Source: MIIX Capital

Introduction

Notcoin is a Telegram-based GameFi game that has attracted tens of millions of users and attention, with a daily active data of up to 6 million. The token NOT will be launched on the CEX trading platform on May 16. Combined with the development layout of the TON ecosystem, it may become an opportunity to trigger the GameFi trend.

A GameFi with simple design and amazing past data

Although there are also gamification and interesting designs, the basic gameplay of Notcoin is to click repeatedly, and mine and obtain token income through repeated clicks. It is this simple mechanism design that made him popular quickly. A week after its launch, it attracted more than 5 million players. As of the beginning of April, when the game was suspended (to prepare for the issuance of coins), it had attracted 35 million players worldwide, with 6 million daily active users, far exceeding other crypto games.

In early March, Notcoin allowed elite players to convert a large amount of in-game currency into NFT vouchers, which can be traded before its tokens are officially issued. Data shows that there are about 500,000 Notcoin NFTs in circulation, with a value of 10M=9TON (calculated at 5U), a market value of about US$22.5 million, a total transaction volume of 2 million TON, and a transaction amount of about 10 million. The highest transaction price was 10M=66TON on March 13, and the lowest price was 10M=3.7TON on March 20.

Notcoin's popularity highlights the huge potential of games in attracting users and allowing them to benefit from the game. Compared with many GameFi projects, although Notcoin also has many value-added designs and gameplay (teamwork, points league, energy management and referral rewards, etc.), its simple and clear path and task design makes it easier for users to accept and become addicted.

Meme features are obvious, making Play and Earn perfectly presented

Notcoin has been ridiculed by the community for its blank white paper. Although it is marked as a white paper, the document is basically blank except for the title and date. This has aroused people's doubts about the long-term feasibility of the project and the seriousness of its developers. But it makes Notcoin's community more vibrant, and it seems to fully meet the curiosity and speculative enthusiasm of the entertainment crypto world. Adding its simple Play and Earn model mechanism, Notcoin has become a perfect combination of GameFi and Meme.

A key project in the TON ecosystem, its ability to break the circle is generally optimistic

At present, Notcoin has the official support of TON and has a huge user base. Notcoin has effectively promoted various projects in the TON ecosystem through game tasks, such as STON.fi and Fragment. It is more like a key layout of the TON ecosystem, existing as an entry point for broad ecosystem participation, rather than just an entertainment project.

In the days before NOT is about to go online, the TVL of the TON network has risen significantly. As of May 10, the TVL was 41.16 million TON, an increase of about 35% in May and a 7-fold increase so far in 2024. While highlighting the strong demand for TON, it also proves the driving effect of NOT on the TON ecosystem.

The TON ecosystem is currently in a relatively early stage, backed by Telegram's huge user base, and its development potential is unquestionable. With the precedent of Solana and Base breaking through the circle and raising TVL by empowering the MemeCoin ecosystem, Notcoin is seen as a key project that can help TON break through the circle and expand. Compared with the development of TVL of ecological projects, Meme-driven popularity has become a more achievable method in the short term.

However, the risk is that Notcoin, as a symbol of novelty and speculation in the crypto community, is more driven by community participation and hype rather than substantial technological innovation. In addition, more than 20 million US dollars of NFTs have been circulated before the secondary listing. There may be a large selling pressure when NOT is launched, but based on the current fundamental performance and DEX transaction data, NOT still has great potential after it is launched.

Dan Morehead, founder of Pantera Capital, mentioned on social media that Pantera recently made the largest investment in the history of the fund in Telegram's TON blockchain project, which has increased the attention of the TON ecosystem. If support such as project financing and product launch can be implemented in a timely manner, the prosperity of the TON ecosystem will come faster.

Binance is about to be launched, and the market heat is rising rapidly

According to the news, NOT will be launched on trading platforms including Binance, Bybit, OKX, Bitget, etc., and will be launched on Binance's Launchpool on May 13, accounting for 3% of the total issuance. In addition, OKX also plans to issue about 1.28 billion NOT tokens to users through Jumpstart, accounting for 1.25% of the total supply of NOT tokens.

With the favorable stimulus of NOT being listed on Binance and other platforms, AEVO was listed on NOT pre-market trading on May 9, and the price rose from $0.0056 to $0.01183. In addition, NOT tokens of various chains also appeared on DEX. Although it is difficult to distinguish between true and false, it has indeed greatly increased the heat of the NOT market, especially the outbreak of relevant information in X, which has done enough warming for the listing on major trading platforms. It also makes the TON ecosystem once again the focus of the market in people's eyes.

Notcoin may become a new way to open GameFi

Since 2021, the crypto market has set off a GameFi craze, and hundreds of GameFi projects have been born. Axie Infinity, Decentraland, The Sandbox and StepN have become the focus of the moment. Among them, Axie's daily income once surpassed King of Glory at its peak, but as the craze receded, GameFi has always been in a state where the track is always hot, but there are no star projects that are enough to become the mainstay of the track.

However, GameFi has a huge potential market, and practitioners and users have never forgotten it. Looking back at the investment and financing records of VCs in the industry, the proportion of GameFi projects has always been in the top 3, second only to infrastructure and DeFi. And people's understanding of GameFi tracks and projects has also evolved from "Play to Earn" to "Play and Earn", and GameFi projects anchored in traditional games have always been difficult to satisfy existing and incremental users.

Notcoin relies on the TON ecosystem and the explosion of Telegram. Although it is sudden, it is reasonable. Compared with other "Play and Earn" projects, Notcoin is more direct and more in line with the user preferences and characteristics in the current stock market. This is likely to become a new way to open GameFi, and the launch of NOT may also become an opportunity for the resurgence of the GameFi trend. Let us wait and see!