<p>In partnership with South Korean crypto data platform Xangle, Web3 consulting firm Tiger Research has released <a href="https://xangle.io/en/research/detail/1548" rel="noopener noreferrer nofollow">a report</a> focusing on the Web3 market in Indonesia. This collaborative project also featured contributions from Jakarta-based blockchain game provider Avarik Saga and Hong Kong-headquartered metaverse company Animoca Brands.</p><p>In the process of crafting this paper, teams from Tiger Research, Xangle, Avarik Saga, and Animoca Brands spent a week in Indonesia, conducting interviews with local experts.</p><h2 id="header-0">Positive factors</h2><p>The report assesses Indonesia’s Web3 market as having significant potential. It highlights factors such as the country’s status as the world’s fourth-largest population, a youthful demographic with a median age of 30, political stability, and favorable policies towards Web3 technologies. The Indonesian government has adopted a favorable approach to the Web3 industry, providing a range of incentives to boost the growth of the Web3 gaming sector. Additionally, they have taken the initiative to establish a dedicated committee for the blockchain sector within the Indonesia Financial Services Authority (OJK).</p><h2 id="header-1">Crypto exchanges driving growth</h2><p>As per the report, the Indonesian market is primarily propelled by cryptocurrency exchanges, with over 30 exchanges currently in operation. These exchanges serve a customer base of approximately 10 million individuals, which accounts for around 4% of the country’s population. This is comparable to the number of investors on the Indonesia stock exchange.</p><h2 id="header-2">Several challenges</h2><p>Meanwhile, the paper also highlighted several areas where the world’s largest archipelagic state faces challenges. One of these challenges is its non-fungible token (NFT) market, which has seen a consistent decline in recent months, hitting an all-time low. It was found that most individuals prefer global NFT marketplaces over local ones. Furthermore, concerning the development of the Web3 ecosystem, the shortage of blockchain developers has prompted startups to seek development services overseas.</p>

Report by Xangle and Tiger Research Explores Indonesia’s Web3 Potential

Table of Contents

CoinNess Global

Other articles published on Oct 11, 2023

XRP Whales Accumulate Over 1.5 Billion Coins in 2 Years, Benefiting from Price Movements the Most!

JUST (JST) Price Prediction 2024, 2025, 2030, 2040, and 2050

Jim Cramer warns ‘Mr. Bitcoin is about to go down big’

Bolt could lose Kenyan license over allegations of illegal commissions, booking fees

China and Saudi Arabia work together on an AI system based on Arabic.

UK MPs push for NFT copyright protection and code of conduct, addressing risks

Join our free newsletter for daily crypto updates!