Author: Hippo Research

Preface: Today I want to explain the NOT project in a popular and easy-to-understand way, so the language and vocabulary used will not be as official or formal as in previous research reports, hoping that newcomers can understand.

Project Background:

Before discussing NOT, we have to talk about the TON chain. To be honest, I only paid attention to the TON chain and its ecosystem because of the rise in the price of TON tokens. The reason is that previously, the TVL and ecosystem projects of the TON chain were very few. I usually only pay attention to public chains with high TVL rankings on DeFiLlama. However, I did not expect the TON chain to develop into a very popular public chain in a short period of time. The price of TON tokens was around $2 in February of this year, and it rose to around $8 in June, achieving a fourfold increase in just four months. This has allowed many early investors who paid attention to TON tokens to make a lot of money, and has also attracted more attention to the TON chain.

The Open Network (TON), originally named Telegram Open Network, was created by the Telegram team in 2018. After being accused by the US SEC of conducting an unregistered securities offering during the ICO era, the Telegram team paid a fine to reach a settlement and abandoned the project. It was later continued to be developed and operated by the TON community. Although it has nominally separated from Telegram, the actual connection between the two is still very close. 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 traffic entry. Perhaps due to previous allegations by the US SEC of conducting an unregistered securities offering, TON has not been listed on the Binance exchange. This has led to market speculation that NOT is TON's own project, as the names of the two are just a rearrangement of the letters. I did not further investigate this point, so its true reliability is unknown, and such market speculation can only be used as a topic for casual conversation.

Notcoin (NOT) is a viral Telegram game in the TON ecosystem, which has attracted many users to join web3 through the mining mechanism of clicking to earn. The well-known Telegram has nearly 1 billion users, and the NOT development team is also very clear about its positioning. In today's crypto market, in order to compete with traditional public chain projects, one must not follow the old path, such as focusing on DeFi. The four pillars of public chains: stablecoins, DEX, lending, and cross-chain bridges, especially those on the Ethereum chain and its DeFi projects, have already established a strong position. Without very special technological innovation or a team willing to spend more to attract market funds to increase their TVL, it is difficult to have their own place in DeFi. NOT chose the highly sticky game track taking advantage of Telegram's user base, and the results are visible to all. It successfully listed on mainstream exchanges such as Binance.

I should have clarified the relationship between Telegram, TON, and NOT above, and now everyone's logic should be relatively clear. Next, I will discuss the token information of NOT in detail.

Token Economy:

Token Name: Notcoin

Token Symbol: NOT

Total Supply: 102,719,221,714

Circulating Supply: 102,719,221,714

Circulation Ratio: 100%

Token Distribution

Binance New Coin Pool: 3%

Miners: 78%

Ecosystem Fund: 9%

Community Incentives: 5%

Development: 5%

Here we can see that NOT tokens are 100% in circulation. However, this 100% circulation does not mean that 100% of the tokens have already entered the secondary market for trading. This includes airdrops to game miners, which may not have been fully claimed at the time, and there is also uncertainty about the time when other allocated tokens will enter secondary circulation.

NOT Market Situation:

After NOT officially started trading on the Binance exchange on May 16, 2024, it experienced a small pullback for about 10 days before starting a strong upward trend. It soared from a low of $0.0047 to $0.029 in just under 10 days, achieving an increase of more than 6 times in less than 10 days. NOT's outstanding performance has dominated the secondary market, and it has also allowed the viral games on Telegram to spread throughout the entire crypto market. The TON chain games Notcoin, Hamster Kombat, and Catizen attracted 35 million, 230 million, and 25 million users, respectively.

After a round of increase, the market experienced a relatively long period of overall decline. However, NOT's decline is not particularly exaggerated compared to many other imitators. On August 5, 2024, when Bitcoin plummeted by 21%, NOT received effective support near the previous low of $0.009, and then on August 6, it experienced a strong rebound with the overall market, rising by 28% that day, breaking through the highest price of the day of the drop on August 5. This also indicates the strong position of NOT, showing that it does not want the market to pick up cheap chips. Furthermore, currently, all technical indicators of NOT are relatively healthy, the trend is relatively regular, and there has not been a significant increase in volume. If the overall market stabilizes later, NOT should experience a significant upward trend with a large volume. The above is only my personal opinion on the token and should not be taken as investment advice or opinion for everyone!

Similar Projects:

1. Axie Infinity (AXS)

Axie Infinity is a card game developed by Sky Mavis, allowing players to breed, raise, battle, and trade Axie creatures. Axie Infinity quickly became popular in mid-2021 and sparked the GameFi craze. Players can earn two tokens, AXS and SLP, by using Axie Infinity in adventure or arena mode. AXS is the governance token that allows token holders to vote on the future development of the game. SLP is the token used in the game to breed Axies.

2. Decentraland (MANA)

Decentraland is a blockchain-based virtual world where users can buy, sell, or develop virtual land. These lands are permanently owned by community members and are purchased using Decentraland's cryptocurrency, MANA. This allows users to have complete control over the environments and applications they create, ranging from static 3D scenes to more interactive applications or games. Some plots are further organized into themed communities, allowing communities to create shared spaces with common interests and purposes.

3. The Sandbox (SAND)

The Sandbox is a decentralized, community-driven gaming ecosystem where creators can share voxel assets and game experiences on Ethereum and monetize them.

Project Advantages:

1. Classic game mode:

NOT allows users to earn virtual currency through a gamified process of participation and interaction, combining fun and incentives to increase user stickiness.

2. Large user base:

NOT enjoys the strong user base of Telegram, with a very large traffic entry.

3. Exchange support:

NOT has been listed on almost all mainstream exchanges, such as Binance, OKX, MEXC, Bybit, Kucoin, BingX, Gate, etc. This wide market access provides NOT with high liquidity and exposure.

4. Community-driven and decentralized:

NOT's token economic strategy includes relinquishing contract ownership and a 0% on-chain transaction tax, emphasizing its commitment to complete openness to the community and decentralization, enhancing investors' confidence in the project's transparency and fairness.

5. Code openness and transparency:

NOT's game code is open source, allowing developers to audit its operation mechanism. This transparency greatly reduces the risk of potential fraud in the project and also enhances community trust.

Project disadvantages:

1. Team's ongoing development capabilities:

Since the game has just been launched this year, it has not yet undergone a full market test, including the ability for ongoing development updates. Only continuous innovation can drive the game project in a positive economic direction.

2. Intense competition in the gaming sector:

It is well known that the competition in the gaming sector is very intense. In addition to the three aforementioned similar projects, there are many new and old projects in the gaming sector, such as YGG, BNX, GALA, XAI, etc. Whether NOT can survive in the midst of such fierce competition, no one can guarantee at the moment.

3. Token circulation:

Although NOT is currently 100% in circulation, not all tokens have entered the secondary market for trading.

Conclusion:

NOT has a strong traffic entry through Telegram and the support of the TON ecosystem, and is expected to have a place in the gaming sector. I am also very much looking forward to NOT having a very good development.

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