Great Success After Launch, Telegram CEO Promotes Notcoin

Bittime – Pavel Durov, CEO of Telegram, promotes Notcoin after its huge success on Blockchain TON. Below is complete information.

Telegram CEO Promotes Notcoin on His Official Channel

"Notcoin, a Mini App on Telegram, managed to reach 35 million active users in just a few months," Durov wrote to more than 2.5 million subscribers on his Telegram channel. "This incredible success story shows how powerful the Telegram/TON ecosystem is for app developers."

Notcoin players can “mine” the in-game currency simply by touching the Notcoin icon on their phones. The collected currency has now been converted into NOT tokens at a ratio of 1000:1.

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Total Supply Token NOT

Before the token launch on Thursday, Notcoin had pre-sold the token via its NFT trading system in March. Nearly 800,000 NFT vouchers minted at that time can now also be converted into NOT tokens at the same ratio via the Notcoin application.

"Suddenly, Notcoin users who were just playing this game for fun could convert their in-game currency into real money," Durov added.

Overall, more than 72 billion tokens have been distributed to miners and 7.9 billion tokens can be redeemed by NFT voucher holders. The total supply of NOT tokens is 102.7 billion, with 78% allocated to “miners” and NFT voucher holders, while the remainder (22%) is reserved for new users, traders, and future development.

Notcoin Enters Top 10 Crypto Based on Trading Volume

According to CoinGecko, the token launch gives Notcoin a market capitalization of $545 million, with a full valuation of around $711 million, although the token price is currently only around $0.0068.

Interestingly, Notcoin also managed to enter the top 10 cryptos based on daily trading volume which exceeded $1 billion over the last 24 hours. According to Tonviewer, there are currently around 678,000 blockchain wallets holding NOT tokens.

“Notcoin instantly became one of the top 10 cryptocurrencies in the world by trading volume, and reached a market capitalization of nearly $700 million,” Durov said. 

"Imagine, hundreds of millions of dollars were created for Telegram users in these Mini Apps in a matter of months. We are now seeing a huge wave of new Mini Apps being built on Telegram and TON."

Also Read: Vision, Impact, and Challenges of Notcoin Telegram Reaches $1 Billion FDV on Blockchain Ton

Notcoin Monetization Scheme and Future Plans

Notcoin monetizes its Mini App by attracting web3 organizations to advertise through the game. Players are rewarded with NOT tokens for participating in tasks designed to increase engagement with the projects.

Going forward, the Notcoin team plans to continue rewarding users who explore the crypto ecosystem using NOT tokens. They will also introduce a trading bot that will allow users to trade other TON-based tokens.

Telegram and Its History with Blockchain

Telegram began exploring blockchain technology in 2018 by developing the Telegram Open Network (TON). The project raised $1.7 billion in a private token sale that same year but was later abandoned by Telegram due to an investigation by the United States financial regulatory agency, or SEC.

In 2022, the open-source developer came to the rescue and rebranded it as The Open Network with a working mainnet.

In 2023, Durov confirmed that he owned some Toncoin (TON's native token), and he also stated that he had kept "several hundred million dollars" in "bank accounts or Bitcoins" for 10 years.

Interestingly, last Friday, Notcoin announced a donation of 1.03 billion NOT tokens (worth approximately $6.8 million) to Durov and Telegram. "Thank you for everything you have built," wrote the Notcoin team.

Analysis of the Notcoin Phenomenon

The launch of Notcoin and the support provided by Telegram CEO, Pavel Durov, sparked various analyses and criticism. Let's discuss some important points:

1. Easy Web3 Adoption

Notcoin offers an easy way for Telegram users, who already number in the hundreds of millions, to dive into the world of web3 and profit from crypto assets. This has the potential to accelerate the widespread adoption of blockchain technology.

2. Attractive Play-to-Earn Model

The scheme of “mining” in-game currency that can be converted into native tokens (NOT) provides an attractive incentive for players to continue playing and engaging with the Notcoin ecosystem.

3. Increased use of the Telegram Mini App

The success of Notcoin can encourage the development of other innovative and useful mini-apps on the Telegram platform, enriching its function apart from being a messaging platform.

Also Read How To Buy Crypto:

Conclusion

The launch of Notcoin became an interesting phenomenon that colored the intersection between gaming, web3, and social media. Telegram users are enabled to earn crypto profits through an easily accessible play-to-earn scheme.

However, on the other hand, there are risks and negative points regarding the tokenomics structure, potential price manipulation, and lack of transparency that need to be considered. Investors are advised to conduct in-depth research and understand the risks before getting involved with Notcoin or any other crypto asset.

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Read Also:

Notcoin and Telegram Collaboration Plans: New Products, Attractive Offers

Notcoin Price Prediction 2024: Market Analysis and Opinion Dissection

Crazy, Notcoin (NOT) Listing on several Crypto Exchanges shortly!

DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.