How to view Mask Network, regarded as the "Tencent of the crypto circle"?
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How to view Mask Network, regarded as the "Tencent of the crypto circle"?
Mask is fundamentally different from other approaches like Lens that completely rebuild social platforms from scratch.
Navigating Web3 tides with focused insightsAuthor: Haotian
How should we view $MASK, often seen as the "Tencent of crypto"? Calling it a "plugin," an "ITO issuance platform," a "middleware between web2 and web3," or even an "investment fund" doesn't feel entirely off—but is that truly the full picture of @realMaskNetwork? Clearly not.
Despite the plugin image being so dominant, from a business perspective, MASK is primarily focused on capturing the gateway to Web3 application traffic. Let’s break it down simply:
Over the past few years, MASK has accumulated many labels: “social plugin,” “ITO launchpad,” and more—making it a flagship project in the SocialFi space.
As a plugin, MASK integrates with social platforms such as Facebook, X (Twitter), Lens, Mirror, and Farcaster. For example, users can directly use NFT Avatars as profile pictures on Twitter and access their on-chain Web3 profiles right within the Twitter interface—to view assets, activities, donations, NFTs, and more.
Put simply, it's like seamlessly embedding DeBank into Twitter, allowing users to interact with Web3 applications without ever leaving their familiar social media environment.
Along the way, MASK has implemented numerous compatibility optimizations: integrating Transak’s fiat on-ramp for easy funding; enabling wallet creation and asset management directly within the interface; connecting to DeFi and NFT marketplaces like Uniswap, Sushiswap, Opensea, and Rarible; and innovatively launching ITO—the Initial Twitter Offering platform—for asset fundraising.
What stands out most about MASK is its web2-grade "product excellence"—a positioning remarkably similar to Tencent’s dominance among internet companies.
While Web3 excels at tokenomics, it has consistently struggled with product design and user experience. Despite the trendy pixel-punk aesthetics, these aren’t enough to attract users accustomed to mature web2 environments. The high barrier of private key management, complex on-chain interactions, and constant phishing risks are enough to scare off most web2 users.
MASK takes a fundamentally different approach compared to projects like Lens that aim to completely rebuild social platforms from the ground up. Lens overhauls everything—from backend servers and communication protocols to frontend interfaces—with a fully decentralized architecture. It’s a compelling narrative, but execution remains challenging.
In contrast, MASK centers on the habits and preferences of web2 users, embedding customized Web3 components into their existing workflows. The real challenge lies in abstracting away the complexity of Web3 infrastructure, presenting only a familiar web2-style frontend interface. This requires sophisticated technical frameworks behind the scenes, including chain abstraction and account abstraction.
Zooming out, MASK’s ambitions extend far beyond being just a SocialFi platform. Its creative features and strong virality have led to this label, but that’s only part of the story.
In my view, MASK’s first step toward becoming the "Tencent of crypto" is clear: channel web2 traffic and product expertise into the Web3 ecosystem—using plugins as an entry point to establish itself as a leading SocialFi platform with massive user reach.
The second phase of MASK’s grand strategy: leverage capital power to expand its investment footprint, evolving into a Web3 application distribution platform with a vast user base.
Recently, MASK revealed that its Bonfire Union fund has surpassed $100 million in total size. To date, 120 projects have joined the Mask Network ecosystem—including Lens, Galaxy, CyberConnect, Ton, Scroll, RSS3, AltLayer, 0xScope, Orbiter, and even AI-focused platforms like Chirper, CharacterX, and KEKKAI.
Upon closer inspection, many of these portfolio projects carry traces of strong web2 product thinking. For instance, Galaxy serves as a guide and hub for airdrop farming; CyberConnect functions as a super aggregator for user engagement; AltLayer aims to become a modular B2B Layer2 hub. Each plays a role in facilitating the transition of both end-users (C-side) and developers (B-side) from web2 to Web3.
Moreover, MASK’s expansion isn’t random—it positions itself as a resource integrator and traffic driver, using investments or acquisitions to amplify its influence. By strategically securing key traffic-entry positions, MASK aims to bridge web2 and web3 ecosystems, becoming a mandatory gateway for web2 users entering Web3—and thus capturing the explosive growth红利 of mass adoption. Underlying this vision is MASK’s sophisticated capital operation capability and sharp market insight. Achieving this would firmly cement its status as the "Tencent of crypto."
In summary, MASK maintains strong user stickiness through its social plugins, while leveraging broad Web3 ecosystem integration to offer web2 users a low-barrier, high-experience on-ramp to Web3 applications. This paves the way for a true migration from web2 to Web3, ultimately driving genuine mass adoption.
That’s all.
Note: A quiet yet powerful force from web2 continues to operate actively in the Web3 space. These players boast exceptional product capabilities, viral creativity, and mastery of tokenomics—all betting on the uncertain arrival of mass adoption. Honestly, this web2 force is subtly and steadily pushing Web3 toward maturity.
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Haotian | CryptoInsight
