The on-chain token mint for the viral Telegram-based game Notcoin was originally expected to take place on or around the same date as the Bitcoin halving, but that’s no longer the case.
Notcoin representatives confirmed to Decrypt’s GG that the token launch, which will take place on The Open Network (TON), will no longer occur on April 20, the expected date when the Bitcoin halving will occur in the UTC time zone.
The Bitcoin halving is the quadrennial event in which the amount of BTC earned by miners is cut in half, thus slowing the growth of the token supply. It’s typically associated with a substantial price jump following the event, though the impact is often felt months after the halving occurs.
The project revealed the news via a Telegram community livestream earlier this week and has tweeted memes since suggesting that the new ETA is simply “soon.” A Notcoin representative told Decrypt’s GG this week that the token launch is “slightly delayed as the team works to line everything up.”
Notcoin is a Telegram-based clicker game in which players tap a gleaming image of a coin to earn in-game coins. More than 35 million Telegram users did just that ahead of April 1, when developer Open Builders ended the “mining phase” of the game ahead of the upcoming token launch when the in-game coins will be converted to NOT tokens.
Last week, Notcoin revealed the conversion rate for the on-chain token, which will be at a rate of 1,000 to 1. In other words, if you mined 1 million in-game coins in Notcoin, then you’ll be able to claim 1,000 NOT tokens on The Open Network once the launch takes place.
After the token launch, Notcoin will return with a new model funded by projects that want to gain exposure to the game’s sizable audience of players. Projects will be able to effectively advertise in the game, incentivizing players to interact with their content by rewarding them with NOT tokens. Such projects will need to buy the tokens on the open market to participate.
The Open Network’s native token, Toncoin (TON), has seen a substantial rise in price in recent months amid Notcoin’s viral buzz and other growing network activity. It has nearly tripled in price over the last three months to a current mark of $6.14, per data from CoinGecko, and hit an all-time high price of $7.63 last week.
Edited by Ryan Ozawa.
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Source: https://decrypt.co/226847/notcoin-token-wont-drop-bitcoin-halving-why
