TOP10 NEWS OF THE WEEK / 11.11.2024
TOP10 WAYS HOW THE OLD FASHION SYSTEM WILL EVOLVE INTO SMART FASHION AFTER THE U.S. ELECTIONS
The primary outcome of the U.S. elections is simply that they’re over. As with any political and financial cycle, they push down the declining trends, clearing the way for new, inevitable ones. We have forecasted 10 new factors that will accelerate fashion’s development toward?Smart Fashion?- the merging with technology and financial engineering, regardless of the election results.
?? Bad "printed" money will be back. 2025 will be the year when traditional venture capital returns to the market, driven by the Fed’s upcoming efforts to lower interest rates. This will also trigger a parallel process—the resumption of currency printing (increasing national debt) to issue dollars. U.S. government debt currently stands at a record $36 trillion.
?? The fashion behemoth-conglomerates?have entered the elections in their worst shape and with the weakest growth indicators of the past decade.
?? Venture Capital?investment will come to fashion through young and innovative brands, designers, and other projects. ?? The Digital Product Passport and Central Bank Digital Currencies?implemented by European policymakers—however vague their goals and actual consequences—are easing the application of cryptocurrencies, sentient AI, and Decentralized Physical Infrastructure Networks.
?? Brain-dead apparel?from the old fashion system has started to move toward?Smart Fashion. The best example is ?? Meta Ray-Ban glasses.
?? The meme coin and?degen?culture?will bring a fresh energy to young brands, local fashion weeks, and representatives of traditional fashion who have the intellectual and financial resources for genuine innovation.
?? Decentralized finance?is set to grow from its current $2.3 trillion capitalization to at least $5 trillion, becoming the leading tech asset category. Some experts believe this could happen as soon as 2025.
?? Smart Fashion.?AI is probably the best assistant, lowering the market entry threshold to almost zero and shifting value from practical skills to creativity and strategy. The fashion industry is beginning its biggest and most significant journey—the technological fusion of style, individuals, and value, independent of platforms, realities, blockchains, and AI models.
?? The Metaverse FASHION WEEK 2024?season is dedicated to the central theme—investing in the fashion of the future, where the metamorphosis of the old fashion system into?Smart Fashion?is inevitable.
?? Hide not your Talents!?The Talent Score’s pioneering, decentralized system is set to redefine the value of personal achievements—much like the Credit Score in the U.S. or China's Social Score.
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AI MODELS REPLACE REAL PEOPLE IN MANGO'S FAST-FASHION ADS
?? Another job to the list that artificial intelligence might replace — fashion models. The Spanish fast-fashion chain MANGO is eliminating some human models and using AI-generated avatars to create advertising campaigns more quickly, chief executive officer Toni Ruiz Tubau said in an interview. The garments these AI models are wearing are real and available to customers for purchase.
?? Among Mango’s?main rivals?are retailers including?Inditex’s?Zara?and?H&M, brands that?swiftly jump?on fashion trends to produce items that sell at affordable prices. To compete, Mango is using AI to pick up speed across different areas of the business. “It’s about faster content creation,” Ruiz said. Mango piloted its first AI-generated campaign in July, which featured a limited-edition collection geared to teenage girls.The most recent AI-generated advertising campaign, released this month, is also teen-focused. Some imagery appears on the Mango website with a disclaimer that AI was used to create the visuals. Mango plans to expand its use of the technology to its women’s and men’s collections, but hasn’t made any final decisions yet.
?? AI is driving a shift in the $2.5 trillion modelling industry. Mango joins other retail brands, such as?Levi Strauss & Co.,?Louis Vuitton?and?Nike Inc.?that have already teamed up with AI modelling companies. The financial benefits are clear, with AI models typically costing a fraction of the price of a human model.?? Mango’s use of AI goes beyond marketing and advertising.?AI?is also helping the company design collections, providing?inspiration?for fabrics and more.
?? A bot is now capable of creating clothing that conforms to the Mango design aesthetic, Ruiz said. The retailer, which is expanding in the US, said it’s still creating human jobs. The company currently employs around 640 workers in the US and plans to double that number by 2025. Mango aims to grow its US footprint to nearly 70 stores by the end of 2025, up from 42 at the end of this year.
"DIGITAL PRODUCT PASSPORT IS THE GREATEST OPPORTUNITY WE HAVE", - TIMBERLAND INNOVATION LEADER
Sylwia Szymczyk , digital innovation leader at Timberland ,?part of VF Corporation (market cap:?$8.36 billion), has helped drive an impressive?34.67%?stock price increase over the past year. As a recognized Top 3D Modeling Voice on LinkedIn , Sylwia will be speaking at the upcoming Metaverse Fashion Summit during Metaverse Fashion Week 2024 https://lnkd.in/gpijXEMZ . She discusses harnessing innovation through startup partnerships, digital strategy, and cutting-edge technologies like Web3 and AI to shape the future of fashion.
?? In your opinion, what are the key factors driving successful digital transformation in today’s fashion and retail industries?
?? People focus too much on great visuals or technology, while the critical point is :?HOW TECHNOLOGY SOLVES MY PROBLEM? And IS THIS THE PROBLEM?I see so many fashion-tech startups delivering products and services that are completely missing the point, trying to solve problems that do not exist or solving problems that exist, adding additional complexity to the process.
?? Which areas of digital strategy do you believe are most critical for brands looking to differentiate themselves in a competitive market?
?? I barely see startups delivering solutions for the product development process. I know it is much less sexy than marketing visuals, but this is where companies can gain the most significant value. We are losing billions on physical samples, garments that are dropped on the way, and collections that miss market demand.
?? What digital innovations have most excited you recently, and how do you see them reshaping the industry?
?? I see a huge potential in the image to video. And in AI-generated 3D assets. Both are solving important problems and automating workflows that manually require days, if not weeks, in the case of animations.
?? What challenges do you think are most common for companies during digital transformation, and how can leaders best navigate these?
?? Change Management is non-existent in the fashion industry, and we can't blame our workers. They are afraid of unfamiliar technology. If we cannot take them on board, we will never achieve ROI. People are able to spend much more time and energy refusing change than they would on learning new skills.
?? How do you view the role of Product Lifecycle Management in creating more efficient, sustainable, and responsive product development?
?? PLM is at the core of the communication and fashion company value chain. Today, even smaller fashion companies are using simplified PLM systems.
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BITCOIN HAS REACHED A HISTORIC HIGH OF $80,100 AND THE RISE OF SMART FASHION: A NEW INVESTMENT FRONTIER AFTER THE U.S. ELECTIONS
? As the results of the U.S. elections settle in, they reveal economic shifts that reflect changing investor sentiments. Most notably, the compound cryptocurrency market now exceeds $2.7 trillion and shows no signs of slowing down.
?? This remarkable growth underlines an investor pivot toward digital assets and a technology-powered economy. As traditional fashion stocks stagnate, investors are increasingly looking toward Smart Fashion—a concept that merges artificial intelligence, Web3 ownership, crypto integrations, and smart contracts.
?? Crypto Outshines Traditional MarketsBitcoin?has reached a historic high, soaring past $80,100, while?Ethereum's?market cap, now at $390 billion, has surpassed luxury giant LVMH ’s valuation of $323 billion. This milestone underscores the accelerating shift of capital into digital assets, highlighting the expanding influence of cryptocurrencies on traditional markets., a company long regarded as the global standard-bearer of luxury and fashion.
? Ethereum , launched in 2014 by Vitalik Buterin, is now a giant of?decentralized finance (DeFi)?and smart contracts, driving both market value and utility that is proving more attractive to investors than traditional stocks. The appeal of blockchain is growing rapidly, not only because of its scalability but also due to its adaptability and security, offering far greater possibilities than conventional systems.
?? Fashion’s Stagnation and the Shift to SmartThe fashion sector’s ongoing stagnation has created a new investment focus: Smart Fashion. This emerging sector offers possibilities beyond those of the current industry standard by combining the strengths of AI, Web3, and blockchain technology. In today’s climate, fashion brands operating on traditional business models are finding it difficult to compete in terms of scalability and profitability.
? Smart Fashion provides an alternative that aligns with broader technological trends and evolving consumer expectations. It’s a sector where products and processes are transparent, interconnected, and adaptable, meeting the demand for digital integration in both fashion and finance. The?Metaverse Fashion Summit?during?Metaverse Fashion Week, from November 20-24, will delve into the core topics of investment in Smart Fashion. This unique event brings together thought leaders, innovators, and investors to explore the future of fashion at the intersection of AI, Web3, and blockchain.Join the Summit and be part of the Smart Fashion evolution!?- https://lnkd.in/gYwBRdUj
WEB3 FUNDING HITS $5.4B IN 2024
?? ?Web3 startups have raised over $5.4 billion in venture capital during the first three quarters of 2024, according to data from Crunchbase ’s Web3 tracker.
Capital poured into blockchain-based companies stood at $1.4 billion in the last quarter alone.
?? Investors are increasingly?targeting emerging markets?at the intersection of blockchain and artificial intelligence, while projects focused on decentralized blockchain infrastructure have also drawn substantial capital flow recently.
?? Venture capital firms are gearing up for 2025 by announcing new funds with a focus on Web3. Gate Ventures and Boon Ventures recently partnered with Movement Labs to?launch a $20-million fund?dedicated to Web3 startups, while Dragonfly Enviro Capital is in the process of?raising $500 million?for its fourth crypto fund.
? karpatkey secures $7 million to expand treasury solutions for DAOs, financial institutionsKarpatkey, an onchain treasury management platform for decentralized autonomous organizations (DAOs) and financial institutions, has raised $7 million in a funding round backed by over 40 angel investors and venture capital firms, including AppWorks Ventures and Wintermute Ventures. Popular figures from the crypto industry, such as Consensys ’ Joe Lubin, joined the round. The investment will enable Karpatkey to extend its treasury management services to more DAOs and pursue traditional finance partnerships. Initially established in 2020 to manage Gnosis’ treasury, Karpatkey now oversees $1.8 billion in assets and provides services from risk management to M&A support.?? Axal secures $2.5-million pre-seed to build agents network for Web3 tasks New York-based Web3 automation startup Axal has raised $2.5 million in a pre-seed funding round led by CMT Digital , with contributions from Escape Velocity Entertainment , Blockchain Builders Fund | BBF , Artichoke Capital and others. Founded by Harvard computer science graduate Ashlan Ahmed , Axal employs autonomous agents to automate complex onchain workflows for crypto companies.Axal’s first product, Axal Autopilot, is set to launch in November, assisting traders with onchain workflows with ambitions to create a “ChatGPT for tasks,” automating a vast range of Web3 tasks.
WHY THE METAVERSE IS MOVING INTO PHYSICAL RETAIL
Key Takeaways by Vogue Business :
?? Pop-ups and exhibitions are using metaverse tech to create more memorable experiences, blending the practical with the fantastical at a time when the word ‘metaverse’ has faded from popularity. It’s still metaverse tech, but it’s a new, post-pandemic slant that prioritises in-person interaction.
?? To promote the launch of its new lipstick?Valentino Beauty opened a pop-up in New York’s Flatiron Plaza and found a way to bring the metaverse into the real world: visitors could?stand in front of a mirror?to digitally try on the lipstick, then take home a printed image of their look.It brought in about 1,500 people over a two-day period, says Dmytro Kornilov , co-founder and CEO of FFFACE.ME , which provided the smart mirror tech.
?? In September, Shiseido brought a 360-degree ‘pod’ to New York’s Macy’s Herald Square, where people felt physical wind and smelled fragrance choreographed to accompany a virtual reality experience.
?? On 15 November,?Vogue?will unveil an immersive exhibit created with London’s Lightroom; called?‘Inventing the Runway’, it will take visitors on an archival runway journey through a massive space that is somewhat akin to a shared virtual reality experience. After visitors are welcomed through a lobby that hints at being backstage at a fashion show, they join up to 300 others in exploring a 5,500-square-foot room, where video projections span 38-foot-tall walls, in addition to the floor space.
?? This prevalence of metaverse technologies in fashion and beauty hotspots might come as a surprise, given that metaverse hype has waned and brands have pivoted efforts from the fantastical to the practical. But proponents say that this evolution is perhaps a consolation that digital technologies and products still have legs; they just might —?for now, anyway —?be firmly rooted on dry land. ?? Just look at the?earlier-than-expected popularity of the Ray-Ban Meta smart-glasses, which are designed to blend in and capture content inconspicuously. “The more digital our lives get, the more we crave real life. ‘Offline’ is a new trend in social media,” Kornilov says.
?? SYKY , which specialises in digital and phygital fashion, sees physical events as a core perk for its community, says founder and CEO Alice Delahunt . The physical events offer education and access both for those working in the space and for those who want to learn more. “For those who are curious about the space and not quite understanding what digital fashion means, it can feel scary and dystopian, and they may not be up to date on the creativity that is coming from the space,” she adds.
COMPANIES WITHOUT A CRYPTO WALLET WILL BE LEFT BEHIND
?? Wallets can be a gateway to a multitude of functionalities that will expand businesses.Saying that Web3 wallets are only for crypto payments is like saying the internet is only for porn. A crypto wallet isn’t just a graphical user interface for private key management. In fact, controlling crypto is the least interesting thing it does. It’s a gateway to web3 and the jumping off point that separates the old web from the new.It ’s a dApp browser, a digital ID, a ticket holder and an access pass. It’s a neo bank, an express checkout, an avatar and an authentication mechanism. ?? Brands such as Tesla that have?integrated a Web3 wallet?aren’t just catering to customers who’d like to pay with crypto: they’re building a docking station that connects their planet to the rest of the galaxy.You might be wondering why a business that’s not in the crypto industry would go out of its way to add a conduit to Web3. Isn’t it accelerating its own obsolescence, or at the very least risking confusing its customers?Hardly. You don’t need to be Michael Saylor to see a future in Web3, or go all-in on?building your own blockchain?like Sony recently did. To misquote Satoshi Nakamoto, “It might make sense just to add a Web3 wallet in case it catches on.” ?? But the reality is that companies are already adopting wallets and crypto, with some?36%?of small- and medium-sized enterprises in the United States accepting crypto payments. This could indicate that, in a short matter of time, companies that don’t have wallets will be a minority.Future-proofing your business doesn’t mean betting the house or making a dramatic pivot. It just means being receptive to new ideas; to accept that there may be better ways of doing things and acknowledge that in the near future, the way we onboard users, retain customers and grow revenue may be different.Even if your business has zero interest in accepting crypto payments, the benefits of integrating a Web3 wallet extend much further. There’s the ability to authenticate users without being tasked with storing customer details and hashed passwords; the freedom to create loyalty programs and gamify user experience; the option of adding peer-to-peer marketplaces and new incentive structures. You don’t have to, but with Web3 connectivity, you can.?? Not everything needs a crypto wallet. Your pe-sitting app is probably okay without one right now. But for a significant proportion of Web2 businesses, failing to connect with the Web3 world that lies beyond risks leaving money on the table and customers with their competitors. It takes a brave business to be the first to add a Web3 wallet, and a craven one to be the last.
LVMH’s EMPTY CHINESE MEGASTORE SIGNALS DEEPENING LUXURY CRASHBloomberg Key Takeaways:? The downturn in Chinese spending that has?undercut profits?at European luxury brands such as LVMH Mo?t Hennessy Louis Vuitton SE and helped erase about $251 billion from their stock market values since March.Signs that the slump has further to run are multiplying. Sales people at Hermès , whose Birkin bags could easily sell for tens of thousands of dollars, reduced how much shoppers need to spend to be able to buy the iconic products in a rare move, according to people familiar with the matter. Companies including Kering SA?and Burberry Group Plc?are resorting to discounts of as much as 50% to clear stock.?? After years of heady growth, China’s luxury market is expected to shrink as much as 15% this year, according to consultancy DLG (Digital Luxury Group) .?? President Xi Jinping’s campaigns to crack down on corrupt government officials and promote a more equal distribution of income have made displays of wealth not just passe, but potentially dangerous. Meanwhile, younger Chinese consumers are increasingly spending their money on experiences like travel rather than status symbols.?? Swiss watch exports to China?tumbled?50% by value in September from a year earlier, putting pressure on?companies?such as Richemont , the group behind Vacheron Constantin and IWC, and Omega owner Swatch Group AG.?? Cosmetic manufacturers too are suffering.?L’Oreal SA?reported?a 6.5% drop in like-for-like sales in North Asia last quarter, with the company saying the beauty market in China continued to deteriorate. Estée Lauder Cos.?pulled its guidance?for the year in part due to weak demand in China, where sales fell by a double-digit percentage in the three months to September. Its shares plunged by a record.? Over-expansion is part of the problem.“If you rise too fast, you go down quickly,”?said Brunello Cucinelli , founder and executive chairman of luxury cashmere maker Brunello Cucinelli SpA, which is adopting a go-slow approach to the Asian nation. “In a hyper-connected country like China, the risk is becoming something ordinary.”
SHEIN REPORTS 68% SALES GROWTH IN 2023
In sharp contrast to the broader fashion industry, SHEIN is making waves with its rapid growth across Europe and the UK. The company's Ireland-registered European entity, Infinite Styles Ecommerce Co, recently reported a remarkable 68% surge in sales in 2023, reaching €7.684 billion ($8.36 billion), up from €4.582 billion in 2022. This sales milestone underscores Shein's aggressive expansion strategy in Europe, supported by subsidiaries in Belgium, France, Germany, Italy, and Poland.
??♂? European Growth: Key Figures and Market ImpactShein’s impressive growth in Europe is reflected in its latest financial performance. Alongside substantial revenue gains, Shein’s after-tax profit for 2023 more than doubled to €99.5 million, compared to €45.8 million in 2022. This exceptional growth is attributed to Shein's efficient e-commerce operations, low-cost production model, and its expertise in digital marketing, enabling it to scale rapidly across various European markets.
?? The company's growth trajectory in Europe suggests a strategic focus on attracting younger, fashion-forward consumers who favor affordable, trend-driven styles. While some questions remain about the exact European markets reflected in Shein’s reported figures, its presence across the continent implies a strong foothold in key regions.?? IPO Plans: Setting Sights on LondonShein’s ambitions go beyond European sales growth, with the company also preparing for a potential Initial Public Offering (IPO) in London. A London-based IPO would allow Shein to secure additional capital for expansion, while positioning itself as a more established player in Western markets. This move could enhance access to new investors and increase brand legitimacy.
?? Sustainability Concerns: Fast Fashion’s Environmental ImpactAs Shein grows, its fast-fashion model faces continued criticism regarding its environmental and labor impacts. The brand’s rapid production and distribution cycles contribute to waste and environmental degradation, with Shein’s production model drawing criticism for its role in the growing waste problem within the fashion industry. Fast fashion is known to generate substantial textile waste, and billions of clothing items end up in landfills each year.
?? Looking Forward: Balancing Growth with ResponsibilityAs Shein moves toward a public listing and further expansion, its future success will likely depend on its ability to balance rapid growth with sustainability and transparency. Investors, consumers, and regulators are increasingly demanding ethical practices from brands, and Shein faces the challenge of aligning with these expectations.
CAN AI-POWERED DEMAND FORECASTING FIX FASHION'S INVENTORY CRISIS?
Key Takeaways by Vogue Business :
?? A crop of new AI startups aim to solve one of fashion’s biggest headaches: inventory and demand planning.
?? Can AI help?
autone , an AI-powered platform, is one such startup, giving clients like Roberto Cavalli and courrèges the tools to better forecast demand and optimise stock levels.Fresh off a $17 million series A funding round led by General Catalyst — a backer of unicorns like Instacart and Airbnb — London-based Autone wants to redefine efficiency for forecasters and demand planners toiling inside fashion, beauty and accessories brands. Born from the first-hand experience of founders Adil Bouhdadi and Harry Glucksmann Cheslaw during their time at Alexander McQueen, Autone addresses the pain points they encountered managing critical operational functions for the iconic fashion house.
?? Through machine learning, Singuli works with retail clients including Rhone , Cozy Earth and Harper Wilde to accurately forecast demand, streamline stock allocation across multiple channels and automate replenishment, ultimately minimising waste and maximising efficiency. Since it launched in February 2019 and raised a $3.7 million seed round two years later, the startup has been helping businesses manage their stock, which has led to reduced costs, increased sales and enhanced customer satisfaction.
?? Another emerging player in the retail technology space, three-year-old Prediko has raised at least $5 million to build an AI-powered platform that aims to take the guesswork out of inventory management for e-commerce businesses. Designed specifically for digitally native Shopify merchants, Prediko aims to become a tool for online retailers looking to navigate the complexities of modern commerce.
?? Meeting unique challenges
Demand planning in fashion is far more complex than in most other industries. It’s not just a matter of predicting how much shoppers will buy, companies must also predict what styles and trends will resonate in a constantly shifting landscape. Seasonality plays an outsized role, as new designs and silhouettes continuously emerge, while the sheer variety of choices available to consumers adds another layer of complexity. The breakdown of traditional demand patterns is also posing an unprecedented challenge to fashion brands, making accurate forecasting and demand planning more difficult than ever.“Supply chains get disrupted, and seasonal factors and weather are much more variable than they used to be, and all of these things just mean it’s a much bigger problem for retailers,” says Neil Saunders , managing director of retail at Globaldata.
?? Companies that secured funding this year include Algo , Aptean , Blue Yonder , Hakio , Impact Analytics , Invent Analytics and o9 Solutions, Inc. , in addition to Autone, per CB Insights.
“BE THE SMARTEST PERSON IN THE ROOM, AND BECOME FLUENT IN THE LANGUAGE OF SILICON VALLEY"
?? In the fast-approaching iteration of a new fashion economy, what we call?Smart Fashion, designers and brands are evolving into startups. This shift is not as far off as it might seem. Today, the number of AI and Web3 startups focused on fashion is growing noticeably. Our prediction: their total number will multiply several times over the next few years.
?? This is where the venture mindset comes into play. To avoid the pitfalls, new startups need both knowledge and sound business fundamentals. There are two choices: learn from your own mistakes or turn to a reliable source. A standout and timely guide is a new and cool book by Andrew Romans?Masters of Raising Venture Capital: Inside Secrets from Silicon Valley.
?? Andrew Romans is a seasoned venture capitalist with a proven track record of success. As a former tech VC, M&A investment banker, General Partner of 7BC Venture Capital , and founder and General Partner of Rubicon Venture Capital .
?? Romans writes from a personal, assured perspective—direct, inspiring, and precise, as only leaders do. It’s a straightforward and comprehensive manual, almost an encyclopedia for venture capital.
?? "This book is about NOT making mistakes after the first or ninth VC funding round. Trust me when I tell you that raising angel and VC funding well is not very different from walking through a minefield"?- he says in his own words.
?? Yet, there is immense value here for new entrants to the venture capital scene and the emerging economy of Smart Fashion. For them, Romans’ book will not only be a practical guide but also a foundation for the future. Someday, they’ll write their own reviews—and add new chapters to the history of fashion.
?? THIRD-PARTY PRAISES OF THE BOOK
“A comprehensive and diligent book about understanding and delighting the investor for entrepreneurs and for VCs. Read it before you fundraise. It will save you a year.”
?? Tim Draper , Draper Associates
"Romans collapses the time it will take you to master the art of venture capital. Invest some time to read this book! Any founder or VC will walk away with some valuable gems that will positively impact your effectiveness.”
?? David Cohen, Founder and CEO of Techstars
“Should be required reading for anyone interested in joining a venture capital. It will save a lot of pain and suffering if you have to learn this all the hard way.”Chuck Newhall, Cofounder and General Partner of NEA“
No nonsense, practical, and actionable advice for founders and investors alike.”
?? Sean Seton-Rogers , Cofounder and General Partner at PROfounders Capital
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TELEGRAM IS BECOMING A ONE-STOP APP LIKE CHINA'S WECHAT - BITGET CEO
Key Takeaways from Cointelegraph
?? Telegram Messenger boasts approximately 950 million monthly active users and has raised over $4 billion since its launch.
?? Telegram and the separate, decentralized Open Network have the potential to elevate the messaging platform into an all-encompassing application that includes social media, payments, finance, entertainment, gaming, and communication capabilities — much like China’s popular WeChat app. According to Gracy Chen , the CEO of exchange and wallet provider Bitget , Telegram’s symbiotic relationship with the independent Open Network and its crypto trading features distinguishes the application from competitors and positions it for massive growth. The CEO told Cointelegraph:
?? "I think the crypto adoption is definitely something that makes telegram stand out among other social media, and that's indeed one of the reasons we want to be closer to The Open Network ecosystem."The Bitget CEO also cited the meteoric adoption of Telegram in emerging market economies — particularly?among young people in Africa?as further evidence of the application’s potential to become an everything app used by billions of individuals.
?? Telegram in emerging economiesChen explained that Nigeria and Egypt boast the most significant Telegram adoption among African countries. The CEO revealed that in Nigeria, approximately 54% of individuals adults aged 16-64 were Telegram users. Egypt followed closely behind Nigeria at 53% penetration, according to Chen.Chen told Cointelegraph that Telegram’s high adoption rate in African countries was at least partially driven by Telegram’s tap-to-earn mini-games, which have become a focal point of the Telegram ecosystem.
?? However, the CEO argued “I don’t think that’s sustainable. It’s more of a short-term effect,” and told Cointelegraph that WeChat took a similar approach during its early days to attract and onboard users — who slowly moved away from playing the mini-games but continued to use the messaging application’s financial functions and other core features.?? Researchers for GSR likewise argued that the interplay between The Open Network and the Telegram messaging app provides a compelling avenue to onboard the general population to the digital asset ecosystem.
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Sounds like an interesting roundup can't wait to catch up on the latest in Metaverse Fashion!