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SerMorpheus wants to make NFT an everyday scene in Indonesia

More than half of the population in Southeast Asia is under 30, making it a desirable market for innovative technology. Unsurprisingly, the region has some of the most diverse countries in the world, such as Singapore and Vietnam. High rates of crypto adoption.

While Indonesia is not the most active crypto in the region – from July 2021 to June 2022, Thailand accounted for less than half of the total crypto value. According to chain analysis — Thanks to its young and sizable population (270 million), the country has great potential for web3 adoption. Dynamic web 2.0 industry.

Indonesia is “catching on” to web3 because its biggest talent pool is still in the Web 2.0 sector, says a crypto investor. show Before.

But entrepreneurs are working to bring blockchain applications to a multicultural archipelago. Pindu raised $113 million in funding in June to provide crypto trading services to Indonesians. Now startup SerMorpheus He believes in connecting brands and consumers through digital assets.

Digital assets in the form of non-exchangeable tokens can be used to authenticate ownership. For example, an NFT may indicate access to a person’s exclusive content, membership in an organization, or contract discounts.

“Indonesians are big consumers of social media content. A lot of intellectual property is being created, but when it comes to Web3, creativity is less visible,” said Sermorphius co-founder Kenneth Talley. “With so much money going into crypto, why not more [web3] Does creativity come from Indonesia?

Part of the problem, he argues, is the technical hurdles contract makers have to overcome to create smart contracts; They have to contact multiple platforms and manage relationships with each one. On the consumer side, users are already stuck at the wallet setup stage and worry about losing their private keys.

As such, SerMorpheus recently closed an initial $2.5 million round to create an easy-to-use platform for businesses to create NFTs; End users, on the other hand, can buy and trade digital assets on the platform with the local currency, rupees. To date, some 27,000 people have used the service for music event tickets, exclusive offers for celebrity fans, soccer club memberships and more, the founders said.

The platform still uses businesses and brands manually — 25 so far, including Indonesia Comic-Con — but the next step is to automate SerMorpheus, like creating a Facebook page. To do so, lines of code that operate according to smart contracts or predefined rules will be standardized, as well as the types of benefits creators create for their end users.

The startup charges a 5-10% discount on the NFT printed on its platform and a 2% fee on secondary sales.

The seed round was led by Intudo Ventures, with participation from 500 Global, Fab Ventures, Alfalap Capital, PRI Ventures and Caballeros Capital. With a team of 30, SerMorpheus plans to use the new capital to build its infrastructure and employ all operations.

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