The crypto ecosystem in Indonesia is bustling with many projects. Crypto developers have sprung up in recent years to bring the blockchain ecosystem in Indonesia to life. With the growth of the industry in Indonesia, many developers see great potential in crypto. However, these projects often go unnoticed by investors and crypto app users. So, what are some Indonesian crypto projects? How to use these projects? This article will explain it in detail.
Article Summary
- 📈 Indonesia’s crypto industry is growing rapidly, supported by progressive regulations and increased investor interest, with 17.4 million Indonesians investing in crypto as of May 2023.
- ⚙️ The growth in investor interest in crypto assets is also accompanied by easy access to information about crypto. Currently, there are many crypto communities in Indonesia such as the NFT community, blockchain developers, and the Indonesian crypto media group.
- 📱 Several local crypto projects have emerged, including the NFT marketplace Paras on the Near and Astar; Sermorpheus, an NFT-based Web3 ecosystem that includes a ticketing platform, launchpad, and marketplace; and Gaspack, an NFT launchpad platform for digital art creators.
- Eizper Chain and Mythic Protocol are two blockchain gaming projects that combine exciting gameplay with blockchain technology, providing new ways for users to interact and benefit from games.
Crypto Industry Ecosystem in Indonesia
According to data from the Commodity Futures Trading Supervisory Agency (Bappebti), 17.4 million Indonesians are crypto investors. This data was taken in May 2023 and shows a growth of 23.23% compared to 2020, which was 14.12 million people. According to Tirta Karma Sanjaya of Bappebti, this increased interest is not only based on the profit potential of crypto assets but also shows the potential of blockchain. Blockchain is increasingly seen as an important part of technological development.
The growth in investor interest in crypto assets is also accompanied by easier access to information about crypto. Currently, there are crypto communities in Indonesia such as the Indonesian NFT community (IDNFT), blockchain developer community (Blockdev.ID), and Indonesian crypto media group (ICN). Platforms like Pintu Academy and others also provide access for new investors to learn about crypto assets.
Furthermore, the Indonesian government has a fairly progressive approach to supporting the crypto ecosystem. Indonesia already has a clear regulatory framework on cryptocurrencies, crypto trading requirements, and what cryptocurrencies are legal. Regulations on legal crypto assets are updated annually.
Finally, the government recently announced the creation of an Indonesian crypto exchange. Bappebti is working with the Financial Services Authority (OJK), Bank Indonesia (BI), and the Ministry of Finance to create a crypto exchange, clearing house, and depository manager for crypto assets. With this, all crypto asset traders in Indonesia must become members of the Indonesian crypto exchange.
Four Crypto Projects in Indonesia
With a positive ecosystem and regulatory climate, various local crypto projects have emerged. Some of the crypto projects mentioned below are not intended as investments, but as education so that we know more about crypto projects in Indonesia.
1. Paras NFT Marketplace
Paras is a digital marketplace that sells NFT collections on Near and Astar networks. The platform was founded by Rahmat Alariqi and Afiq Shofy Ramadhan. Additionally, the entire Paras team is based in Indonesia. The Paras platform offers a place to sell and buy NFT collectibles in an easy way.
Recently, Paras announced that it will be expanding its NFT marketplace to the Astar network (Parachain on top of Polkadot). This update was celebrated with some free NFT collectibles like USAGII, WASM Launch Day, and Into The Space. Paras also have an NFT launchpad for NFT creators who want to launch their digital collections on the Astar network. Additionally, Paras CEO explained Paras’ desire to become a multi-chain platform.
In addition, one of Paras’ selling points is how the platform integrates the PARAS token. Users can stake PARAS for yield, participate in Paras governance, and enter the Paras Loyalty system. Currently, the APR of PARAS staking is 9%.
2. Sermorpheus
Sermorpheus is an NFT-based Web3 ecosystem project. Currently, there are three products in the Sermorpheus ecosystem: Sermorpheus Ticket, Launchpad, and Marketplace. All three put NFT technology as the foundation. So, Sermorpheus wants to be the bridge between local brands and the Web3 ecosystem through NFTs.
Additionally, Sermorpheus has launched an application for smartphones called Konser by Sermorpheus. The Konser app enables users and organizers to create NFT-based tickets. So, NFT tickets in Konser are accompanied by collectible digital art for each user.
Several big events such as Jogjakarta’s Artjog and Fiersa Bersari already use Sermorpheus as their ticketing partners.
Like other ticketing apps, users can easily purchase tickets on Sermorpheus. You can now use the Sermorpheus Concert app and get NFTs while enjoying your favorite shows. Furthermore, Sermorpheus also has a launchpad product and an NFT marketplace yet to be launched. Both will open up the usability of Sermorpheus to a wider audience.
3. Gaspack
Gaspack is an NFT launchpad platform for digital creators. The Gaspack platform focuses on providing a medium for local creators and artists who want to tap into the Web3 economy. Unlike Sermorpheus, Gaspack focuses on facilitating many digital artists like Jukiverse. Additionally, Gaspack has two products in its platform, the Gaspack marketplace application and Kometh, an NFT-based digital comic platform.
Gaspack's NFT marketplace app is already used by various digital brands and artists in Indonesia. Some of them are Si Juki, Ultra Milk, JPG People, and Art Jakarta Gardens 2023.
Ultra Milk’s Icownic Patch collection even integrates many real-world benefits for NFT owners such as free concert tickets and VIP experiences in various events. The Icownic Patch was created from Gaspack’s partnership with Tezos and you can claim it for free.
In addition, the Kometh platform is an NFT-based digital comics platform created by Gaspack. Through Kometh, you can read and own digital comics in the form of NFTs. Some editions of these comics also act as an access card to access future releases. Furthermore, Kometh already has 9 ongoing comic series.
4. Eizper Chain and Mythic Protocol
Finally, two blockchain-based gaming projects that are quite popular are Mythic Protocol and Eizper Chain. Both combine interesting gameplay mechanics with blockchain technology. Eizper Chain’s game is under development and has been confirmed to be free-to-play with a play & earn mechanism. Meanwhile, Mythic Protocol is developing its first game called Mythic Protocol: Riftstorm which you can wishlist on the Steam platform.
Mythic Protocol is a gaming ecosystem that focuses on providing users with engaging gameplay and a unique world. However, Mythic Protocol has not released many details about the Web3 aspect of its games. You can play a test version of Mythic Protocol’s game by registering through the Induction Hub. Also, Mythic Protocol already has the “Compass Medallions” NFT collection.
Eizper Chain is a blockchain-based game built on the Solana network. The project has successfully raised $2 million dollars in funding by 2022. So, the Eizper Chain game combines Free-to-Play (F2P) and Play-and-Earn (PnE) elements. An important factor in Eizper Chain’s Web3 ecosystem is the E1Z token which launched on July 5, 2023. Currently, Eizper Chain is in the testing phase and will launch on mobile platforms.
Conclusion
The crypto ecosystem in Indonesia has been developing rapidly, supported by a number of new projects and initiatives. The industry is growing in line with the increasing interest from users, as seen from Bappebti’s data of 17.4 million crypto investors in May 2023. Furthermore, the Indonesian government is supporting this growth with progressive rules and regulations, including the establishment of an Indonesian crypto exchange. There are some interesting local crypto projects, such as Paras, Sermorpheus, Gaspack, and blockchain-based games like Mythic Protocol and Eizper Chain. However, challenges remain, often these crypto projects need to get more attention from investors and users.
References
- Dilla Fauziyah, “Masyarakat Indonesia Makin Melek Kripto, Jumlah Investor Kini Capai 17,4 Juta”, CoinDesk, accessed on 21 July 2023.
- Paras – NFT Marketplace for Digital Collectibles on NEAR, accessed on 21 July 2023.
- SerMorpheus, accessed on 21 July 2023.
- Gaspack NFT Launchpad, accessed on 24 July 2023.
- Eizper Chain, accessed on 24 July 2023.
- Mythic Protocol, accessed on 24 July 2023.