Chat applications are amongst the most downloaded applications in the iOS and Android app stores today. They fit today’s people’s demanding schedule and near-instant demands for communications (particularly the millennial and younger generations).
Chat applications are primarily developed for smartphones and are used today in a myriad of ways – from social messaging to heavy workflow usage. There are more than 100 popular chat applications today with diverse sets of capabilities and technical specifications worldwide.
Currently available chat apps in the app stores have built extensive user bases and have fulfilled specific demands in usage, but still lack in the ability to monetize on the downloads, use cases, or even allow users to monetize on their contributions. The only revenue model that remains widespread today is through in-app purchases of stickers (or similar), which doesn’t grow in potential over time. The purchase of stickers does not incentivize the creation and engagement of communities, which is the key factor to the chats existence over time.
In conclusion, there is not a sustainable in-app model that incentivizes users with monetary benefits to use the chat application more – to build communities at scale, or form businesses through the app, etc.
In parallel, large communities of crypto experts are forming groups on other chat applications, like Telegram. These groups interact frequently within one app, then use another wallet to send and receive digital currencies, and then use the chat applications again to confirm transactions. There is a market opportunity to integrate these needs and reward users for their engagement to create more stickiness.
Consentium