Seoul, South Korea, October 16, 2023 /PRNewswire/ — CrossAngle, the operator of the crypto data intelligence platform Xangle, today announced the release of “The Giant of South East Asia, Indonesia Web3 Market Report. » This report is a collaborative effort with Asian market consulting firm Web3 Tiger Research.
CrossAngle and Tiger Research partnered in April and have been actively working together to create and share content related to the Web3 industry.
The joint report aims to provide a comprehensive understanding of the unique and complex structure of Indonesia Web3 Marketplace. Key topics covered in the report include an overview of the Indonesian Web3 market, Indonesian Web3 infrastructure ecosystem, cryptocurrency exchanges in Indonesiaand the Indonesian NFT market.
According to the report, Indonesia has the most dynamic cryptocurrency exchange market compared to other sectors. There are currently more than 30 operational exchanges, serving around 10 million crypto customers, or around 4% of Indonesia’s population. This number closely matches the number of investors participating in the Indonesian stock market.
Nonetheless, the Indonesian NFT market is currently at an all-time low due to the recent market downturn, and local markets have struggled to gain traction. Additionally, the developer ecosystem remains relatively small, with many unicorns outsourcing their development work overseas.
However, the research team behind the joint report is convinced that Indonesia The Web3 market has significant untapped potential. With the fourth largest population in the world, a sprawling market, a young and engaged population with a median age of 30, and a context of political stability associated with policies favorable to Web3, Indonesia presents a promising landscape. In recent years, the Indonesian government has displayed a favorable stance towards the Web3 industry. They introduced multiple incentives to encourage its growth and created a dedicated committee for the blockchain sector under the Indonesian Financial Services Authority.
THE Indonesia The Web3 Market Analysis Report is a result of a week-long research expedition to Indonesia. During this time, the research team conducted in-person interviews with local experts and entrepreneurs. Beyond presenting accurate data, the report incorporates real-world perspectives collected during these on-the-ground interactions, thereby enhancing its practical value.
The full report is available for reference on the Xangle website and the Tiger Research website.