On May 9, 2024, Binance issued an announcement stating that Binance New Coin Mining has now launched the 54th project - Notcoin (NOT), a community token that introduces users to web3 through a click-to-earn mining mechanism.
1. What is Notcoin (NOT)?
Notcoin is a free and easy-to-use Telegram game where people earn coins by tapping on their phone screens.
The game has surged in popularity since it went online on January 1, 2024. The current number of participants exceeds 30 million, with an average daily active user base of 5 million, making it the fifth-largest channel on Telegram.
In early March, Notcoin launched a feature that allows elite players to convert large amounts of in-game currency into NFT vouchers. These vouchers can be traded before their tokens are officially released, and players can choose to exchange 10 million or 100 million game coins for voucher NFTs.
The NFT will first be launched on the TON ecosystem NFT trading platform Getgems for advance trading and pricing. When the token is officially issued on the chain, the NFT can be exchanged for tokens.
2. NOT’s Token Economics
1. Token situation
Token name: Notcoin (NOT)
Maximum token supply: 102,719,221,714 NOT
Initial circulation: 102,719,221,714 NOT (100% of the maximum supply of tokens)
2. Binance Launchpool Mining Status
Total mining amount: 3,081,576,651 NOT (3% of the maximum supply of tokens)
BNB mining pool: A total of 2,619,340,153 NOT can be mined (accounting for 85%)
FDUSD mining pool: a total of 462,236,497 NOTs can be mined (accounting for 15%)
Mining time: 08:00 on May 13, 2024 to 07:59 on May 16, 2024, GMT+8
3. How does the Notcoin game work?
Notcoin runs entirely through the Telegram app and requires no official cryptocurrency wallets, exchange accounts, or transaction fees, making it extremely easy to use.
The premise of the game is simple, players tap their phone screens to “mine” and accumulate Notcoin. Every new player to the game is given 2,500 NOT tokens, while Telegram Premium subscribers are given 50,000 NOT tokens to start their gaming experience.
1. Game dynamics and player incentives
The game uses an energy system that limits the amount of NOT a player can earn at one time. Initially, each click rewards the player with 1 NOT, and the player can continue playing until they reach a cap of 1,000 NOT, at which point they must wait for the energy to refill.
To increase their earning rate, players can invest in "boosters," which temporarily increase energy capacity and the amount of Notcoins earned per click.
2. Engagement and rewards through additional features
Notcoin also includes dynamic gaming elements to keep players engaged.
Occasionally a rocket icon may appear to activate turbo mode, allowing players to earn additional NOT without consuming energy. Players can also increase their income by completing simple tasks such as referrals, which is one of the easiest ways to earn more NOT.
Additionally, joining or forming a squad can add a competitive edge, allowing players or groups to compete against others. As players complete various tasks, they will advance through different league levels, such as from bronze to diamond, thus enhancing the competitive nature of the game.
3. Strategic Growth and Community Engagement
Through its innovative use of the Telegram platform, Notcoin has set a new standard for mobile crypto gaming.
This structure not only keeps players engaged, but also encourages strategic thinking and community interaction within the game. By integrating these elements, Notcoin goes beyond traditional mobile games to introduce players to the basic concepts of cryptocurrency and the digital economy in a fun and interactive way.
4. Crypto Community’s Evaluation of Notcoin
It is common for emerging projects to be questioned, and the rapid rise of Notcoin has sparked discussions about its authenticity, with mixed opinions in the cryptocurrency community.
1. Reasons to be cautious about Notcoin:
The Notcoin team’s lack of a strong track record and unclear long-term goals raise questions about its ability to deliver on its promises.
As of January 2024, no real tokens have been issued, so the in-game currency has no real value, a situation that has heightened skepticism about whether the promised cryptocurrency will ever come to fruition.
There are concerns that player statistics could be inflated by the use of bots or fake accounts.
The referral and bonus structure has similarities to those found in pyramid schemes, although such systems are not uncommon in the gaming and cryptocurrency sectors.
2. Reasons for a positive attitude towards Notcoin:
Notcoin is backed by well-known players in the blockchain ecosystem, TON Labs and TON Foundation, which strengthens its credibility.
The open nature of the game's code allows developers to review and audit its functionality, helping to alleviate concerns about fraudulent activity.
Cryptocurrency exchanges’ strong interest in the upcoming token suggests they believe in its potential viability.
The game has gained widespread popularity without paid advertising, which shows that users are truly engaged and interested in it.
V. Conclusion
Currently, the increase in Meme coins has become an important way for the public chain ecosystem to break out of the circle. The TON ecosystem as a whole is currently in a relatively early stage, but backed by Telegram's huge user base, its development potential is unquestionable. Compared with the development of the TVL of ecological projects, Meme-driven popularity has become a more achievable method in the short term.
Overall, the Notcoin project has received official support from TON and has a huge user base, and has the opportunity to become a meme coin that breaks through the circle. However, the risk is that the current token economy is still unclear. More than 20 million US dollars of NFTs have been circulated before the secondary listing, and there will be considerable selling pressure when it is launched. However, based on fundamentals, it is believed that the project has good potential in the medium term.
