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Home»Web 3»Web3’s Killer app is… | Web3 Daily
Web 3

Web3’s Killer app is… | Web3 Daily

2024-04-22No Comments2 Mins Read
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TL; DR

Full story

This may be hard to hear, but…

Web3’s ‘killer application’ probably won’t be a game or social platform… it’s much more boring than that.

No. Web3’s great app is probably something that already exists. Something most of us already use.

Payments.

Please please – hold your laughter.

It sounds like a painfully unsexy feature (and it is), but the ability for apps to integrate a global payment system with a few lines of code and without prior permission is way bigger than it seems.

For example:

Elon Musk has long indicated that he plans to transform money transmission licenses required.

In January it was reported that years could be something?

But what if this were a pure crypto game?

X could simply integrate a crypto walletand done with it.

Avoiding red tape by letting people exchange fiat for crypto elsewhere before transferring it (e.g. buying crypto on Coinbase → sending it to their crypto wallet).

Another example is Telegram’s TON Foundation.

They just launched their Telegram wallet in 6 new countries (Saudi Arabia, Vietnam, Turkey, India, Argentina, Brazil).

That’s huge! But has only just been rolled out as the Telegram wallet supports fiat-to-crypto transactions (which require certain licenses).

The point is: crypto payments are the faster horse in the ‘global payments race’.

Here’s why you should worry about these types of developments:

Combined, X and Telegram have a daily active user base of 1.145 billion (X245M, Telegram 900M).

If crypto wallets are integrated into every platform globally and 2% of the combined user bases are converted into active crypto payment users over the next year…

See also  Wait...Day-to-Day BTC Payments Are Already a Thing?

That would amount to ~23 million new daily active crypto users.

For context, currently Bitcoin and Ethereum have ~1.1 million daily active users – combined.

More users = more demand for coins/tokens = higher crypto prices.

Source link

app Daily is.. Killer Web3 web3s
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