Tech

SerMorpheus wants to make NFTs a common sight in Indonesia.


Over half of Southeast Asia’s population I am under 30, has become a coveted market for new technologies.Not surprisingly, some countries in the region, such as Singapore and Vietnam, have Highest crypto adoption rate.

While Indonesia is not the most active cryptocurrency in the region, the total amount of crypto received from July 2021 to June 2022 was less than half that of Thailand. According to ChainalysisThe country has a young and sizeable population (270 million) and A vibrant web2 industry.

Indonesia is ‘catching up’ with web3 It pointed out Before.

However, entrepreneurs are working to bring blockchain applications to the multicultural archipelago.Pintu Raised $113 million We raised funds in June to provide crypto trading services to Indonesians. Now a startup called SerMorpheus wants to connect brands and consumers through digital assets.

Digital assets in the form of non-fungible tokens can be used to authenticate ownership. For example, NFTs can prove access to exclusive content, organizational membership, and discounts on deals.

“Indonesians are big consumers of social media content. A lot of intellectual property is being created, but when it comes to web3, creativity is not fully realized,” said Kenneth Tali, co-founder of SerMorpheus. said. “With so much money flowing into cryptocurrencies, why not too much? [web3] Creativity from Indonesia? ”

Part of the problem, he believes, lies in the technical loops creators have to jump through to create smart contracts. We had to reach out to multiple platforms and manage our relationship with each. On the consumer side, users are already stuck setting up their wallets and worry about losing their private keys.

As such, SerMorpheus recently completed a $2.5 million seed round to create an easy-to-use platform for companies to create NFTs. On the other hand, end-users can purchase and trade digital assets on the platform in their local currency Rupiah. To date, approximately 27,000 people have used the service to claim tickets to music events, exclusive fan perks from celebrities, soccer club memberships, and more.

The platform still manually onboards companies and brands. Including Indonesia Comic Con — But the next step is to make SerMorpheus as automated as Facebook page creation. To that end, Smarthis contract, a set of code that runs according to pre-determined rules, is standardized, as well as the types of perks that creators devised for their end users.

The startup takes 5-10% from NFTs created on its platform and charges a 2% commission on secondary sales.

The seed round was led by Intudo Ventures, with participation from 500 Global, Febe Ventures, AlphaLab Capital, BRI Ventures and Caballeros Capital. SerMorpheus will have his team of 30 people and will spend the new funds building infrastructure and hiring across all departments.



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