Originally published on: November 07, 2024
As the CEO of Bitget, Gracy Chen, points out, Telegram is on the verge of evolving into a comprehensive application similar to China’s WeChat, thanks to its integration with the decentralized Open Network. This transformation will turn Telegram into a platform that encompasses social media, payments, finance, entertainment, gaming, and communication features.
Chen believes that Telegram’s unique combination of services, particularly its crypto trading capabilities, sets it apart from its competitors and positions it for significant growth. The CEO notes that the platform’s expanding user base, especially among young people in Africa, showcases its potential to become a ubiquitous app used by billions worldwide.
The impressive adoption rates in countries like Nigeria and Egypt, where over half of the population uses Telegram, underscore its popularity and potential. Chen attributes this success to Telegram’s innovative tap-to-earn mini-games, which have become a key attraction for users in these regions.
However, Chen cautions that while these games have driven initial engagement, the long-term success of Telegram will rely on its ability to offer sustainable and diverse features beyond entertainment. He draws a parallel to WeChat’s evolution, where users gradually shifted from games to utilize the platform’s financial services and core functions.
Moreover, recent data shows a decline in the player base of popular Telegram games, highlighting the need for Telegram to focus on enhancing its core offerings to retain users. On the bright side, a report by GSR suggests that The Open Network, in collaboration with Telegram, could play a pivotal role in mainstreaming crypto and decentralized finance for the general population.
In conclusion, Telegram’s journey towards becoming an all-encompassing app offers an exciting glimpse into the future of digital platforms. With the right strategic moves and innovation, Telegram has the potential to revolutionize the way we interact, transact, and entertain ourselves online. Stay tuned as Telegram continues to redefine the boundaries of app functionality and user experience.
