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

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

More than half of the population of Southeast Asia is under the age of 30, making it a coveted market for new technologies. Unsurprisingly, several countries in the region, such as Singapore and Vietnam, have some of the highest crypto adoption rates in the world.

While Indonesia is not the most cryptoactive country in the region, the total crypto value received was less than half that of Thailand between July 2021 and June 2022, according to Chainalysis. The country is believed to have great potential for web3 adoption, thanks to a sizeable and young population (270 million), as well as a vibrant web2 industry.

Indonesia is “catching up” on web3 because its large pool of talent is still in the web2 industry, a crypto investor previously noted.

But entrepreneurs are working to bring blockchain applications to the multicultural archipelago. Pintu raised $113 million in funding in June to offer cryptocurrency trading services to Indonesians. Now a startup called SerMorpheus hopes to connect brands and consumers through digital assets.

A digital asset in the form of non-fungible tokens can be used to authenticate ownership. For example, NFTs can test one’s access to exclusive content, membership in an organization, or discounts on a deal.

“Indonesians are big consumers of social media content. There is a lot of intellectual property being created, but creativity is underexposed when it comes to web3,” said SerMorpheus co-founder Kenneth Tali. “With so much money going into crypto, why isn’t there much [web3] The creativity that comes out of Indonesia?

He considered that part of the problem is the technical loops that creators must jump to create smart contracts; they would have to contact various 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 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 companies to create NFTs; end users, on the other hand, can buy and trade digital assets on the platform with the local rupee currency. To date, the service has been used by some 27,000 people to claim tickets for music events, exclusive benefits for celebrity fans, membership for football clubs, etc., the founder said.

The platform is still manually onboarding companies and brands – 25 of them so far, including Indonesia Comic Con – but the next step is to make SerMorpheus as automated as creating a Facebook page. To do this, smart contracts, or lines of code that run on predetermined rules, will be standardized, as well as the types of benefits that creators devise for their end users.

The startup takes a 5-10% cut of NFTs minted on its platform and charges a 2% fee on secondary sales.

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

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