- Binance Labs invests in Pluto Studio, the creator of Catizen.
- Telegram CEO highlights Catizenโs achievements.
- Telegram apps are seen as the road to Web3 adoption.
Despite billions in investments, Web3 apps have been struggling with adoption. However, one segment of applications has managed to get rapid user growth. Telegram mini-apps are as close as crypto gets to viral growth, pairing ease of use with the promise of financial rewards. What is more, investors are starting to notice.
Most recently, Binance Labs invested in Pluto Studio, the developer behind Catizen, a Telegram-based Web3 gaming platform. The investment comes after Telegram founder praised the app for its impressive metrics.
Binance Labs Funds Gaming Company Behind Catizen
Telegram crypto tap-to-earn games are getting investor attention thanks to their strong metrics. On Tuesday, July 23, Binance Labs announced its investment in Pluto Studio, the company behind the Web3 game Catizen.
Sponsored
Launched in March 2024, Catizen is a Telegram-based gaming bot integrating with the TON blockchain. The platform features several minigames, attracting over 26 million players and earning $16 million from in-app purchases.ย
Telegram CEO Pavel Durov recently praised the app for its ability to introduce millions of users to blockchain technology. Binance Labs’ investment aims to support the continued development of Catizenโs mini-app and game engine, making it easier for more developers to join the ecosystem.
Telegram Clicker Apps Take Web3 By Storm
Telegram apps are becoming a growing trend in crypto. The platform makes crypto games easy to use, requiring virtually no user setup. At the same time, the platform takes advantage of Telegramโs large user base, bringing millions to crypto games.
These games use gamification with crypto rewards, which proved to be a powerful combination. Engagement with the apps is easy, and some players find earning potential, however small, appealing. In turn, strong user metrics attract investors, including Binance Labs.
Still, while clicker apps on Telegram demonstrate impressive growth and user engagement, their potential as the primary driver for Web3 adoption is questionable. The broader adoption of Web3 will likely require more diverse and robust applications.
On the Flipside
- Despite strong initial engagement, the long-term sustainability of clicker apps likely depends on their fragile tokenomics.
- Telegram apps face significant competition due to low barriers to entry. For instance, apps like Notcoin have already attracted a large user base.
Why This Matters
Binance Labs’ funding of Pluto Studio reflects growing investor interest in Web3 gaming, thanks to their ability to engage millions of users.
Read more about Telegram apps and why they are attracting attention:
Why Clicker Apps Like Notcoin Are Taking Off on Telegram
Read more about Bitwise transparency push:
Bitwise Ethereum ETF Pushes to Transparency, Publishes On-Chain Addresses
