Notcoin’s planned token launch on The Open Network (TON) is just over a week away, and the team behind the viral Telegram-based game has shared some key details about how players’ earned in-game coins will be converted to on-chain tokens.
Players racked up trillions upon trillions of in-game coins by tapping their phone screens, but that huge tally was sure to make trading crypto tokens a bit of a headache. The Notcoin team had previously said that it planned to knock off some zeros during the conversion process to make things more manageable once minted, and now we know how that’s going to work.
Notcoin plans to move the decimal point to the left by three numbers. So if you mined 1,000 in-game coins, then you’ll get a single Notcoin. Mined 10 million coins? If so, then you’ll get 10,000 of the on-chain tokens. And if you mined 532,487 coins, then you’ll get 532.487 NOT.
In other words, the conversion rate is 1,000 in-game coins to a single NOT crypto token. That’s true for everyone, so players aren’t getting “fewer” coins via this process—it’s just the conversion rate that’s been chosen to bring players’ earnings on-chain.
3.4 What’s next
a lot 🙂 pic.twitter.com/pl4994L3KC
— Notcoin Ø (@thenotcoin) April 11, 2024
According to the team, there will be 102,719,221,714 NOT minted in total. Of that, about 80.2 billion NOT will go to players/miners, while 22.5 billion NOT—which was at least in part donated by players to an ecosystem fund—will be used to pay out token rewards in the game after the mint, as well as to fund future development and other initiatives.
Notcoin also said it is purging suspicious accounts that it believes are automated bots that used scripts to manipulate the game.
Furthermore, developer Open Builders detailed the future gameplay model in which external projects can buy NOT tokens from the open market and pay it into the game, thus rewarding players with crypto rewards for interacting with their content. Decrypt’s GG first reported details of the planned shift last week.
It’s an evolution of what’s already been in the game, with players earning in-game coins for following Telegram channels or Twitter accounts or visiting project websites.
But in the future, these companies will pay for the right to be exposed to Notcoin’s 35 million players, with a portion of that payment also put into the NOT treasury—and another portion burned forever, gradually cutting the overall Notcoin supply along the way.
Notcoin is also planning new monthly “experiences” to shake up the gameplay, keep players checking back, and deploy fresh meme tokens along the way.
The Notcoin token launch is currently planned to take place on or around April 20—the same expected date as the Bitcoin halving.
Pre-market vouchers for Notcoin have roughly doubled in price over the last couple weeks, with an NFT voucher for 10 million in-game coins (or 10,000 TON tokens) rising from a price of about $50 worth of Toncoin (TON) to about $90 to $100 worth as of Thursday.
