Earning money through cryptocurrencies is becoming easier, with different alternatives offered by the ecosystem, mainly channeled into projects GameFi (acronym for games and finance)which enable users earn profits through games.
The most successful GameFi models of recent times are:
Games like Axie Infinity or Polaris are some of those that fall into these categories. But recently, a fourth trend became popular: Tap to Earn, a new way to earn cryptocurrency through simple actions, such as just clicking on the device screen.
Tap-to-earn: how they work
The study Open Builders development Notcoin, which aims to attract users to the Web3 world through The Open Network (TON) blockchain.
Manuel Díaz Reynolds, Head of Sales at Arex, clarifies to iProUP that in “play-to-earn, the player obtains rewards for participating in the game and winning or achieving objectives. On the other hand, in tap-to-earn he obtains them for simply participate or perform simple actions in the game. Therefore, the term tap, for touching the screen in Spanish, would be ‘win by touching the screen.'”
Matías Bari, CEO and co-founder of Satoshi Tango, describes iProUP punctually at Notcoin model as one that allows users to “Earn $NOT tokens by simply interacting with the game through the application of Telegram“.
There, users can receive rewards by tapping on the currency that appears on the game screen and also by participating in activities, such as completing questionnaires, joining other Telegram channels, among others.
“It is an interesting strategy because it is much easier to generate new users through a gamewhich can lead to mass adoption in a short time,” completes Bari.
Tap-to-earn: what is its business model like?
Given the wave of scams that plagues the ecosystem, such as Ponzi schemes or market manipulation, many skeptics are afraid to use them. Bari clarifies that these platforms, in general, “are monetize through the sale of digital assets within the same platform.”
“In the case of this specific game, we can mention the advertising or sponsorships as the methods to generate income, since it offered the possibility of responding quizzes or join channels in exchange for tokens“, completes.
According to the executive, security and transparency “are guaranteed through the use of blockchain technologies, which record all transactions in an immutable and public manner. This is valid for those games that use open blockchains such as Ethereum.”
Axie Infinity was the game that inaugurated play to earn
“We are talking about a company with support like Telegram, with a huge user base and more than 10 years in operation. I consider that they were transparent because from the beginning they published the rules of the game and the total distribution of the tokens,” completes Bari.
Díaz Reynolds details that “the value assigned to the $NOT tokens is given by the number of users the game has. For that reason, the entry barrier to obtaining rewards is very low, since Assets earned from staking can be sold for value tokens in the real world“.
Tap-to-earn: how to use them
Notcoin started as a viral Telegram game in January and attracted more than 35 million users, with 6 million daily active players. The developers highlighted that it encourages social interaction by allowing you to form squads, invite friends and participate in events, thus creating an active community on Telegram.
Other important tap-to-earn games are:
- Hamster Combat: gained wide popularity with 1 million users only in the first weeks of the year. Allows you to manage a virtual cryptocurrency exchange and earn currency, which can then be converted into real tokens
- TapSwap: based on the Solana network, promises that the Wallet balance grows every time you press the screen. Seeks to create a decentralized finance ecosystem
- Yes Tap Bot– Allows any user to earn coins with a mechanism based on pressing the screen, so everyone can participate
“Some game models may be integrated into a blockchain. Others may grant rewards in some token mounted on a blockchain. The transactional security of these games may be determined by the security of those block chains where they are mounted“says Díaz Reynolds.
The expert emphasizes the importance of “informing yourself about privacy policies” and, in case of connecting a self-custody wallet with the platform, “doing so with one that does not contain funds or that does not have digital assets of value“.
Notcoin is one of the most popular and based its success on the integration with Telegram
In fact, the three main $NOT methods for buy and sell Notcoin cryptocurrency:
- Use the wallet integrated with Telegram
- Buy it on decentralized exchanges like StonFi vs DeDust
- Acquire it in Binance, OKX and ByBit and other centralized platforms
To sell Notcoin, users must exchange it for USDT (for example) and then convert the funds to pesos through an exchange. In fact, it is listed on the main platforms. And from there, it can be transferred to a bank or fintech account, such as Mercado Pago.
At its debut, the market capitalization of Notcoin exceeded US$22 billionpositioning it between the most valuable cryptocurrencies and displacing consolidated currencies.
