SerMorpheus wants to make NFTs an everyday sight in Indonesia – Yahoo Entertainment

More than half of the population in Southeast Asia is under 30, making it a coveted market for novel technologies. Unsurprisingly, several countries in the region, like Singapore and Vietnam, have some of the world's highest crypto adoption rates.
While Indonesia isn't the most crypto active in the region — total crypto value received was less than half of Thailand's from July 2021 to June 2022, according to Chainalysisthe country is thought to hold huge potential for web3 adoption, thanks to a young and sizable (270 million) population as well as a vibrant Web 2.0 industry.
Indonesia is "catching up" on web3 because its huge talent pool still rests in the Web 2.0 industry, one crypto investor pointed out previously.
But entrepreneurs are working to bring blockchain applications to the multicultural archipelago. Pintu racked up $113 million in financing in June to offer crypto trading services to Indonesians. Now a startup called SerMorpheus is hoping 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 instance, NFTs can prove one's access to exclusive content, membership in an organization or discounts on a deal.
"Indonesians are big consumers of social media content. A lot of intellectual property is getting created, but creativity is underexposed when it comes to web3," noted co-founder of SerMorpheus Kenneth Tali. "With so much money coming into crypto, why isn't much [web3] creativity coming out of Indonesia?"
Part of the problem, he reckoned, 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 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; end users, on the other hand, can buy and trade digital assets on the platform with the local currency rupiah. To date, the service has been used by some 27,000 people to claim tickets to music events, exclusive fan perks from celebrities, membership to football clubs and so on, the founder said.
The platform is still manually onboarding businesses and brands — so far 25 of them, including Indonesia Comic-Con — but the next step is to make SerMorpheus as automated as creating a Facebook page. To do so, smart contracts, or lines of codes that execute on predetermined rules, 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.
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 people, SerMorpheus plans to spend the fresh capital on building out its infrastructure and hiring across all functions.
In Southeast Asia, a booming crypto scene
PERSONAL FINANCE DAILY Hi, MarketWatchers. Don’t miss these top stories.Rents fell in August for the first time since November 2021, but tenants are still struggling. Here’s why. Rents dropped from July to August, and annual growth appears to be slowing.
A new survey from the tech giant suggests workers and bosses disagree about productivity.
The case against David St. George, 75, of Arlington, dates back to May 2018, when investigators say they received information regarding a shared secure online storage account containing thousands of files of child pornography.
With the Fed making its third 75-basis-point hike this year, Dalio says greater economic contraction is on the horizon.
Forget everything you think you know about the relationship between interest rates and the stock market.
"The lumber market continues to be in a state of overall malaise as buyers anticipate lower overall demand going forward," Sherwood Lumber told Insider.
Billionaire investor Warren Buffett has seen downturns, recessions, market crashes, and all sorts of adversity in the markets over the years. Investors who are worried about the markets today should heed the Oracle of Omaha's advice and simply bet on America. Three U.S.-based stocks that investors can buy to bet on America are Seagen (NASDAQ: SGEN), T-Mobile US (NASDAQ: TMUS), and Coca-Cola (NYSE: KO).
Needless to say, this has investors — especially those looking for dividends — very interested in energy stocks right now. Two in particular are getting a lot of attention: Chevron (NYSE: CVX) and Enterprise Products Partners (NYSE: EPD). While both Chevron and Enterprise Products are strong companies (I own Enterprise Products, too), there are some characteristics of Phillips 66 that are very compelling.
The S&P 500 is down more than 2% since Tuesday’s close. There is reason to believe markets are close to finding a floor.
If you need to get serious about savings, this might be the right way—and time—for you to do it.
Homeowners beware. But don't panic, either.
These stocks have been mauled by the bear market, but a look under the hood reveals impressive growth.
Multiple insiders secured a larger position in Intel Corporation ( NASDAQ:INTC ) shares over the last 12 months. This…
This has been a painful year for seniors living on a fixed income, as the U.S. economy is experiencing the highest inflation since the early 1980s. In fact, last year, the Social Security Administration announced the 2022 COLA the same day as the September 2021 CPI report. Seniors may be looking forward to as large an increase as possible; however, if you're one of them, you should be careful for what you wish for.
Nvidia (NVDA) stock has been through the wringer this year and even the latest announcements made by the chip giant at its fall GTC gathering didn't really help to move the needle on the shares. NVIDIA announced the launch of the next-generation GeForce RTX 40 Series GPUs powered by the Ada Lovelace architecture. In his keynote, CEO Jensen Huang called the new GPU a “quantum leap” which will give creators the ability to build fully simulated worlds. The H100 — touted as the most powerful AI-foc
When Stephanie Cheung bought a small, two-bedroom apartment for HK$7.7 million ($981,041) as an investment in April 2021, she booked a 6% gain by the summer as Hong Kong's property market boomed to historical highs. The price surge was driven in part by optimism that Hong Kong's borders would reopen after some of the world's most stringent COVID-19 measures over the past two-and-a half years. The price of Cheung's 450 square foot flat has dropped 6%, and the rental income of HK$16,300 is no longer enough to cover mortgage repayments after monthly interest increased by HK$2,400 a few months ago.
Instead of heading for the sideline, Form 13F filings with the Securities and Exchange Commission (SEC) show that most billionaire money managers were active buyers during the first half of the year. What's particularly interesting is that select billionaires have been piling into some of Wall Street's most beaten-down growth stocks. The following three supercharged growth stocks are down as much as 94%, yet billionaires can't stop buying shares of them.
The squeeze is on. Prepare yourself.
In this article, we discuss the companies that have just increased their dividends. You can skip our detailed analysis of dividend investing, and go directly to read MSFT and 4 Other Companies Just Increased Their Dividends. After the pandemic-related hiatus, many American companies started raising their dividends to attract shareholders. According to a report by […]
In this article, we will look at billionaire Ken Fisher’s top 10 growth stock picks. If you want to explore similar stocks, you can also take a look at Ken Fisher’s Top 5 Growth Stock Picks. Ken Fisher is an American billionaire investor and financial analyst. Mr. Fisher is the hedge fund manager of Fisher […]


Leave a Comment