Achieved Funding Of IDR 37 Billion, SerMorpheus Wants To Start Introducing NFT To Local Brands In Indonesia

JAKARTA - Cryptocurrency has become very popular in recent years. Although Indonesia is not the most active crypto country, it has great potential for web3 adoption.

Web3 or web 3.0 is an open internet ecosystem combining blockchain technology, and a decentralized token-based economy.

Therefore, thanks to internet users and other opportunities such as a sizeable population, Indonesia is highlighted for web3 adoption.

"Indonesians are big consumers of social media content. A lot of intellectual property is created, but creativity is underexposed when it comes to web3. With so much money going into crypto, why isn't a lot of creativity (web3) coming out of Indonesia?" said SerMorpheus co-founder Kenneth Tali, quoted by TechCrunch.

Recently, a startup called SerMorpheus announced an early-stage funding of USD 2.5 million or around IDR 37 billion to Indonesia.

The funding was led by Intudo Ventures, with participation from 500 Global, Febe Ventures, AlphaLab Capital, BRI Ventures, and Caballeros Capital.

SerMorpheus, which was launched in early 2022, acts as a liaison between brands and consumers through digital assets in the form of Non-fungible tokens. SerMorpheus can also be used to authenticate ownership.

To date, SerMorpheus is used by about 27,000 people to claim tickets to music shows, exclusive fan benefits from celebrities, football club memberships, and so on.

How it works, SerMorpheus will take 5-10 percent off the NFT printed on its platform and charge 2 percent in secondary sales.

With a team of 30, SerMorpheus plans to spend new capital building its infrastructure and hiring across all functions.