Coinsilium Group Limited (AQSE:COIN, OTCQB:CINGF) chief executive Eddy Travia has told investors the company is delighted to see the progress being made in the development of the Byzant Web3 Ecosystem applications.
It comes as the company provided an update on the Byzant Web3 social media platform and Adbazaar, a smart-contract-powered advertising network, which are being co-developed by Indorse (10.156% owned by Coinsilium).
The first phase of the Byzant social media application development has been achieved, with a private alpha version is now running in test mode, meanwhile, it announced the inclusion of established crypto advertising networks A-ADS has now been added to the Byzant Collaboration.
“One cannot overestimate the role advertising plays as a revenue driver in developing the Web2 social media industry,” Eddy Travia said in a statement.
“Advertising revenues have fuelled the whole industry since its early days - as an example in 2023 Facebook ad revenue reached $131.948 billion - and whilst we see Web3 as the foundation to move social networks beyond the exclusive reliance on advertising-driven revenue models, we also believe that ad revenues can become a significant engine for growth in the Web3 space.”
Travia added: “With partners such as A-Ads and Linkko we are confident that Adbazaar is now well positioned to now start leveraging its first mover advantage to the benefit of the entire Byzant social network ecosystem by providing monetisation opportunities to Byzant applications, its partners and its users.”
Coinsilium said investors can continue to expect regular progress updates on the Byzant Collaboration over the coming months.