“The Catizen team has launched the most successful social game in the Telegram mini apps ecosystem to date. Their innovative approach is setting a new standard for thousands of developers. With their extensive experience in creating social games on other platforms, they are shaping the future of gaming on Telegram. It’s an honor to collaborate with this remarkable team.”
– Andrew Rogozov, Founder of The Open Platform
On June 28th, 2024, Folius Ventures published a comprehensive 22-page research deck analyzing the potential of Telegram and the Catizen project. The report, divided into two main sections, provides insights into:
- Telegram x TON's impending growth driven by Web3-enabled applications.
- Catizen's potential to become a leading platform on Telegram, akin to Steam or Animoca, for monetizing traffic.
Research Link: https://docsend.com/view/xqqbnterzepvr6rs
Telegram x TON
As of June 2024, Telegram x TON has firmly established itself as a top-tier platform in both messaging and blockchain usage. The launch of Mini Apps in 2023 is highlighted as a transformative event, likened to Facebook in 2008 and WeChat in 2018, just before their rapid increases in daily active users (DAU) and monetization.
Key observations from the report include:
- Monetization potential: Telegram’s monthly active user (MAU) spend could increase 10-30 times, given its current state compared to WeChat.
- Developer ecosystem: Telegram's developer ecosystem is 100 times less competitive than WeChat, offering significant opportunities for new developers.
- Recent integrations: Integration of Web3 wallet, USDT, and in-app purchases (IAP) over the past year has reduced costs associated with onboarding and ramping up Web3 capabilities, setting the stage for substantial growth in Web3-enabled consumer products.
Despite the optimistic outlook, the report also highlights areas needing improvement, such as Telegram's HTML5 infrastructure, ad-targeting, and app center distribution. These challenges, however, are seen as opportunities, particularly for developing a platform similar to Steam for app distribution on Telegram.
Catizen
Folius Ventures identifies Catizen as a standout in this evolving ecosystem, with potential to become a major platform on Telegram, akin to a "Mini-Steam" or the next Animoca. Several factors contribute to Catizen’s strong position:
- Early success: Catizen has demonstrated significant success with a single-title hit showcasing Web3-induced virality, high production value, and particularly effective monetization. Within three months of launch, Catizen achieved 20 million registered users and generated $12 million in revenue.
- Founders’ experience: The founders bring over five years of successful experience in the WeChat and Facebook ecosystems, which bodes well for Catizen’s future growth.
- Strategic execution: Catizen has effectively executed developer onboarding and building an app center. Its close relationship with the WeChat mini-game ecosystem further strengthens its strategic positioning.
- Future prospects: A strong pipeline of 150-200 games ready to launch within the next six months suggests continued growth and success.
Conclusion
Folius Ventures’ research indicates that Telegram x TON and Catizen are well-positioned for significant growth in the Web3 and app ecosystems. Telegram x TON’s recent integrations and potential for increased MAU spend create a promising environment for development. Meanwhile, Catizen’s early success, strategic positioning, and robust game pipeline suggest it will be a key player in leveraging Telegram’s platform for future growth.
This report provides valuable insights for stakeholders looking to understand the future trajectory of these platforms and their potential to shape the Web3-enabled app market.
