Start-ups target crypto-native messaging platforms

Crypto-entrepreneurs believe the need for crypto-native messaging platforms is increasing daily as the number of crypto users increases.

Crypto is increasingly used for things other than trading on a stock exchange. As DAOs and NFTs spread, so does the need to communicate through a blockchain-based, wallet-connected platform.

Prominent entrepreneur Elad Gil commented on the topic and said:

“Your bitcoin or crypto assets and mine were identical, so I would have less reason to ping an anonymous user via their wallet. But with DAO, there is a need to coordinate with different members beyond just using Discord. With NFTs and collectibles, I may be able to ping you to buy or sell or exchange, so there are other incentives for a communications team to be useful. “

Gil admitted to having invested early in a web3 messaging platform called Lines. Although the technology team on the platform is not even ready, Gil still invested big enough to lead the $ 4 million worth of seed round.

Lines’ CEO Sahil Handa said that the number of people who trade NFTs and vote on proposals is increasing daily. But when these people try to communicate with each other, they can not ensure that they are talking to the right person. Lines aims to become a platform where users can send messages from wallet to wallet or group chats via token ownership. This way, users can make sure who they are talking to.

Other similar platforms

It seems like there are more web3 messaging platforms than Lines. Referring to the enormously emerging trend among start-ups, Gil said:

“‘I’m aware of different teams working on identity, social teams and communication at the top of web3.”

One of the latest examples came from Nansen in June 2022, when they launched a wallet-integrated messaging app for Web3 communities. Users can connect to groups through the platform based on tokens or NFTs they have.

Before Nansen, the NFT marketplace Rarible launched a similar solution in November 2021. Like Lines and Nansen’s app, Rarible allowed users to communicate with each other, knowing that they were talking to the right person.

Competing with chat giants

One of the most important challenges these platforms have to overcome is getting on board a certain amount of users. None of the technologies created will be useful if there are not enough users on the platform.

These platforms can achieve real success by integrating with large companies such as OpenSea. However, this will only be possible if many individuals use the platform.

Web3 messaging platforms will be fundamentally different from other prominent chat platforms like Telegram and Discord, where anyone can claim to be someone else. Despite that, they will still compete against these giants, and web3 chat platforms will have to come up with a smart competition strategy if they want to survive.