OriginalWeb2 companies are also joining the Web3 industry one after another. Are there any projects worthy of our attention and participation?
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As the Bitcoin ETF has been approved, the discussion around cryptocurrencies and Web3 has significantly increased. Not only are retail investors paying attention, but many traditional large companies and institutional funds have also started to actively enter the Web3 space. Some traditional industry giants that we never thought of before, such as Sony, Kakao, and Telegram, have also launched their own blockchain projects, trying to deploy during the current bear market and prepare for the upcoming bull market.
The participation of these companies has made the development of the Web3 ecosystem more diverse. Nowadays, not only L1 and L2 blockchain projects, but also application-based projects are gaining increasing attention. Leveraging their strong user base and financial resources, traditional enterprises are shaping the future of the blockchain world. Next, I will focus on introducing a few projects that I believe are worth paying attention to, as well as the potential of the public chains behind these companies.
Soneium: Sony's L2 Blockchain
As a leading technology giant in Japan, Sony announced the launch of its L2 blockchain, Soneium, in August 2023. This news has generated widespread attention. In just half a month, Soneium has already attracted more than 60 ecosystem projects for development, and is actively promoting the development of its platform through participation in various Web3 events. Soneium's slogan "GM = Go Mainstream" indicates its goal of bringing blockchain technology and applications to the mainstream market.
Soneium's success is inseparable from Sony's leading position in the gaming industry, which also gives it a natural advantage in the blockchain field. I believe that Sony's resources and technical capabilities will make Soneium stand out in the areas of GameFi and Non-Fungible Tokens. Sony has been trying to integrate traditional games with blockchain technology, and if Soneium can take a step further in the future, successfully integrate the Japanese yen stablecoin, and deepen its cooperation with USDC issuer Circle, I believe this will further enhance its appeal in the global market.
In addition, Soneium has also launched the Minato testnet and provided a project incubation program, with a maximum of $100,000 in funding support for each project. These initiatives will attract more developers to Soneium and promote the birth of more innovative applications.
Kaia: The Combined Power of Kakao and LINE
Kakao, a Korean messaging giant, and LINE, a Japanese messaging giant, officially merged and launched the EVM-compatible Layer 1 project Kaia on August 29, 2023. This project is a combination of Kakao's Klaytn blockchain and LINE's FINSCHIA, aiming to integrate the strong user bases of these two companies to further promote the popularization of blockchain applications.
Kakao and LINE's influence in Asia is not to be underestimated. Drawing on the successful experience of Telegram's TRON blockchain, Kaia also hopes to attract a large number of users through its vast communication ecosystem. At the same time, Kaia focuses on tracks such as Real-World Asset Tokenization, GameFi, and DeFi, providing more diverse innovative opportunities for application developers.
As an active market in the cryptocurrency field, Korea has more than 6.45 million trading users, which gives Kaia the opportunity to quickly attract a large number of local users and promote application deployment. As regional leaders, Kakao and LINE have already provided resources to projects through their Grant Program, helping teams establish projects within their ecosystems, which is likely to make Kaia an important player in the Web3 world.
The Potential of Web2 Traditional Enterprises Entering Web3
When analyzing the strategies of these Web2 giants entering the Web3 field, it is clear that their advantages lie in their user base and resources. These companies do not need to worry about how to attract new users, as they already have a large user base and brand influence. Compared to traditional cryptocurrency projects, these companies can focus more on developing applications and infrastructure, thereby further promoting the popularization of Web3 technology.
For example, Telegram's TRON has already demonstrated how to use communication tools to guide users into blockchain application scenarios. The addition of Sony, Kakao, and LINE further indicates that Web3 is not limited to finance and decentralized applications, but is gradually penetrating into more scenarios in our daily lives. The blockchain projects behind these companies will have a profound impact on the Web3 ecosystem in the near future.
Personal Perspective
Although the cryptocurrency market is currently in the early stages of a bull market, the public chains and applications launched by these Web2 companies will undoubtedly lay the foundation for the next wave of market hype. Soneium and Kaia represent the latest trend of the integration of technology giants and Web3 technology, and their participation will drive the penetration of cryptocurrency applications into a wider consumer market. If you can understand the development direction of these projects in advance and participate in them at the right time, you are likely to get a good return in the future.
In summary, as more Web2 companies enter the Web3 field, the ecosystem potential of these emerging public chains cannot be ignored. With the support of resources and technology from companies like Sony, Kakao, and LINE, I believe the projects established in these ecosystems will lead the industry trends in the future.
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
