Introduction

Notcoin is a GameFi game based on Telegram, attracting tens of millions of users and attention, with a peak daily active user count reaching 6 million. The token NOT will be listed on CEX trading platform on May 16th, in conjunction with the development layout of the TON ecosystem, potentially triggering a GameFi craze.

A GameFi project with simple design and astonishing past data

Although it incorporates gamification and fun elements, Notcoin’s basic gameplay involves repetitive clicking to mine tokens. It is this simple mechanism that quickly propelled its popularity. Within a week of its launch, it attracted over 5 million players. By early April, the game had paused for token issuance preparation, having drawn in 35 million players globally, with a daily active user count of 6 million, far surpassing other crypto games.

In early March, Notcoin allowed elite players to convert large amounts of in-game currency into NFT vouchers, which could be traded before the token’s official release. Data shows that there are approximately 500,000 circulating Notcoin NFTs, valued at 10M=9TON (calculated at 5U), with a market cap of around $22.5 million. The total trading volume is 2 million TON, with a transaction value of about $10 million. The highest transaction price occurred on March 13th at 10M=66TON, and the lowest on March 20th at 10M=3.7TON.

Notcoin’s popularity underscores the immense potential of games to attract users and generate revenue within the crypto space. Compared to many other GameFi projects, Notcoin’s straightforward path and task design make it more user-friendly and addictive.

Prominent meme features, perfecting Play to Earn mode

Notcoin has long been ridiculed by the community for its blank white paper. Despite being labeled a white paper, the document is essentially blank except for the title and date. This lack of substance has fueled doubts about the project’s long-term viability and the seriousness of its developers. However, it has made Notcoin’s community more vibrant, seemingly fueled by curiosity and speculation about the entertainment value of the crypto world. Combined with its simple Play and Earn model mechanism, Notcoin has become a perfect blend of GameFi and memes.

Key project in the TON ecosystem, widely expected to break barriers

Currently, Notcoin has received official support from the TON team and has a huge user base. By effectively promoting various projects within the TON ecosystem through game tasks, Notcoin acts as a crucial layout in the TON ecosystem, serving as an entry point for widespread ecosystem participation rather than just an entertainment project.

In the days leading up to the launch of NOT, the TVL of the TON network has significantly increased. As of May 10th, the TVL is 41.16 million TON, with a growth of about 35% in May and a 7-fold increase since the beginning of 2024, highlighting strong demand for TON and the pulling effect of NOT on the ecosystem.

The TON ecosystem is currently in its early stages, backed by Telegram’s massive user base, with undeniable development potential. With precedents set by Solana and Base in empowering the MemeCoin ecosystem to break barriers and boost TVL, Notcoin is seen as a key project that can help TON expand beyond its current boundaries. Compared to the development of TVL in ecosystem projects, driving excitement through memes is a more achievable short-term method.

However, the risk lies in Notcoin’s status as a symbolic product of the crypto community’s novelty and speculation, driven more by community participation and hype than substantive technological innovation. Additionally, there are already over $20 million worth of NFTs circulating before the secondary listing, which may lead to significant selling pressure upon NOT’s launch. Nonetheless, based on current fundamentals and DEX trading data, NOT still has great potential after its launch.

Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in the TON blockchain project in the fund’s history, increasing the attention on the TON ecosystem. If project financing and product launches can be timely and effective, the prosperity of the TON ecosystem will arrive sooner.

Rapid surge in market excitement as NOT prepares to launch on Binance

According to reports, NOT will soon be listed on trading platforms including Binance, Bybit, OKX, and Bitget. It is scheduled to launch on Binance’s Launchpool on May 13th, accounting for 3% of the total issuance. In addition, OKX plans to distribute approximately 1.28 billion NOT tokens to users through Jumpstart, accounting for 1.25% of the total supply.

With the positive stimulation of NOT’s upcoming listing on platforms like Binance, AEVO began pre-trading NOT on May 9th. The price rose from $0.0056 to $0.01183, and NOT tokens appeared on various chains in DEX. Although their authenticity is difficult to verify, they have indeed fueled a surge in market excitement for NOT, especially with the explosion of related information on X, creating anticipation for its listing on major exchanges. Once again, the TON ecosystem has become the focus of the market.

Notcoin may become a new way to unlock GameFi

Since 2021, the crypto market has seen a wave of GameFi enthusiasm, with hundreds of GameFi projects emerging. Axie Infinity, Decentraland, The Sandbox, and StepN have become temporary focuses, with Axie’s daily revenue surpassing that of Honor of Kings at its peak. However, as the hype subsides, GameFi has always been in a state where the heat of the track remains, but there are not enough star projects to become the pillars of the track.

However, GameFi has a huge potential market, and practitioners and users have never forgotten it. Looking at the investment records of industry VCs, GameFi projects have always ranked in the top three, second only to infrastructure and DeFi. People’s perception of GameFi tracks and projects has evolved from “Play to Earn” to “Play and Earn,” and GameFi projects anchored in traditional games have always struggled to satisfy existing and incremental users.

Relying on the explosion of the TON ecosystem and Telegram, Notcoin, though sudden, seems inevitable. Compared to other “Play and Earn” projects, Notcoin appears more direct and more in line with the preferences and characteristics of users in the current existing market. This may become a new way to unlock GameFi, and the launch of NOT may also become an opportunity for the resurgence of the GameFi craze. Let’s wait and see!

Note: All of the above opinions are not investment advice. If there are any inappropriate points, please feel free to leave a message to correct them.

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