🌎 Notcoin Shifts to Web3 Amid Declining Tap-to-Earn Demand

Notcoin, the viral Telegram tap-to-earn platform, is shifting its strategy as demand for its platform and token declines.

The Notcoin token price has seen a significant drop since June, when it peaked at $0.030. It has fallen by over 57% from its all-time high, bringing its market cap from over $2.68 billion to $1.28 billion.

Notcoin Moves to Web3 as Tap-to-Earn Loses Momentum

Notcoin’s decline mirrors the performance of other altcoins that have pulled back in recent weeks. For example, the EOS token has dropped by almost 40% from its highest point in June, while Hedera Hashgraph has fallen by 35% during the same period.

This performance reflects the risks that other tap-to-earn platforms may face when they launch their airdrops. Hyped projects often lose momentum and users over time. For instance, move-to-earn tokens like StepN’s GMT and Sweatcoin’s SWEAT have also dropped from their all-time highs.

Popular gaming platforms like Decentraland and Axie Infinity, which were once very popular, have also faced challenges in regaining growth. Their market caps have dropped from $8.5 billion in 2021 to $580 million and from $9.7 billion to $845 million, respectively.

Notcoin is now betting on Web3 and Non-Fungible Token (NFT) gaming to reinvigorate growth. The developers are working on a story-driven game in partnership with Lost Dogs and Getgems, a leading TON-based NFT marketplace. Users will play the game and earn the NOT token and another new game-based token, which they can convert into fiat currencies.

Challenges Ahead

Notcoin will likely face three key challenges with this strategy:

User Engagement: Maintaining high user engagement for an extended period can be difficult, especially when the ecosystem’s token is not performing well.
Transition: Transitioning active tap-to-earn players to the new story-driven game may be challenging.
NFT Market: The NFT industry is showing signs of struggle, as trading volume has continued to fall.

Notcoin Price Could Bounce Back

Technical analysis indicates that the NOT price could bounce back in the near term. On the 4-hour chart, the token has formed a falling wedge chart pattern. This wedge is nearing the confluence zone, which could trigger more upside. If this happens, the token could rebound to $0.0175, its highest point in July, which is about 37% above its current levels.

A rebound would be influenced by the broader performance of the crypto industry, especially if Bitcoin rebounds above $70,000.