Cryptographic entrepreneurs believe that as the number of crypto users grows, the need for crypto native messaging platforms grows day by day.
Cryptography is increasingly being used for purposes other than trading with exchanges. As DAOs and NFTs become more widespread, so does the need to communicate via blockchain-based wallet connectivity platforms.
Prominent entrepreneur Erad Gil Comment on the topic and Said:
“Since your Bitcoin or crypto assets were the same as mine, I would have little reason to ping anonymous users through their wallet. But at DAO, not only do you use Discord, You need to coordinate with different members. You may want to be able to ping to buy, sell, or trade using NFTs and collectibles, so there are other incentives to help the communication layer. . “
Gil confessed his early investment in a web3 messaging platform called Lines. Even if the platform’s technology layer isn’t ready, Gil has invested enough to lead a seed round worth $ 4 million.
Lines CEO Sahill Handa He said the number of people trading NFTs and voting for proposals is increasing every day. However, whenever these people try to communicate with each other, they cannot guarantee that they are talking to the right person. Lines aims to be a platform that allows users to send messages from wallet to wallet or group chat via token ownership. This way you can see who the user is talking to.
Other similar platforms
It seems that there are many web3 messaging platforms besides Lines. Mentioning a trend that is very emerging among start-ups, Gil said:
“I know different teams working on identity, social layers, and communication on Web3.”
One of the latest examples is from Nansen in June 2022. Release A wallet integrated messaging app for the Web3 community. Users can connect to groups through the platform based on the tokens or NFTs they hold.
In front of Nansen, NFT Marketplace Rarible Release A similar solution for November 2021. Like the Lines and Nansen apps, Rarible allowed users to recognize that they were talking to the right person and communicate with each other.
Compete with chat giants
One of the most important challenges these platforms need to overcome is onboarding a certain number of users. If the platform doesn’t have enough users, none of the techniques created will help.
These platforms can be truly successful by integrating with major companies such as OpenSea. However, this is only possible if many individuals use the platform.
The Web3 messaging platform is fundamentally different from other well-known chat platforms like Telegram and Discord. On these platforms, anyone can claim to be someone else. Nevertheless, they will still be competing with these giants, and if they want to survive, the web3 chat platform will have to come up with a clever competitive strategy.
