As Crypto Markets Saturate, Social Engagement Is Essential To Drive Adoption
The crypto industry has a real problem right now with adoption. During the 2017 bull run, millions of investors got into cryptocurrencies to get rich quick. However, very few stuck around to learn about the various projects and the problems they’re trying to solve.
The crypto ecosystem is still huge, with millions of enthusiasts spending their own time and money to develop various projects. However, we’re at a saturation point right now. Most enthusiasts and early adopters have already tried and continue to use cryptocurrencies every day. The industry is in dire need of new users, and that’s where social engagement comes in.
The easiest way to get consumers to start using a cryptocurrency is through social media engagement and network effect. Most smart companies such as Facebook, Telegram, Kik, and Emogi understand this, and it is exactly what we are doing.
Facebook’s Libra
Facebook’s ambitions for its upcoming digital currency is not clear yet. But the social media giant understands the importance of creating a digital currency to stay relevant in the 21st century, and it is not backing down. They’ve already committed millions of dollars and signed up various high-profile partners such as Visa, Mastercard, and Uber.
With over 2.3 Billion users spread across Facebook, Instagram, and WhatsApp, the company is looking to revolutionize the way payments are made. At the same time, Facebook understands the limitations of fiat payments since this is not Facebook’s first attempt. Back in 2017, Facebook tried to integrate payments into its messaging app WhatsApp in India. However, they could not get it right, and they now understand that battling it out with regulators in each country is a tough job. Instead, Facebook is creating its own currency that would be used to power payments on its platforms.
Telegram Open Network (TON)
Like Facebook, Telegram’s plans for its digital currency is also not clear yet. However, Telegram is creating a blockchain network called Telegram Open Network (TON) which developers can use to develop decentralized applications, and it will be powered by its Gram tokens. Telegram raised $1.7 Billion to create its blockchain network in a token sale last year, and it is expected to go live later this year.
Kik
Similar to Telegram, Kik has its own digital currency called Kin running on its own blockchain. Kik has over 15 million monthly active users on its messaging platforms, and it raised nearly $100 Million in 2017 to launch its cryptocurrency. It can be used to transfer value within the app for various games and other content. Kik has also brought its Kin tokens to Tapatalk, a popular application on iOS and Android to access 200,000+ forums. Tapatalk users can tip other forum users within the app using Kin.
Emogi (LOL)
Emogi was created as a secure digital currency to be sent between people on the internet. However, it was also created with a similar social intent in mind. With millions of users, Emogi has a thriving ecosystem and true network effect.
Emogi is used to power Bermi, a video sharing platform that is popular in Latin America. With over 6 million users, they are incentivized to post new content and interact with other content. On Berminal, millions of users learn about cryptocurrencies and stay updated with real-time news delivery. It is also powered by Emogi where readers make Emogi by learning about cryptocurrencies.
It is clear that social engagement will drive the next wave as new users come in. Millions of users on Bermi and Berminal are first-time cryptocurrency users. They learnt about cryptocurrency for the first time on these platforms, and actively use them. While Facebook and Telegram are just getting started, Emogi is already empowering millions of users on two major platforms.
