Moon Capital Observation #2 —SwapChat

What is SwapChat?

Have you ever wondered what WhatsApp looks like on Web3? Now there are several SocialFi projects that focus on instant messaging. SwapChat is one of the native Web3 APPs that provide a direct message function to OpenSea, Twitter, and Discord users.

How to use it?

Just like any DAPPs, users need to connect with their wallet addresses as their unique identification and their Twitter accounts as social profiles. Then they are ready to use. Now, users can only chat with other users that registered on SwapChat. If they want to talk to a person who is not registered, they could send an invitation for registration.

SwapChat Fundamentals

The founder of SwapChat is Luke Wang. He has participated in social network technology since 2017. He had experience in AI at MIT Media Lab and many venture capitals.

Competitors

In the instant messaging segment, there are some players competing with SwapChat.

  • XMTP is a crypto instant messaging network. It has ZapMail and an instant messaging APP. XMTP announced $20M in Series A funding round backed by a16z and Coinbase.

Conclusion

Overall, SwapChat is a useful instant messaging product for Web3 users. But it still needs to increase its user base so that people form the habit and actually chat through SwapChat instead of Web2 APPs. It might require collaboration with KOL and leading institutions or other useful methods like NFT airdrop. It is worth looking at what SwapChat provides us in the future.

About Moon Capital

Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency. Moon Capital portfolio includes, Project Galaxy, Woo Network , Matrix World, Litentry, DeepDAO and some other high-quality projects.

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Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency.

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Moon Capital

Moon Capital is a cutting-edge investment firm focused on blockchain and cryptocurrency.