Cryptocurrency investment firm Animoca Brands’ CEO, Robby Yung, has made a bold prediction that every Web3 project in the near future will incorporate a Telegram-like experience. This forecast comes on the heels of the explosive growth of Telegram gaming this year, with projects like Hamster Kombat attracting a staggering 300 million users.
Yung views this trend as the beginning of widespread adoption of Web3 technologies.
During an interview with Decrypt at Zebu Live in London, Yung emphasized the importance of having a Telegram strategy for user onboarding in the Web3 space. He stated, “Any Web3 application will need a Telegram strategy for user acquisition as it serves as a key channel for distribution, advertising, and marketing. From DeFi to gaming, every project will have a Telegram component.”
The implementation of a Telegram strategy can take various forms, according to Yung. It could involve creating a game to engage users before introducing them to the core project experience, or using a chat function to educate users on how to navigate the platform.
This shift towards integrating Telegram into Web3 projects is already evident in initiatives like PiP World, an educational gaming ecosystem that developed a tap-to-earn Telegram game to attract users and guide them towards the core platform. With nearly 370,000 monthly users on their Telegram announcement channel, PiP World has successfully redirected users to their other products.
Yung drew parallels between the current adoption of Telegram in Web3 and the evolution of online banking. He explained, “Just as the banking industry transitioned to offering mobile apps alongside websites for online banking, Web3 projects are now incorporating Telegram for enhanced user engagement.”
Telegram, a messaging app with 950 million users, recently embraced Web3 by introducing a native wallet and supporting cryptocurrency projects. This move has attracted a wave of crypto gaming projects seeking to tap into its vast user base and audience reach.
Yung highlighted the significance of Telegram in driving mass adoption, citing the success of projects like Hamster Kombat and Notcoin, which have accumulated millions of users. He noted that as of early 2023, there were less than 250 million crypto wallets with a positive balance, a number that surged to nearly 400 million by March 2024 according to Chainalysis.
Furthermore, the total number of TON holders on The Open Network’s blockchain, the platform used for most Telegram apps, exceeded 100 million last week. Yung views this milestone as a clear indicator of mass adoption and credits Telegram as the first major platform to fully embrace Web3 technologies.
Yung also addressed the challenges faced by Web3 gaming projects in accessing traditional distribution platforms like Steam, which have imposed restrictions on crypto and NFTs. He commended Telegram for being a global distribution platform that does not impose such limitations, providing a level playing field for Web3-enabled features.
The success of tap-to-earn games on Telegram, leveraging viral mechanisms to drive user engagement and social sharing, has been exemplified by the remarkable growth of projects like Hamster Kombat and Notcoin. These games have amassed millions of subscribers and achieved significant market capitalization, signaling the effectiveness of Telegram as a marketing tool for Web3 projects.
Yung anticipates that more projects will adopt similar marketing strategies to enhance their offerings beyond the Telegram platform, leveraging the app’s wide-reaching capabilities for user acquisition and engagement.
Edited by Stacy Elliott.