Social applications are the next big trend in crypto

Last week’s tumultuous 30% crypto market dip and subsequent quick recovery left many wondering what comes next. Crypto circles aside, the conversation around the importance of building solid, broadly usable applications is louder than ever. Crypto will cease to be perceived as a casino on the edges of the internet when participation outweighs speculation.

An interesting dynamic we are seeing is that the conversations around the future of Web 3.0 are still happening on centralized Web 2.0 platforms. The need for crypto-native principles and flows within the social application landscape is clear. Adding privacy and security to the communication and community interaction layer will ensure the switch from centralized power to empowering individuals and communities finally gets underway.

Related: DeFi snowball will turn into a Web 3.0 avalanche

I see crypto-based social applications as a cornerstone of crypto evolution. Current chat and community spaces like Telegram and Discord can be a good start, but they are still closed-source, centralized and far from censorship-resistant. Crypto-powered social applications are the path forward if we truly want to lay the groundwork for secure, open-source, peer-to-peer communication flows and value exchanges. As we exit a socially starved yet digitally dense pandemic, a whole new era of social applications built on and around crypto beckons.

The desire to connect and expand community life online is plain to see. Combining crypto-native activities like diving into decentralized finance (DeFi) or creating, curating and collecting nonfungible tokens (NFTs) will evolve into a much richer and valuable form of online community life, benefitting all participants.

Related: The role of decentralized networks in a data-abundant, hyperconnected world

In particular, crypto communities have grown and evolved in various new and exciting ways, with Twitter serving as a dominant space for discourse, followed by Reddit and, more recently,…

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