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…
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.