Yung’s insights highlight a significant trend: any project associated with Web3 will need a Telegram strategy for user onboarding.
He describes Telegram as a vital vector for distribution, advertising, and marketing—essentially representing the top of the funnel for user acquisition.
“Everybody from DeFi to gaming, regardless of where their core experience lies, will have a Telegram complement,” Yung noted during his discussion with Decrypt at Zebu Live in London.
This statement underscores the necessity for projects to adapt to the changing digital environment and leverage platforms that foster community engagement.
The potential forms of Telegram integration are varied. For instance, some projects may develop games specifically designed to engage users before steering them toward the main experience of the project.
Others may simply utilize chat features to educate users about how to navigate the project effectively. Yung emphasized that many projects are already adopting such strategies.
PiP World, for example, is an educational gaming ecosystem that has launched a tap-to-earn Telegram game aimed at attracting users who can then be onboarded into its core experience.
With nearly 370,000 monthly users on its Telegram announcement channel, PiP World is a clear illustration of how effective these methods can be in generating interest and engagement.
In drawing parallels to traditional industries, Yung pointed out, “If I’m making a browser-based experience, there’s no reason why I wouldn’t have a Telegram complement,” comparing it to how the banking industry adapted to digital transformation 15 years ago by developing mobile applications alongside their websites for online banking services. This analogy emphasizes the importance of adapting to user expectations in an increasingly digital world.
Telegram has positioned itself as a key player in the Web3 ecosystem, evolving from a mere messaging app to a comprehensive platform that supports crypto projects.
The introduction of a native wallet and a welcoming stance toward cryptocurrency has allowed the app to amass a staggering 950 million total users.
Yung notes that the influx of crypto gaming projects to Telegram is a direct result of its capacity to help these projects build substantial audiences.
“Telegram is representative of mass adoption,” he stated, referencing the remarkable numbers that projects like Hamster Kombat and Notcoin have achieved.
With the latter being a significant player in the gaming token market, Yung believes that these numbers reflect a broader trend toward mass adoption in the crypto space.
To illustrate the impact of these changes, it’s worth noting that at the beginning of 2023, there were fewer than 250 million cryptocurrency wallets with a positive balance.
This figure skyrocketed to nearly 400 million by March 2024, according to Chainalysis. Such growth demonstrates the increasing interest and engagement in the cryptocurrency sector.
The recent milestones of The Open Network (TON), the native currency for many Telegram applications, further illustrate this trend.
The total number of TON holders recently surpassed 100 million, a statistic that Yung believes is emblematic of mass adoption.
This rapid growth can largely be attributed to Telegram being one of the first significant platforms to fully embrace the Web3 ecosystem.
However, Yung also pointed out some challenges faced by Web3 gaming. “The problem that we’ve had in Web3 gaming is that all of the traditional distribution platforms have been largely closed to us,” he explained, referencing gaming stores like Steam that have banned cryptocurrencies and NFTs.
In contrast, he commended Telegram for being the first platform with substantial global distribution that does not impose restrictions on Web3-enabled features, thus creating an environment conducive to growth.
The use of “viral mechanisms” within Telegram has also proven effective for projects. Tap-to-earn games have encouraged users to engage by following, sharing, and posting on social media, leading to impressive results.
Hamster Kombat’s YouTube channel, for example, has garnered 37 million subscribers, while Notcoin has launched the most successful gaming token of the year, approaching a market cap of nearly $3 billion.
Yung’s analysis makes it clear that the integration of Telegram into Web3 projects is not merely an option but a necessity for those seeking to thrive in this new digital landscape.
As the industry moves toward more collaborative and community-driven models, the strategies outlined by Yung could very well define the future of user engagement and mass adoption in the world of blockchain technology.
In conclusion, as the blockchain space matures, the importance of user-friendly platforms like Telegram will only continue to grow.
Projects that embrace this shift will likely find themselves at the forefront of the next wave of mass adoption, proving that in the ever-evolving world of Web3, adaptability and community engagement are the keys to success.