Telegram CEO Pavel Durov showed his support for Web3 game Notcoin on Friday. Notcoin launched its NOT token on The Open Network (TON) blockchain yesterday.
“Notcoin, our mini-app on Telegram, has gained 35 million active users in just a few months,” Durov wrote to his 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 airdropped over 80 billion NOT tokens to participants on Thursday, launching the cryptocurrency on the TON blockchain and starting trading on various cryptocurrency exchanges.
Notcoin players “mine” in-game currency by tapping the Notcoin icon on their phones, and the accumulated amount is now converted into NOT tokens at a 1000:1 ratio.
Pre-market trading of Notcoin began via the NFT trading system in March ahead of Thursday’s token creation event. Approximately 800,000 currently issued NFT vouchers can also be converted into NOT tokens at the same rate through the Notcoin app.
“Notcoin users who played this game just for fun were suddenly able to convert their in-game currency into real money,” Durov added.
In total, 72,265,851,714 tokens have been distributed to miners, and 7,953,370,000 tokens are now available to NFT voucher holders.
According to the Notcoin team, the total supply of NOT tokens is 102.7 billion, with 78% allocated to “miners” and NFT voucher holders and the remaining 22% reserved for new users, traders, and future development.
Notcoin has a fully diluted valuation exceeding $700 million.
According to CoinGecko data, the 80,219,221,714 NOT tokens distributed yesterday represent Notcoin’s market capitalization of $545 million and a fully diluted value of approximately $711 million. The price of Notcoin is currently trading at $0.0068.
With a daily trading volume of over $1 billion, Notcoin has been among the top 10 cryptocurrencies by that metric over the past 24 hours, with approximately 678,000 on-chain wallets currently holding NOT tokens, according to Tonviewer.
“Notcoin immediately became the world’s top 10 cryptocurrency by trading volume and had a market capitalization of nearly $700 million,” Durov said. “Imagine. This mini-app suddenly created hundreds of millions of dollars in value for Telegram users in a matter of months. We are now seeing a huge wave of new mini apps being built on top of Telegram and TON.”
Notcoin monetized its Mini Apps by encouraging web3 organizations to advertise themselves through the game, and players were rewarded for participating in tasks designed to drive engagement with the project.
In the future, the Notcoin team plans to continue rewarding users for exploring the cryptocurrency ecosystem using NOT tokens, and a trading bot will also be introduced to allow users to trade other TON-based tokens.
Telegram began exploring blockchain in 2018, developing the Telegram Open Network, as it was known at the time. That same year, a private sale of Toncoin tokens raised $1.7 billion, but Telegram abandoned the project following an SEC investigation. In 2022, open source developers saved and rebranded it as The Open Network with a functional mainnet.
In 2023, Durov confirmed that he owns some Toncoin, adding in an interview last month that he has hundreds of millions of dollars in his “bank account or Bitcoin” for 10 years.
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