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Young People Hit the Jackpot with Notcoin in Crypto Trading
The Nigerian social media scene is abuzz with excitement as countless young people share their newfound wealth by trading and mining Notcoin, a booming cryptocurrency.
Screenshots flooded platforms like Facebook and Twitter (now X), showing substantial gains in US dollars. The testimonials emerged as a rewarding journey that many embarked on, having started their business activities just a few months earlier.
Notcoin (NOT), a play-to-earn cryptocurrency, has recently gained popularity, entering the top 10 cryptocurrencies by daily trading volume. Its listing on major centralized exchanges such as Binance and OKX on May 16th marked a significant milestone.
The currency’s trading volume soared, surpassing US$1.4 billion in 24 hours and securing eighth position among the most traded cryptocurrencies.
Despite an initial drop in price from $0.02156 to $0.006618, Notcoin’s market capitalization rose to $1 billion within minutes of its launch, although it has since stabilized at around $697 millions. This robust performance places Notcoin at 107th position among the largest crypto assets, reflecting its substantial presence in the market.
Notcoin Mechanics
Notcoin works as a unique play-to-earn game within the Telegram app, where users can mine Notcoins by interacting with an applet. This model eliminates the typical complexities of crypto transactions, making them accessible to anyone with a Telegram account.
The simplicity of the game and the incentive of earning bonuses through referrals attracted more than 35 million players, with peaks of six million daily active users.
Integration with Telegram has been key to Notcoin’s rapid growth. Utilizing the Telegram Open Network (TON) blockchain, Notcoin ensures seamless transactions and a user-friendly experience by leveraging Telegram’s extensive infrastructure.
Community and economic impact
The excitement around Notcoin goes beyond individual gains. Telegram founder Pavel Durov recently praised Notcoin’s success, revealing the advantages of the Telegram/TON ecosystem for app developers and crypto enthusiasts.
“Telegram offers app developers more freedom than any other platform, providing unparalleled opportunities to leverage social interactions for viral distribution,” he stated.
Notcoin’s community approach saw 80.2 billion of its total supply of 102 billion distributed among community members, with the remainder reserved for future developments. This strategy promotes a sense of ownership and participation, vital to the ongoing success of the project.
Notcoin vs. other play-to-earn cryptocurrencies
What sets Notcoin apart from other play-to-earn (P2E) cryptocurrencies is its integration with the widely used Telegram app and its simple tap-to-earn mechanics. Unlike games like Axie Infinity (AXS), which require complex strategies and upfront investments, Notcoin’s ease of entry has led to rapid adoption. In just a few months, the game attracted more than 650,000 players, a testament to its viral growth and zero-cost entry model.
Notcoin currently does not operate on a blockchain or have real-world value, which distinguishes it from other P2E tokens, such as Axie Infinity’s SLP, which can be traded on multiple exchanges. However, the developers have hinted at future plans to integrate real blockchain functionality, which could significantly improve its market position.
Nigeria’s Broader Crypto Scene
Notcoin’s rise comes at a time when Nigeria’s cryptocurrency market is experiencing explosive growth. Ray Youssef, CEO of leading cryptocurrency platform NoOnes, highlighted the substantial peer-to-peer (P2P) trading volume in Nigeria, estimating it at around $500 billion. This underlines the country’s significant involvement in the crypto space despite regulatory uncertainties.
Social perspective and future implications
The impact of cryptocurrencies like Notcoin on young Nigerians is multifaceted. Usman Isyaku, a researcher, emphasized the empowerment that crypto offers young people in regions with limited opportunities. “Crypto is a source of empowerment and hope for the young generation living in countries where opportunities are rigged against them from birth.
“Take away your stereotype and see reality as it is. It is a decentralized way of participating in the largest wealth transfer in human history,” she said.
Bashar Babuga, another commentator, advised his younger brother to invest Notcoin profits in learning about the industry, highlighting the importance of knowledge to navigate the crypto world.
On the other hand, Aliyu Dahiru Aliyu, a public affairs commentator, expressed caution regarding crypto mining due to potential risks such as cryptojacking and data theft.
He said: “I refuse to go into mining, mainly because I have a huge following and could make money from referrals. There are several reasons why I can’t do this.
“Firstly, in financial matters, I prefer certainty, even if there is some risk involved. I could trade cryptocurrencies, but I can’t mine about 20 coins and I only hope to profit from one or two after investing in all of them.
“I noticed that most mining activities are carried out by cryptojackers. These are people who make you mine and then disappear, or infect your computer or phone to mine without your knowledge through downloaded apps, even if you never open them.
“Secondly, my study of cybersecurity at university has made me cautious about activities on the Internet, especially those that appear suspicious. Although there are genuine ones, there are mining operations that steal data through Trojans. You think you are making money, but in reality they are after your money.
“There are also Cryptoponzi schemes, which are scams similar to MMM. You think you have made a lot of money and are happy, but in reality it is a trap.
“Thirdly, I believe that if governments accepted cryptocurrency, it would bring fairness in money management around the world. It is the only decentralized currency that governments cannot simply print at will. It requires a collective effort to create the currency through mining. However, you know that world governments will not accept this because it means losing power.
“Big countries like China and Russia have banned it and America is putting pressure on those who use it. So I don’t see a future in it, so I don’t want to base my future on it.
“Finally, I don’t want to make referrals and then have problems with someone losing money or data and blaming me. There are many referrals being promoted, but some are made by scammers.
“All of this is not to stop others from doing what they want. I’m just explaining why I chose not to do this, even though I had a great opportunity. I wish whoever is doing this well. May they prosper in their endeavors and may we prosper in ours.”
SEC, fine-tuning regulation of crypto exchanges
Recently, the Blockchain Industry Coordinating Committee of Nigeria (BICCON) disclosed that it is organizing a roundtable with local and international crypto exchanges and the new director general of the Nigerian Securities and Exchange Commission (SEC) to find a compromise on the Crypto status in the country.
According to CoinTelegraph, BICCON President Lucky Uwakwe explained that the meeting is open to all digital asset exchange operators, wallet providers, other virtual asset service providers (VASPs) and relevant associations and bodies in the industry to discuss the bottlenecks and challenges revolving around crypto regulations in the country.
Uwakwe explained that the proposed virtual meeting is being convened at the invitation of Emotimi Agama, the new Director General of the SEC, to develop collaborative ideas with key stakeholders in the Nigerian crypto industry.