- A former Binance executive sees Telegram as a crucial platform for introducing a broader audience to cryptocurrency through tap-to-earn games.
- This comes after Kostarev’s newly launched Telegram mini app, Blum, hit 50 million registered users, half of whom are new to the crypto world.
- This demonstrates Telegram’s potential as the next driver of Web3 adoption, he said.
Gleb Kostarev, a former vice president and regional head at Binance, believes Telegram could be key in bringing cryptocurrency to a wider audience.
Speaking at Korea Blockchain Week, Kostarev told Cointelegraph that his new Telegram Mini App, a tap-to-earn game and exchange called Blum, has 50 million registered users, half of whom are newcomers to crypto.
According to Kostarev, mass adoption for Web3 is happening through Telegram:
There were always some questions about whether this audience on Telegram can be converted to Web3. Those users are real, and they can go to exchanges, they can register, they can become Web3 users.
Gleb KostarevTap-To-Earn Driving Mass Adoption
T2E games have become such a massive boom that even leading crypto exchanges want to capitalise on the trend, which is why OKX launched OKX Racer in July, hitting one million players in the first 24 hours.
Related: ‘OKX Racer’ Telegram Game: Players Guess Bitcoin’s Price Every Five Seconds for Rewards and Surprises
We could pinpoint two reasons behind the success of tap-to-earn games: 1) they are simple and accessible, and 2) they have potential product-market fit (PMF).
T2E games are designed to be straightforward to play, requiring minimal effort. Those old enough might think of early 2010s games like Flappy Bird and Candy Crush, known for their simple yet insanely addictive mechanics.
That said, the simplicity of T2E games makes them attractive to a broad audience, including casual gamers and those interested in cryptocurrencies. CryptoKitties was one of the first crypto games, enabling players to buy, sell, and breed virtual cats using the Ethereum blockchain.
Similarly, Telegram’s integration of a custodial wallet into its platform significantly boosted the development of these games on The Open Network (TON) blockchain.
Aiming for Long-Term Sustainability
While T2E has attracted dozens of millions of players to Web3, it’s limited. This is why leading projects like Notcoin (NOT) have expanded their mechanics beyond simple tapping and receiving rewards. The minigame actually introduced a mechanic called explore-to-earn shortly after all the NOT coins were circulated.
Related: Notcoin Launches Interactive ‘Lost Dogs’ Telegram Game in Partnership with TON NFT Project
In this new model, you earn rewards by engaging in various activities that ultimately lead you to explore the decentralised finance (DeFi) world. Many have deemed it an excellent way to drive the adoption of crypto even further.
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