Unlocking the Potential of Indonesia’s Thriving Web3 Market October 16, 2023 October 16, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 16, 2023 by Kelly Cromley

Unlocking the Potential of Indonesia’s Thriving Web3 Market

CrossAngle, the entity behind the crypto data intelligence platform Xangle, has officially unveiled “The Giant of Southeast Asia, Indonesia Web3 Market Report.” This comprehensive report is the result of a collaborative endeavor with the renowned Asian Web3 market consultancy, Tiger Research.

CrossAngle and Tiger Research initiated their partnership in April and have since been actively engaged in crafting and disseminating valuable content related to the Web3 industry. Their latest joint publication aims to provide an in-depth understanding of the intricate and distinctive structure of Indonesia’s burgeoning Web3 market.

The report delves into various facets of the Indonesian Web3 landscape, including an overview of the market, the Web3 infrastructure ecosystem, the state of cryptocurrency exchanges, and the evolving world of Indonesian NFTs.

According to the findings presented in the report, Indonesia stands out as a vibrant hub in the cryptocurrency exchange arena when compared to other sectors of the economy. Currently, there are more than 30 operational cryptocurrency exchanges in the country, serving approximately 10 million crypto enthusiasts. This figure translates to approximately 4% of Indonesia’s total population, aligning closely with the number of investors participating in the traditional Indonesian stock exchange.

However, the report sheds light on the challenges facing the Indonesian NFT market, which is currently navigating through a period of market turbulence. Local NFT marketplaces have encountered difficulties in gaining substantial traction. Furthermore, the developer ecosystem remains somewhat modest, with numerous high-potential startups opting to outsource development work to international destinations.

Despite these challenges, the collaborative research team remains optimistic about the untapped potential of Indonesia’s Web3 market. The country’s unique combination of attributes, including the world’s fourth-largest population, a vast and dynamic market, a youthful demographic with a median age of 30, and a backdrop of political stability complemented by Web3-friendly policies, positions Indonesia as a promising landscape for Web3 innovation. In recent years, the Indonesian government has demonstrated a favorable attitude toward the Web3 industry, introducing multiple incentives to foster its growth and establishing a dedicated committee for the blockchain sector under the Indonesia Financial Services Authority.

The development of the Indonesia Web3 market report was the culmination of a week-long research expedition to Indonesia. During this period, the research team engaged in in-person interviews with local experts and entrepreneurs, enabling them to not only provide precise data but also incorporate real-world perspectives obtained during these on-the-ground interactions. This approach enhances the practical value and relevance of the report.

In conclusion, “The Giant of Southeast Asia, Indonesia Web3 Market Report” sheds light on the dynamic and evolving nature of Indonesia’s Web3 market. While challenges exist, the report underscores the nation’s vast potential and the promising opportunities it presents for the broader Web3 industry. With its supportive government policies and a burgeoning population of tech-savvy individuals, Indonesia stands poised to play a significant role in shaping the future of Web3 innovations.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.