Telegram CEO Pavel Durov appears to endorse Notcoin following launch on TON blockchain
Telegram CEO Pavel Durov appeared to endorse the viral web3 clicker game Notcoin following its token launch on the TON blockchain yesterday. Notcoin is an “amazing success story,” reaching “almost $700 million in market capitalization,” Durov wrote in his Telegram channel.
Telegram CEO Pavel Durov appeared to endorse the web3 game Notcoin on Friday, which launched its NOT token on The Open Network (TON) blockchain yesterday.
“Notcoin, a Mini App on Telegram, reached 35 million active users in just a few months,” Durov wrote to more than 2.5 million subscribers in his Telegram channel. “This amazing success story shows how powerful the Telegram/TON ecosystems are for app developers.”
After minting its cryptocurrency on the TON blockchain on Thursday, Notcoin airdropped more than 80 billion NOT tokens to participants as it opened for trading on various crypto exchanges.
Notcoin players "mined" the in-game currency simply by tapping a Notcoin icon on their phone, with the amount accrued now converted into the NOT token at a 1000:1 ratio.
Prior to Thursday's token generation event, pre-market trading of Notcoin was launched via an NFT trading system in March — with nearly 800,000 NFT vouchers minted now also convertible into NOT tokens at the same ratio via the Notcoin app.
“All of a sudden, Notcoin users who just played this game for fun could convert their in-game currency into real money,” Durov added.
Overall, 72,265,851,714 tokens have been distributed to miners, and 7,953,370,000 tokens are now redeemable by NFT voucher holders.
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, according to the Notcoin team.
Notcoin exceeds $700 million fully diluted valuation
The 80,219,221,714 NOT tokens distributed yesterday represent a market capitalization of $545 million for Notcoin, with a fully diluted valuation of around $711 million, according to CoinGecko data . The price of Notcoin is currently trading at $0.0068.
At more than $1 billion in daily trading volume, Notcoin is also among the top ten cryptocurrencies by that metric over the past 24 hours, with around 678,000 on-chain wallets now holding NOT tokens, according to Tonviewer.
“Notcoin instantly became a top-10 cryptocurrency in the world by trading volume, and reached almost $700 million in market capitalization,” Durov said. “Imagine — hundreds of millions of dollars in value were created for Telegram users in this Mini App out of nowhere in a matter of months. We are now seeing a large wave of new Mini Apps being built on Telegram and TON.”
Notcoin monetized the Mini App by attracting web3 organizations to advertise themselves via the game, with players rewarded for participating in tasks designed to drive engagement to those projects.
Going forward, Notcoin’s team plans to continue rewarding users for exploring the crypto ecosystem using NOT tokens, with a trading bot also set to be introduced, enabling users to trade other TON-based tokens.
Telegram began exploring blockchain in 2018, developing the Telegram Open Network, as it was then known. It raised $1.7 billion in a private sale of Toncoin tokens the same year, but Telegram abandoned the project following SEC investigations. In 2022, open-source developers saved and rebranded it as The Open Network with a functional mainnet.
In 2023, Durov confirmed that he owned some Toncoin, adding in an interview last month that he's held a few hundred million dollars in his “bank account or in bitcoin” for 10 years.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
IPO Roadshow Day Boosts Enterprise Office Market! Anthropic Launches Multiple AI Tools, Directly Challenging Microsoft Office
Anthropic has launched Claude Meetings, allowing Claude to join Google Meet video conferences in real-time and perform tasks, transforming Claude from a meeting note-taker into a real-time collaborator. AI whiteboard and spreadsheet features are now available, introducing Claude Whiteboards for team co-editing and Claude Sheets that can be created and modified by AI. The data analysis product Claude Data has officially launched, enabling seamless integration between enterprise data and third-party applications. Microsoft's stock decline has widened, at one point falling more than 3%.
Anthropic roadshow targets 35% long-term operating profit; founders plan to cash out $1.75 billion in IPO; Goldman Sachs estimates $685 billion revenue by 2030
In a roadshow video, executives at Anthropic revealed that the company believes it can achieve an adjusted operating profit margin of 35% or higher in the long term, far surpassing this year’s Q3 margin of 15%. According to the prospectus, all seven co-founders plan to sell nearly 3.38 million shares each at the IPO’s midpoint price, netting about $250 million per person, while each will still retain approximately $18 billion in shares. Goldman Sachs predicts that by 2030, Anthropic’s annual revenue will be nearly 150 times last year’s revenue, including $586 billion from enterprise clients and $100 billion from non-enterprise customers.
Texas bill seeks to let cities and counties invest up to $10 million in Bitcoin
Crypto prices
More
