Start with payment and enter the social track.
Original author: 0xAyA
Today, Binance’s launch of Binance Messenger on the IOS store has caused quite a controversy in the crypto community, with people speculating whether Binance will personally enter the social track.
In response to this issue, Odaily Odaily asked Binance staff for verification, and the other party responded: "This product is invitation-only and has been online for a long time. It is planned to be used by large customers, and currently using the App also requires an invitation code." Binance founder CZ also posted that Binance Messenger is a small internal application used for testing. It is not news and has nothing to do with the new product announced yesterday.
During the Friend.tech fire, there were rumors that Binance would deploy related Socialfi projects to participate in the market. In addition, Binance has also invested in a number of social projects and opened the Binance Plaza function this year to realize social interaction within the platform. There has been constant speculation that Binance will enter the social track starting from payments, and what are the wishes of Binance and CZ themselves?
Social track shows development potential
On February 1 this year, Jack Dorsey , the founder of Twitter , issued a tweet announcing a distributed social media protocol based on Nostr ’s social products Damus and Amethyst have been launched on the Apple App Store and Google Play Store respectively. Subsequently, Damus announced that it would randomly distribute small amounts of Bitcoin to users through the Bitcoin Lightning Network, and plans to launch the function of posting Bitcoin rewards in the next version.
During that time, public keys were everywhere in WeChat Moments and Twitter, and people couldn’t wait to get on the decentralized social train.
In August, the emergence of Friend.tech (hereinafter referred to as FT) once again brought traffic to the decentralized social track. The network of interpersonal relationships was transformed into Key ’s social pricing strategy, which made FT a great success. Dune statistics Data shows that so far, the total revenue of the FT protocol has reached 14,250 ETH, and a total of 11,988,858 transactions have occurred. At the same time, the activity of FT has also led to a number of strong competitors on the Socialfi track, such as Tomo, New Bitcoin City, etc.
CZ is gearing up, Binance is eyeing it
Both CZ and Binance have expressed their interest in the social track more than once.
As early as 2020, CZ tweeted that he and Binance’s official Twitter account were deeply disturbed by Twitter’s account locking function. When netizens suggested that “Binance should create an independent cryptocurrency social media”, CZ responded: "Looking forward to the release of Voice and Vitalik's work in this area.". The story after that is that Vitalik chose Farcaster , which has a relatively closed platform, and Voice completely disappeared in the long river of time.
In Musk's acquisition of Twitter last year, Binance firmly stood on Musk's side. CZ wrote in an email: “We are excited to help Elon realize Twitter’s new vision to expand the use and adoption of encryption and blockchain technology.” At the same time, CZ tweeted: “As part of the transaction, Binance has Remit approximately $500 million, which was the amount previously involved in the Twitter acquisition of Binance Agreement.”
A spokesperson for Binance said: “As a Web3 infrastructure company, we look forward to bringing new solutions to solve some of the problems inherent in the Web2 ecosystem.”
At the end of last year, CZ responded to questions about the board of directors. He stated that he would be willing to join Twitter's board of directors if invited by Elon Musk, but he also emphasized that he would wait for more information on how Twitter can more fully utilize blockchain and cryptocurrency. Plan in detail, and joining the Twitter board isn't the most important thing.
In addition, Binance Labs has also invested in many projects on the Web3 social track, such as Hooked, Paragraph, CyberConnect , etc., hoping that these projects can actively explore and transform the existing social network model, and based on the open social graph, NFT Establish a new social network with token economy and so on.
Conclusion
Binance’s trends on the social track have attracted much attention. Whether it is Binance Messenger this time or other social projects it has invested in, they have all aroused heated discussions among the market and users.
As the integration trend of cryptocurrency and social fields continues to strengthen, Binance's future development on the social track will become the focus of the industry, and people are also looking forward to the birth of "Web3" WeChat.
Let’s wait and see how Binance will demonstrate its influence and innovation in this area, bringing new possibilities for cryptocurrency socialization.
