Indonesian Web3 Ecosystem Optimistic in Projecting Business Next Year
2023 is a momentum for industry players to explore innovation
A young man from Semarang, Ghozali Everyday, became a phenomenon in 2022. In an instant, he pocketed billions of Rupiah from selfie photos sold on the OpenSea platform. Objects based on non-fungible tokens (NFT) have also become the target of digital asset enthusiasts and those who are simply curious.
The NFT euphoria did not last long when benchmark interest rates increased and inflation hit the global market. Interest is decreasing, the value of NFTs and crypto is also decreasing. Collection price Bored Ape Yacht Club reportedly plummeted from millions of US dollars to tens of thousands of US dollars. Not much different, the lowest price for Ghozali's photo on OpenSea is only 0,03 ETH from the lowest price of 0,13 ETH as of 2022.
The volume of crypto asset trading transactions has also reportedly continued to decline over the last three years. Having reached IDR 859,4 trillion in 2021, total transactions fell again to IDR 306 trillion in 2022, and as of September 2023 the value was only IDR 94,4 trillion.
Not ready to subscribe yet? Purchase and access this article