Notcoin

• Notcoin began as a tap-to-earn game on Telegram that onboarded tens of millions of users to crypto wallets.

• It has since positioned itself as a distribution platform for other Telegram-based crypto applications.

• NOT is the token, distributed to game participants.

• Distributed almost entirely to players rather than to investors or a team.

• Fixed supply with the vast majority in circulation from launch.

Pros:

• One of the largest user onboarding events in crypto history by participant count.

• Distribution was genuinely community-weighted with minimal insider allocation.

• Retains a large audience for distributing other applications.

Cons:

• Tap-to-earn users converted poorly into sustained crypto activity, which is the category's defining outcome.

• The token has no protocol function beyond representing participation.

• Attention and price have declined substantially from launch.

• Exposure to Telegram-based crypto distribution through its largest example.

• Distribution fairness was genuinely unusual.

• Weigh that the underlying game has no ongoing economic function.

• An audience of tens of millions built through a game, now usable as a distribution channel for other applications.

• Onboarding people to crypto requires wallets and concepts that stop most before they start.

• A tap game inside Telegram removed the friction entirely, though most participants did not stay.

• Created by Open Builders in partnership with the TON ecosystem.

• Development continues under the same team.

• No ICO. NOT was distributed free to players who participated in the Telegram game in May 2024.

• Tap-to-earn user retention has been consistently poor.

• No protocol function or fee capture for the token.

• Attention has declined substantially since launch.

• Dependency on Telegram's continued permissiveness.