How Tokenized Mini-Apps Are Driving The Growth Of Telegram’s Ecosystem

As a seasoned digital nomad who’s seen the rise and fall of countless blockchain projects, I must say, the potential I see in Telegram’s mini-apps is nothing short of exhilarating. Having spent years navigating the complex world of cryptocurrencies, I can confidently assert that this platform might just be the game changer we’ve all been waiting for.

Telegram, which is already widely recognized, stands ready to claim a substantial piece of the rapidly expanding Web3 market. This is largely due to the introduction of two enticing new features.

“Among all social media applications, Telegram stands out as one of the most popular globally. The seamless user experience it offers, along with personal messaging capabilities, has led to a near-billion user base.

The recent launch of mini-apps – web apps that open directly from inside Telegram chats – has seen the platform evolve far beyond a simple messaging app. Companies and developers can now leverage Telegram’s popularity to create vast and thriving communities around games and other applications.

However, what sets Telegram apart is the incorporation of a unique element, its own blockchain platform TON. This addition has significantly transformed the user experience. By allowing developers to issue crypto tokens with tangible market value within their mini-apps, they are essentially building autonomous economies. These self-contained economic systems open up fresh possibilities for increasing user base, fostering engagement, and retaining users – not forgetting monetization opportunities as well.

At the heart of every mini-app based on tokens lies the “Token Generation Event” (TGE). This is the point at which a blockchain token is manufactured and distributed to users, making it available for trading in the open market. However, the economic dynamics of the ecosystem – often referred to as “tokenomics” – become pivotal from this moment onward. A well-thought-out system can establish self-sustainability and offer enduring value, while a poorly planned one may quickly lose relevance.

The Telegram “Vacuum”

For tokenomic designers, one of the major hurdles lies in the comparatively isolated structure of the Telegram platform’s ecosystem.

Telegram boasts a massive user community and serves as an effective tool for interacting with various groups. It’s no surprise that it’s one of the go-to apps in the cryptocurrency world, given its popularity. Furthermore, new tokenized games have experienced astonishing growth rates. The most successful game so far, titled Hamster Kombat, reached an amazing 300 million users within five months from August this year.

On the other hand, it’s an isolated system, showing minimal interaction with other widely used social media platforms. In terms of fostering a long-term economy, there are seldom connections to the real world, which might be crucial to note. Additionally, intense competition from comparable apps, regulatory challenges, and a significant drop in user base (over 250 million) for Hamster Kombat occurred in September, all of which are factors to consider.

If a Telegram mini-app doesn’t have a robust link to external resources, providing self-sustaining functionalities and income sources, the longevity of its success, as well as the worth of any associated tokens, could potentially be limited.

Bridging The Gap

To put it simply, not many crypto applications have successfully reached a wide audience, whether on or off Telegram. However, the smooth user interface and seamless integrations provided by Telegram make these mini-apps truly innovative. The transition of traditional “Web2” apps into their blockchain counterparts, without the usual difficulties and user experience hurdles during this process, is made easy.

One practical example is given by TimeFarm, a widely-used mini-app introduced by the Australian blockchain recruitment and HR services firm Chrono.Tech. Much like other mini-apps, TimeFarm encourages frequent interaction by doling out tokens (known as $SECOND), and has managed to amass an impressive 10 million users ever since its debut in June.

Instead of most other models, TimeFarm’s tokenomics are grounded in genuine requirements for specific services, fostering authentic and sustainable demand for the $SECOND token. In today’s digital landscape often referred to as the Attention Economy, entities vie for users’ attention and interaction. When a social media post is shared, it holds worth. TimeFarm empowers users to acquire promotional services – such as likes, reposts, shares, referrals, channel enhancements, and more – by compensating them in $SECOND.

Each user may have only a tiny impact in terms of visibility, but multiplied across a user base of millions, the aggregate effect can be extremely powerful. That’s an attractive prospect for companies that are desperate for grassroots engagement but have previously had no way to organize their fans and customers at scale due to the inefficiencies of the traditional payments system. This ability to connect buyers with providers of these “microtasks” aligns well with Chrono.Tech’s core business of streamlining global recruitment using blockchain technology.

The Future Of Mini-Apps

In simple terms, the realm of cryptocurrencies is bustling with innovation, where fresh technologies and financial systems are being tried out in the tough, global blockchain community. However, many of these innovations struggle to find traction beyond the immediate crypto community due to lack of appeal or understanding among a broader audience.

Telegram mini-apps have tackled several major hurdles in the process of blockchain acceptance, providing an effortless means for businesses to welcome millions of users, as well as effortlessly connecting them to web services powered by cryptocurrency tokens. For instance, apps such as TimeFarm address one of the remaining challenges, meeting a real-world need that conventional web applications and traditional payment systems are unable to satisfy. The combination of suitable platforms and effective models could spark a new era of innovation, bringing advantages for both businesses and users.

How Telegram Mini-Apps Are Onboarding A New Generation Of Crypto Users

Due to the latest actions taken by the social messaging platform Telegram, it seems that the tipping point for blockchain technology is now much more achievable than it was at the beginning of this year.

Web3″ generally refers to an internet model based on decentralized technologies like blockchain, contrasting with the current Web2 that’s dominated by large corporations and their control over popular online services and user data. Instead, Web3 envisions a more democratic web where users have ownership rights, mimicking the early spirit of the internet.

So far, Web3 hasn’t seen much widespread adoption due to several factors, with usability problems being one of the main culprits. Navigating cryptocurrency platforms often requires a learning process, which might feel challenging for users accustomed to common Web2 services. This transition can be quite abrupt and difficult for some.

Telegram To The Rescue

Telegram, a widely-used messaging app within Web2, has emerged as our aid. With approximately 900 million users worldwide, it ranks among the leading social media applications globally. However, the creators of Telegram have shown their foresight in multiple aspects.

Initially, mini-apps – interactive programs running within Telegram – allow developers to create engaging games and various services that users can quickly access without having to switch platforms.

Users have started downloading and utilizing these mini-apps powered by blockchain technology in numbers reaching into the tens of millions. This is largely due to the influence of Telegram, making Web3 increasingly similar to the familiar experience of Web2.

The Challenge Of Tokenomics

Designing new crypto-driven games and applications presents a significant challenge: devising economic systems that fairly compensate both users and other parties while ensuring long-term sustainability. The term “tokenomics” – or “token economics” – is used to describe how these internal economies are structured to maintain equilibrium between token supply and demand. Mismanage this balance, and the value of the token plummets as users offload their earnings, serving as a stark reminder of the destructive impact of inflation.

One issue is extending beyond Telegram’s primarily self-contained platform to tap into revenue streams that can stimulate token demand. Although mini-app communities can boast tens or even hundreds of millions of users, they tend to be insular. This seclusion makes it challenging for tokenized mini-apps to thrive; consider an economy based solely on the exchange of goods and services within a large but enclosed room full of people, where the potential for growth is limited without external interaction. Essentially, the value these communities can offer each other is somewhat restricted without outside influence.

For companies aiming to establish durable and eco-friendly token economies within their apps, escaping from these isolated systems becomes crucial. If they don’t, the mini-apps they create may struggle over time following an initial burst of popularity, as fresh apps emerge, and users seek out more enticing alternatives.

Connecting With The Outside World

In real-world scenarios, it’s possible to earn income from outside resources by capitalizing on a substantial in-app user base. A popular method for this is through advertising, which can seamlessly be incorporated into the app or even within a Telegram group conversation itself.

An innovative strategy, initially adopted by mini-apps such as TimeFarm, is to involve the app’s user base more actively. For instance, TimeFarm – developed by blockchain recruitment firm Chrono.Tech – merges the vast user networks of Telegram platforms with the efficiency advantages of cryptocurrencies for microtransactions, including transactions worth just a few cents or even less.

TimeFarm has amassed nearly 10 million users who frequently log in to earn the $SECOND token by interacting with the app and completing straightforward duties. These activities could range from quick actions like favoriting or resharing a social media update, to recommending one user to another service.

In simpler terms, businesses are yearning for more authentic engagement online, and the traditional Web2 approach often relies on purchasing ads and encouraging social media users to discuss or share intriguing (or sometimes contentious) content. On the other hand, the Web3 model is more community-driven. Instead of relying on advertisements, social media users can be compensated directly with cryptocurrency tokens for interacting with posts in large numbers.

Crypto’s Killer Use Case

This method outperforms current strategies not only in terms of effectiveness but also financial efficiency. Traditionally, it has been impractical to execute numerous small transactions swiftly, particularly in real-time and cross-border, due to limitations inherent in legacy technology.

As a researcher delving into the world of cryptocurrencies, I find one compelling application that stands out – it’s this potential use case that could significantly boost crypto’s popularity. Telegram, with its expansive user base, seamless blockchain integrations, and rapidly expanding mini-app ecosystem, is leading the charge in a new surge of cryptocurrency adoption.

2024-11-11 13:49