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Crypto exchanges seek new horizons in NFTs, lending
Local cryptocurrency exchanges are looking to expand their services to offering nonfungible tokens (NFT) and crypto lending after crypto assets gained traction in 2020.
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Stock illustration of cryptocurrency bitcoin (Shutterstock/File)
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ocal cryptocurrency exchanges are looking into nonfungible tokens (NFTs) and crypto lending as the possible next big things after crypto assets took off last year.
Crypto exchange Tokocrypto launched TokoMall in August and the marketplace has listed more than 8,000 NFTs to date, certifying ownership for digital artwork, such as videos, images and even songs.
“TokoMall will expand its NFT marketplace to include [collectibles] starting next year,” TokoMall head Thelvia Vennieta told The Jakarta Post on Dec. 13, adding that the marketplace also planned to offer merchandise and tickets.
While NFTs are relatively new to the country, cryptocurrency is already booming among local investors. The Trade Ministry said it had recorded around 6.5 million crypto investors in May, noting that crypto investment transactions had grown fivefold in the first five months of the year to more than Rp 370 trillion (US$25.8 billion).
Read also: Indonesia now has more crypto investors than stock market investors
Tokocrypto public relations head Rieka Handayani said that, although the company expected more NFT and crypto projects to emerge in the near future, the industry needed a more detailed regulatory framework to include other blockchain products and services.
“Indonesia only has regulation on crypto assets at the moment. Evaluation is needed in the short term, so regulations can cater to market developments as well as protect industry players and users,” Rieka told the Post on Dec. 13.
