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How Web2 Will Eat Web3

June 21, 2024
in Web3
Reading Time: 3 mins read
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TL;DR

Full Story

We’ve seen a little bit of saltiness on-line about Telegram’s TON coin breaking into the coveted ‘Crypto Prime 10.’

Principally as a result of Telegram isn’t wholly crypto native (it’s a web2 app that’s now integrating web3 options), and is abruptly out-performing a bunch of entrenched crypto initiatives — however its rise makes whole sense to us.

Now, that is going to sound bizarre at first — however hear us out…

It’s established web2 corporations which have largest alternatives in web3.

Right here’s an over simplified, left curve framework that we’ve concocted to clarify all of it…

When corporations accrue worth, it’s sometimes because of a bonus in a single or all of those 4 interrelated ‘edge’ components:

Time (It’s going to take different corporations a scorching minute to construct/compete with them)

Expertise (They’ve collected and retained the neatest of us)

Community (They’ve all of the customers)

Distribution (E.g. Why achieve this many small beverage corporations promote to Coke? In an effort to faucet their tightly held international distribution offers)

AI and crypto pose a menace to an excellent 3 out of 4 of those key components.

AI is already growing efficiencies for tech-focused companies, decreasing the time and expertise required to construct/develop/keep a product.

Whereas crypto networks are open, which implies…

Rattling, how will we clarify this?

Bear in mind when Instagram created Threads (the Twitter/X clone), and allowed anybody with an IG account to routinely port their IG followings over to Threads?

Instagram might do this as a result of they owned each networks. However no single entity ‘owns’ anyone crypto community. So when you construct a well-liked web3 social app — opponents might come alongside and say:

“Hey, come use our app as an alternative/as effectively. And don’t fear — all your followers and content material will come together with you to our new platform.”

Which makes distribution a little bit of an excellent energy on this new period of the web.

And Telegram has distribution up the wazoo!

Anybody that builds video games/apps on the TON community then has their creation distributed to Telegram’s 800M month-to-month lively customers (by way of its ‘Mini Apps’ characteristic).

For context:

The 2 main pockets apps on Ethereum and Solana are MetaMask and Phantom — which have a mixed month-to-month lively consumer base of 37M.

Which implies with this single web3 integration, Telegram was capable of outpace the mixed distribution of two entrenched crypto-native apps by 20x.

Bonkers!



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Tags: EatWeb2web3
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