Increased interest in blockchain gaming, primarily led by the popularity of Telegram mini-games like Notcoin, Hamster Kombat and Yescoin, has been one of the year's most compelling stories in crypto as the tap-to-earn titles appear to have attracted potentially millions of new users to web3.

Perhaps not since the rise and fall of Axie Infinity has crypto gaming garnered so much attention.

With millions of people signing up to play the crypto games, a wave of companies have decided to build and deploy simple video games on Telegram in the hopes of tapping into the messaging app’s nearly 1 billion users. Besides seasoned web3 game developers, and complete newcomers, even the world’s largest cryptocurrency exchange by trading volume, Binance, has entered the fray.

When it comes to Telegram clicker games, Notcoin is credited with pioneering the model. In a recent interview, the project’s founder, Sasha Plotvinov, told The Block that a primary reason why companies, both big and small, have tried to replicate Notcoin is the potential for low-cost user acquisition.

Plotvinov estimates that adding users in crypto could cost a company, like an exchange, upwards of $10 to $15 per new consumer. But with a Telegram mini-game, that can be achieved for far less than $1, he said. That proposition is not only attractive for companies but has also evened the playing field to some degree.

"What I see right now in the Telegram community, there are two types of teams. The first one is basically just kind of poor guys from nowhere who decide to build something and they eventually have millions of users," said Plotvinov. "This is a huge success. And this is something that you literally can have in one month of building. I’ve never seen in the gaming industry that kind of timing."

Telegram-based games primarily utilize The Open Network, or TON blockchain. While it officially operates separately from Telegram, the blockchain has long had a close association with the messaging app. Telegram founder and CEO Pavel Durov has also publicly supported both the blockchain and games built on Telegram.

Since Telegram launched its native crypto wallet, TON Space, in September 2023, the ecosystem has grown exponentially, with nearly 23 million new wallets activated in the past year, according to TonStat. At one point earlier this month, TON also boasted more than 11 million monthly active addresses, putting it on par with Ethereum. The monthly active addresses have since fallen to about 9.7 million.

"The second segment [of builders on Telegram] are basically the established companies that are kind of jealous about the numbers and the cost of acquisition," argued Plotvinov. "Even Binance built a Telegram mini-game, which is weird."

At the end of last month, Binance launched a Telegram-based game called Moonbix.

While developers have chased the chance to quickly and cheaply scale a Telegram mini-game, these titles, particularly Hamster Kombat, have drawn in new users with the promise of token rewards. Unlike Notcoin’s NOT token, which has seen its market cap surpass $2 billion and continues to generate robust trading volumes since the initial airdrop, Hamster Kombat’s HMSTR token has not fared so well since its token generation event.

Plotvinov has said the tap-to-earn gaming model, where players are motivated to play the game because they want to earn money versus because they enjoy it, is not sustainable. With that in mind, Notcoin has been attempting to diversify, including releasing a new style of Telegram game called "Lost Dogs" in August. Notcoin also recently launched a game called "Not Pixel" that Plotvinov said was able to nab about 17 million new users in a few weeks.

While many web3 gaming projects have struggled to attract users, making testing and development more difficult, Telegram games' ability to quickly create a community can arm builders with more data and feedback from gamers, thus making developers' lives easier, according to Umnov.

Helika, with Notcoin’s support, launched a $50 million Telegram gaming accelerator earlier this year. A web3 gaming analytics company backed by Pantera Capital, a Helika spokesperson told The Block the accelerator had more than 250 applicants. While the accelerator has Notcoin's support, Helika is fully funding the accelerator.

"There’s definite appeal to why people are building on Telegram. A big part of the audience is willing to play and try these games," Helika co-founder and CEO Anton Umnov told The Block. "Many of those developers are looking at Telegram as almost like an innovation lab."

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

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