From Syahrini's NFTs to Axie Infinity, Southeast Asia is waking up to the metaverse

When Indonesian singer and influencer Syahrini last month announced a metaverse tour sold as non-fungible tokens , they were sold out hours after the launch.

Ridwan Kamil, the governor of West Java who is expected to run in the 2024 presidential election, earlier this month turned his personal painting into an NFT and sold it for 1 ethereum, or about US$3,120 .President Joko Widodo has said Indonesia needs to "quickly catch on with the metaverse" so the country will not get left behind.

Facebook's parent Meta has been upbeat about the prospect of building their own metaverse in the region. "But I think this year, there will be some corrections. I'd love to see more smaller and micro-celebrities jumping in because they'd have a better drive to showcase or to increase the utilities of their tokens. And I think that will be the beauty of metaverse and Web3, where more people will be able to create their own kind of business without having to go through so many intermediaries.

Evan Spytma, chief executive and co-founder at YGG SEA, said the company's main growth challenge was to find funding for the NFT purchases, which was required to boost their users' growth.

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