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Well-known entrepreneurs say that there is a need for web3 messaging platforms. Several startups are already working on a solution.
Crypto entrepreneurs believe that the need for cryptocurrency messaging platforms is growing every day as the number of cryptocurrency users increases.
Cryptocurrency is increasingly used not only for trading on the exchange, but also for other purposes. As DAO and NFT proliferate, so does the need to communicate through a blockchain-based platform connected to a wallet.
Well-known entrepreneur Elad Gil commented on this topic and said:
“Your Bitcoin or crypto asset is identical to mine, so I would have less reason to ping an anonymous user through his wallet.
But with the DAO, you need to coordinate with various participants, in addition to using Discord. With NFT and collectibles, I might want to be able to ping a user to buy, sell or exchange NFT, so there are other incentives for the communication layer to be useful.”
Gil admitted that he invested early in a web3 messaging platform called Lines. Despite the fact that the technological level of the platform is not yet ready, Gil still invested enough to lead the initial round worth $ 4 million.
Lines CEO Sahil Handa said the number of people trading NFT and voting for proposals is increasing daily. However, whenever these people try to communicate with each other, they cannot be sure that they are talking to the right person. Lines aims to become a platform where users can send wallet-to-wallet messages or to group chats through token ownership. This way, users can verify who they’re talking to.
Other similar platforms
It seems that in addition to Lines, there are more web3 messaging platforms.
Speaking about the growing trend among startups, Gil said:
“I know about the different teams working on identity, social layers, and communications on top of web3.”
One recent example came from Nansen in June 2022, when they launched a built-in wallet messaging app for Web3 communities. Users can connect to groups through the platform based on their existing tokens or NFT.
Prior to Nansen, NFT trading platform Rarible launched a similar solution in November 2021. Like the Lines and Nansen app, Rarible allowed users to communicate with each other knowing they were talking to the right person.
Competition with chat giants
One of the most important issues these platforms need to address is to attract a certain number of users. None of the created technologies will be useful if there are not enough users on the platform.
These platforms can achieve real success through integration with large companies such as OpenSea. However, this will only be possible if the platform is used by a lot of people.
Web3’s messaging platforms will be fundamentally different from other well-known chat platforms like Telegram and Discord, where everyone can claim to be someone else. Despite this, they will still compete with these giants, and web3 chat platforms must develop a smart competition strategy if they are to survive.
Author: Anton Zaitsev, Analyst at Freedman Club Crypto News
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