Hamster

Notcoin

Decentraland

when

Axie Infinity

Tap-to-earn has emerged as the fastest-growing sector in the blockchain industry, with the biggest platforms attracting millions of users.
<a href="https://crypto.news/price/notcoin/" rel="noopener noreferrer nofollow">Notcoin</a>, one of the first tap-to-earn platforms to launch an airdrop, has seen its market cap jump to over $1.6 billion, making it the 50th largest crypto in the industry by market cap. Notcoin is not alone as Hamster Kombat accumulated over 230 million users and almost 33 million YouTube subscribers in less than two months. Its videos have accumulated over 600 million views.
TapSwap has also added over 63 million users, 20 million daily active users, and over 4 million YouTube subscribers.
Other tap-to-earn networks have also emerged, with notable ones being AvaCoin, DotCoin, and YesCoin.
As a result, using Notcoin’s valuation, we can assume that platforms like TapSwap and Hamster Kombat will have a significant valuation when they start trading after a pending launch.
These platforms have achieved significant growth for three main reasons. First, they are very simple to use as all you need is a Telegram app installed on your phone.&nbsp;Second, these tap-to-earn platforms have gone viral on social media and are benefiting from the network effect. All of them offer referral rewards to users.
Third, there is a potential for high returns when they launch their airdrops, making it possible for holders to convert their tokens to fiat.
<h2 class="wp-block-heading" id="lessons-from-play-to-earn-and-move-to-earn">Lessons from play-to-earn and move-to-earn</h2>
Tap-to-earn is not the first gaming platform to go viral in the blockchain industry. Play-to-earn networks like <a href="https://crypto.news/price/decentraland/" rel="noopener noreferrer nofollow">Decentraland</a> and Axie Infinity had thousands of gamers at their peak in 2021.
Today, their popularity has faded, and their tokens have plunged by over 80% from their all-time high. Data from <a href="https://dappradar.com/dapp/decentraland?range-ds=30d" target="_blank" rel="noopener noreferrer nofollow">DappRadar</a> shows that Decentraland had 829 unique active wallets (UAW) in the last 30 days, while Sandbox had <a href="https://dappradar.com/dapp/the-sandbox?range-ds=30d" target="_blank" rel="noopener noreferrer nofollow">less than</a> 2,300 active wallets.
The same trend has happened in other industries. Move-to-earn platforms like Sweatcoin and StepN had millions of users in their early days. Today, Sweat Economy’s token has dropped by over 95% from its all-time high, bringing its market cap from over $150 million to $46 million. StepN’s GMT token has seen its market cap drop from $2.2 billion to $318 million.
Therefore, there is a risk that tap-to-earn tokens like NOT, HMSTR, and TAPS could follow this trajectory once the hype ends.&nbsp;
To solve this challenge, Notcoin is working to expand its solution. Earlier this month, it launched Notcoin Explore, a platform for launching Web3 projects in Telegram. The platform has attracted over 400 projects since its launch.&nbsp;
The other risk for tap-to-earn tokens is where the airdrop recipients rush to sell, putting pressure on the price. This trend has become popular among recent <a href="https://crypto.news/nansen-top-41-zksync-airdrop-recipients-hit-sell/" target="_blank" rel="noopener noreferrer nofollow">airdrops like zkSync</a> and Wormhole.&nbsp;

Tap-to-earn games are thriving but their tokens face potential risks

Съдържание

crypto.news

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