SEOUL, South Korea, Oct. 16, 2023 /PRNewswire/ -- CrossAngle, the operator of the crypto data intelligence platform Xangle, announced today the release of the "The Giant of Southeast Asia, Indonesia Web3 Market Report." This report is a collaborative effort with Asian Web3 market consulting firm Tiger Research.

CrossAngle and Tiger Research partnered in April and have been actively working together to create and share Web3 industry-related content.

The joint report aims to offer a comprehensive understanding of the unique and intricate structure of Indonesia's Web3 market. Key topics covered in the report encompass an overview of the Indonesian Web3 market, the Indonesian Web3 infrastructure ecosystem, cryptocurrency exchanges in Indonesia, and the Indonesian NFT market.

As per the report, Indonesia boasts the most vibrant cryptocurrency exchange market compared to other sectors. Presently, there are over 30 operational exchanges, catering to approximately 10 million crypto customers, equivalent to roughly 4% of the Indonesian population. This number aligns closely with the count of investors participating in the Indonesian stock exchange.

Nonetheless, the Indonesian NFT market is currently experiencing an unprecedented low due to the recent market downturn, and local marketplaces have struggled to gain substantial traction. Additionally, the developer ecosystem remains relatively modest, with numerous unicorns outsourcing development work overseas.

However, the research team behind the joint report holds the belief that Indonesia's Web3 market possesses significant untapped potential. With the world's fourth-largest population, a sprawling market, a youthful and engaged demographic with a median age of 30, and a backdrop of political stability coupled with Web3-friendly policies, Indonesia presents a promising landscape. In recent years, the Indonesian government has displayed a favorable stance toward the Web3 industry. They have introduced multiple incentives to foster its growth and have established a dedicated committee for the blockchain sector under the Indonesia Financial Services Authority.

The Indonesia Web3 market analysis report results from a week-long research expedition to Indonesia. During this time, the research team conducted in-person interviews with local experts and entrepreneurs. Beyond presenting precise data, the report incorporates real-life perspectives gathered during these on-the-ground interactions, enhancing its practical value.

The complete report is available for reference on both Xangle's website and Tiger Research's website.