$DOGS Set to Launch on OKX on August 20th: Is the Tap-to-Earn Trend Still Relevant?
The Tap-to-Earn phenomenon has rapidly gained traction, becoming a widespread trend in the crypto world.
While some have managed to steer clear of this trend, others have fully embraced it, with varying degrees of success.
People are engaging in Tap-to-Earn activities everywhere, even in unexpected places like during religious services, as evidenced by viral photos online. After the initial success of the project NOTCOIN in this space, several similar ventures have emerged, with $DOGS being the latest to join the fray. Currently, $NOT trades at $0.01083 per token, and $DOGS is set to make its debut on the OKX exchange on August 20th.
This raises the question: with new Tap-to-Earn projects launching almost every other day, is the concept becoming too saturated? Is the Tap-to-Earn narrative still viable?
The TON Ecosystem: A Brief Overview-
The TON ecosystem is a decentralized cryptocurrency platform developed by the popular messaging app, Telegram. Originally, Telegram functioned solely as a messaging service similar to WhatsApp. However, it has evolved significantly over the years, incorporating cryptocurrency functionalities into its platform.
Telegram is no longer just an app for messaging; it now serves as a cryptocurrency wallet, a decentralized app (DApp) browser, and a tool for deploying smart contracts.
TON, the native token of this ecosystem, is used for transaction fees and executing smart contracts. These fees are essentially charges for processing transactions on the blockchain.
Understanding Tap-to-Earn-
The concept of earning from NOTCOIN left many Nigerians confused. What exactly is Tap-to-Earn?
As previously mentioned, Telegram has expanded its capabilities beyond messaging to include the support of smart contracts and Web3 DApps.
This expansion allows developers to create and run applications within Telegram. Tap-to-Earn refers to a category of Telegram apps where users earn points by performing tasks such as tapping, referring others, and completing quests. These points can eventually be converted into actual money, which is then credited to users’ wallets. But this leads to a bigger question: why are users being paid for what seems like doing nothing?
The Tap-to-Earn Business Model-
Vladimir Toporkov, Chief Marketing Officer of Edelcoin, attributes part of NOTCOIN’s success to the initial buzz it generated. The game attracted 4.1 million users within just a week of its launch on Telegram.
To put this into perspective, it took Facebook a year to reach 1 million users. Within a month, NOTCOIN had 4 million daily active users (DAU) and 20 million total players—nearly double the number of active users that the popular game Axie Infinity had at its peak in 2021. These figures demonstrate a substantial and engaged user base.
The business model behind Tap-to-Earn heavily relies on active user engagement. Revenue streams include advertisements, appreciation of native tokens, and venture capital investments. This revenue model is sustainable only as long as users remain actively engaged, which is why there are constant incentives to keep users coming back.
Similar to how stock prices rise, the team behind a Tap-to-Earn project benefits financially when their native token increases in value. Active users of NOTCOIN were rewarded with NOT points, which were later converted into $NOT tokens that could be exchanged for real money.
In essence, the Tap-to-Earn model is a form of incentivized gaming: users are rewarded for staying active. But what happens when user activity declines or when the market becomes too saturated?
The Future of the Tap-to-Earn Narrative-
Projects like Bitcoin, Raypower FM, Amazon, and Microsoft have benefited from what is known as a “first-mover advantage.” Being the first to enter a specific market or narrative gives a significant competitive edge.
Since Bitcoin, no other digital currency has matched its hype, despite offering better technology and security features. NOTCOIN enjoys a similar first-mover advantage in the Tap-to-Earn space.
However, as the number of competitors increases, it may become more challenging for new entrants to achieve the same level of success, especially as users become more selective.
The rapid proliferation of new Tap-to-Earn projects, such as Hamster Kombat, Blum, PocketFi, Catizen, Pixel Verse, and Aqua Protocol, illustrates how crowded this market is becoming. Given how easy it is to launch and promote these projects, it’s hard to imagine all of them succeeding.
Moreover, many of these projects lack unique value propositions. For example, while NOTCOIN was a pioneer in Tap gaming, its interface is fairly standard.
Blum aims to integrate multiple blockchains into one, but this is already being addressed by modular chains like Celestia and traditional decentralized exchanges (DEXs). The more closely you examine these projects, the less sustainable the Tap-to-Earn narrative appears.
$DOGS Withdrawal Process Underway-
Users can now request withdrawals of $DOGS tokens from the DOGS app on Telegram. Although the status is still listed as pending, the team is expected to provide further updates on when these tokens will be available in users’ wallets.
It’s worth noting that $DOGS tokens were distributed based on the age of users’ Telegram accounts, with older accounts receiving more tokens. Users who referred others also earned additional points.
Excitement is building on the microblogging platform X, where users are eagerly awaiting the launch price of the $DOG token.
Many are already planning their purchases for when the tokens hit the market at what they hope will be a favorable price. As the launch approaches, the anticipation is palpable. To conclude, may the odds be in their favor—Woof!
The Challenges and Potential of Tap-to-Earn Projects-
As $DOGS prepares for its launch on OKX, the excitement surrounding Tap-to-Earn projects remains high, but there are significant challenges that these projects must address to maintain momentum and long-term success.
Saturation in the Market-
The increasing number of Tap-to-Earn projects has led to concerns about market saturation. While the initial novelty of these projects attracted millions of users, the sheer volume of new launches raises questions about their sustainability. Users may start to experience fatigue, especially if the projects begin to blur together without offering distinct features or improvements over previous versions.
This market saturation also impacts token value. As more projects emerge, each with its own native token, the likelihood of these tokens appreciating in value diminishes. Users and investors might become more cautious, potentially reducing their engagement and investment in new projects.
User Retention and Engagement-
For Tap-to-Earn projects to thrive, retaining active users is crucial. However, with so many options available, keeping users engaged can be challenging. Incentives like tapping, referring, and completing tasks may not be enough to maintain long-term interest if the rewards start to diminish or if users find better opportunities elsewhere.
Projects must continuously innovate and offer compelling reasons for users to stay active. This could involve introducing new features, creating more engaging user experiences, or offering higher rewards. Without such efforts, user activity may decline, leading to a drop in the project’s overall success.
Regulatory Concerns-
Another potential challenge for Tap-to-Earn projects is navigating the complex regulatory landscape. As these projects grow in popularity and financial impact, they are likely to attract the attention of regulators. Issues such as the legality of token distributions, the security of user data, and the transparency of business practices could become focal points for regulatory scrutiny.
Projects must ensure that they comply with local and international regulations to avoid legal complications that could jeopardize their operations. This includes adhering to anti-money laundering (AML) and know-your-customer (KYC) requirements, which are increasingly being enforced across the crypto industry.
The Importance of Innovation-
For Tap-to-Earn projects to stand out in an increasingly crowded market, innovation is key. While the basic concept of earning through tapping and other simple tasks is appealing, projects need to offer more to attract and retain users. This could involve integrating advanced technology, such as artificial intelligence or augmented reality, to enhance the user experience.
Additionally, creating unique and valuable ecosystems within these projects can provide a competitive edge. For example, integrating Tap-to-Earn models with other popular trends in the crypto space, such as decentralized finance (DeFi) or non-fungible tokens (NFTs), could offer users new ways to engage with the platform and increase their earning potential.
$DOGS: A Case Study in the Tap-to-Earn Evolution-
The launch of $DOGS on OKX represents a significant moment for the Tap-to-Earn narrative. As one of the latest entrants in this space, $DOGS has the opportunity to learn from the successes and failures of its predecessors. By addressing the challenges of market saturation, user retention, and regulatory compliance, $DOGS can position itself as a leader in the next phase of Tap-to-Earn projects.
The project’s success will depend on its ability to innovate and offer a compelling user experience that differentiates it from the multitude of other projects in the market. The anticipation surrounding $DOGS’ launch suggests that there is still enthusiasm for Tap-to-Earn projects, but the true test will be whether it can sustain that excitement over time.
As the Tap-to-Earn space continues to evolve, it will be interesting to see how $DOGS and other projects adapt to the changing landscape. Will they rise to the challenge and redefine the narrative, or will they fall victim to the same pitfalls that have plagued other projects? Only time will tell, but for now, the crypto community watches with bated breath.
In conclusion, while the Tap-to-Earn narrative may be facing challenges, it is far from dead. Projects like $DOGS have the potential to revitalize the space, provided they can navigate the obstacles ahead and continue to deliver value to their users. As always in the world of cryptocurrency, adaptability and innovation will be key to long-term success.
How to buy $DOGS?
To buy $DOGS, follow these steps:-
- Create an Account on OKX: Sign up on the OKX exchange if you don’t already have an account.
- Verify Your Identity: Complete any required KYC verification to access trading features.
- Deposit Funds: Add funds to your OKX account. You can deposit fiat or other cryptocurrencies like USDT.
- Search for $DOGS: In the exchange, search for the $DOGS trading pair (e.g., DOGS/USDT).
- Place an Order: Choose between a market or limit order, then enter the amount of $DOGS you want to buy and confirm the purchase.
- Store Your $DOGS: Once purchased, you can hold your $DOGS in your OKX wallet or transfer them to an external wallet for added security.