Author Alfre, LD Capital
1. TON backed by 900 million monthly active users
The Open Netwotk (TON), formerly known as Telegram Open Network, was created by the Telegram team in 2018. After being accused by the SEC of conducting unregistered securities issuance during the ICO era, the Telegram team paid a fine to reach a settlement and abandoned the project, which was established by the community. TON Foundation continues to develop and operate. Although it is nominally separated from Telegram, the actual connection between the two is still direct. TON has always been the only public chain officially supported by Telegram and continues to be deeply integrated with Telegram. TON will continue to benefit from Telegram’s huge user base and As a traffic portal, Telegram will build a decentralized digital ecosystem with freedom and privacy by supporting TON.
Telegram’s insistence on freedom of speech and protection of privacy has attracted many users around the world. It has more than 1.3 billion registered users and nearly 900 million monthly active users (MAU). At the same time, Telegram has great advantages in acquiring Web3 users. Thanks to the relaxed atmosphere of speech and regulatory environment, almost all Web 3.0/Crypto projects operate communities on Telegram, and Telegram’s users are concentrated in Asia, Europe, South America, and the Middle East. , retail investors have obvious characteristics and have strong demand for point-to-point payments, making them an ideal group to be converted to Web3.
Recently, in addition to Telegram founder Durove stating that he is considering an IPO, Durove announced the official sales channel of TON tokens in his personal channel; Telegram advertising platform will officially be open to all advertisers in nearly 100 new countries. , to ensure fast and secure ad payments and withdrawals, the TON blockchain will be used exclusively, and content creators will be able to cash out their Toncoins or reinvest them to promote and upgrade their channels. These moves will accelerate the development of the TON network and truly broaden the use cases and scenarios of blockchain.
2. The viral Notcoin
Notcoin is a free and easy-to-use Telegram game. Its main gameplay is that people earn coins by tapping the mobile phone screen. Since its launch on January 1, 2024, its popularity has surged. The number of participants in the game currently exceeds 30 million, and the number of participants in the game currently exceeds 30 million. Each channel has reached 5 million active users, making it the fifth-ranked channel on Telegram.
According to a statement from the TON Foundation and interviews with external parties, Open Builders founder Sasha Plotvinov and her team are building Notcoin. Open Builders is an organization dedicated to providing financing for projects on the TON blockchain. It is tied to Tonstarter, a platform that successfully raised $1.5 million in seed funding last year specifically to support projects based on the TON blockchain. In addition, TON's official Twitter has also forwarded Notcoin-related tweets many times. Notcoin's official Twitter currently has 1.5 million fans.
In early March, Notcoin launched a feature that allows elite players to convert large amounts of in-game currency into NFT vouchers that can be traded before their tokens are officially released. Players can choose to exchange 10 million or 100 million game coins for coupon NFTs. Currently, the NFT has been listed on the TON ecological NFT trading platform Getgems for advance trading and pricing. When the token is officially issued on the chain, the NFT can be exchanged for tokens.
According to Notcoin’s game representatives, the token generation event and subsequent airdrops to players will take place at the end of March or early April.
3. Comparison of relevant data
According to data on the 27th, there are about 500,000 Notcoin NFTs in circulation. The current value is 10M=9TON per piece (calculated based on 5U). The market value is about 22.5 million US dollars. The total transaction volume is 2 million TON and the transaction volume is about 10 million. .
Since March 15, the trading volume of Notcoin NFT has become active. On the 25th, the highest number of transactions was 25,000, with an average transaction price of 10M=6.7TON, and a transaction volume of US$837,500. On the 26th, there were 21,000 transactions, with an average transaction price of 10M=. 9.9TON, with a transaction volume of US$1.0395 million. The highest transaction price appeared on March 13th at 10M=66TON, and the lowest price appeared at 10M=3.7TON on March 20th.
Bybit announced on Monday that Telegram-based meme coin Notcoin ($NOT) will be listed on its pre-market trading platform starting at 10:00 a.m. UTC on Monday. According to data on the 27th, bybit’s pre-market trading quotation is 10M = 60-90 US dollars, which is a considerable premium compared to NFT market transactions.
Compare FISH, the meme currency currently ranked number one in the TON ecosystem, with a current market value of 39 million and a 24-hour transaction volume of 2.55 million. In the NFT trading stage, Notcoin’s market value and trading volume are approximately 1/2 of FISH.
4. Conclusion
At present, the rise of meme coins has become an important way to break the circle of the public chain ecology. The TON ecology is currently in a relatively early stage, but backed by Telegram’s huge number of users, there is no doubt about its development potential. Compared with the development of ecological project TVL, Meme-driven popularity has become an easier method to achieve in the short term. Taken together, the Notcoin project is officially supported by TON and has a huge user base. It has the opportunity to become a meme currency choice that breaks the circle. However, the risk is that the current token economy is still unclear. More than 20 million US dollars of NFT have been circulated before the secondary launch. There was considerable selling pressure when it was launched. However, based on the fundamentals, it is believed that the project has potential in the medium term.
