-founder Kenneth Tali notes that a lot of intellectual property is being created, but creativity falls short when it comes to web3. “With so much money pouring into crypto, why not more [web3] creativity from Indonesia? “

According to him, part of the problem is that technical loopers need to jump to create smart contracts; they will have to contact multiple platforms and manage relationships with each platform. On the consumer side, users are struggling at the wallet setup stage and are worried about losing their private keys.

As such, SerMorpheus recently closed a $2.5 million seed round to create a user-friendly platform for businesses to create NFTs; on the other hand, end users can buy and trade digital assets on the platform using the local currency Rupiah. So far, the service has been used by about 27,000 people to claim tickets to music events, fan-exclusive perks from celebrities, soccer club memberships, and more. rock, etc., the founder said.

The platform is still showcasing businesses and brands manually – 25 of them so far, including Indonesia Comic Con – but the next step is to make SerMorpheus automatic like creating a Facebook page. To do so, smart contracts, or lines of code that execute according to predetermined rules, will be standardized, as will the types of benefits that creators offer to their end users.

The startup will take a 5-10% cut from NFTs minted on its platform and charge 2% on secondary sales.

Its seed round was led by Intudo Ventures, with participation from 500 Global, Febe Ventures, AlphaLab Capital, BRI Ventures and Caballeros Capital. With a team of 30, SerMorpheus plans to spend the new capital building infrastructure and hiring across all functions.

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