TON developers launch new fund to support the next generation of mini-apps in Telegram
A team of seasoned developers associated with The Open Network (TON), declared on Wednesday their initiative to carve out TON Ventures. This profit-driven fund is outfitted with a $40 million war chest intended to back up-and-coming Telegram-based mini applications on the blockchain.
At the helm of TON Ventures are Ian Wittkopp, previously in charge of TON's accelerator initiative, and Inal Kardan, the ex-leader of gaming for the TON Foundation. The fund is poised to primarily inject up to $500,000 in nascent stages projects.
As time progresses, TON Ventures plans to broaden its horizons by accommodating larger, more "strategic" investments in protocols desiring to integrate into the TON and Telegram environments.
The venture capital fund professes its commitment to nurturing consumer-centric, broadly appealing applications that are housed on Telegram and powered by TON. The burgeoning trend of crypto-fueled mini applications — especially gaming ones rewarding users through airdrops — has lifted Telegram's monthly active user base to beyond 950 million globally in recent times.
Though the current gaming trend is recognized by the TON Ventures team as a primary entry point for emerging Telegram mini application creators, they foresee a swift diversification in the TON app ecosystem. This expansion, they believe, will reflect in the variety of projects they endorse moving forward.
Various TON developers have previously stated their aspirations for Telegram, propelled by blockchain technology, to evolve into the West's foremost multipurpose platform for everything from e-commerce to financial services and transportation, all accessible within a single ecosystem.
Through the facilitation of peer-to-peer transactions using Toncoin, TON's native digital currency, and USDT, the renowned stablecoin, Telegram has laid the groundwork for fostering a complete economy within its digital confines. The runaway success of play-to-earn titles such as Notcoin, Hamster Kombat, and Catizen exemplifies the potential of this system by tapping directly into the smartphone user demographic.
The journey ahead lies in nurturing Telegram's suite of mini applications to full fruition. Beyond providing financial backing for this ambition, TON Ventures is set to extend selected endeavors complimentary promotional and media support, alongside opportunities for strategic alliances, and avenues for experimenting with growth and traffic strategies within TON.
It's worth noting that TON Ventures joins the ranks of initiatives aiming to channel the explosive popularity of Telegram mini app games towards sustained development. Recently, the engineers behind Notcoin kickstarted an accelerator program dedicated to fostering the new generation of mini applications built with TON support.
