Nigeria’s interest in blockchain is part of a larger trend seen across the African continent, where digital currencies are increasingly viewed as tools for financial inclusion and economic empowerment. The country’s population, characterized by a high percentage of young, tech-savvy people, has quickly adopted and innovated within the cryptocurrency space.
Despite regulatory challenges, such as the Central Bank of Nigeria’s (CBN) previous bans on cryptocurrency transactions within the banking sector, the blockchain ecosystem has shown resilience. Many Nigerians have turned to peer-to-peer (P2P) platforms for trading and transactions, which indicates a strong demand for crypto solutions.
Two popular crypto projects driving this wave are Notcoin and Tapswap. These new digital projects, both integrated with the popular messaging platform Telegram, have become viral sensations within the Nigerian internet community.
How does Notcoin work?
Built on the TON (The Open Network) blockchain, Notcoin merges gaming, mining, and blockchain technology to create an interface where users earn tokens through gamified interactions without requiring expert knowledge.
The core feature of Notcoin is its tap-to-earn mechanic. Users earn Notcoins by tapping a virtual coin on their screen. Players can also buy boosts for their earning potential, such as increasing the rate of Notcoin rewards per tap or enabling an auto-tapper to earn continuously without manual effort.
Notcoin began as a simple, free-to-play game designed to attract users through its easy accessibility. The project was launched in late 2023, but in May 2024, Notcoin expanded its project on the Telegram platform introducing various earning missions and tasks that allow users to earn tokens.
The game’s integration with Telegram and the ease of earning Notcoins without any initial investment made it highly popular. The engaging nature of the game, coupled with the potential to earn real cryptocurrency, contributed to its hit in Africa, particularly Nigeria.
After the game’s mining phase ended on April 1, 2024, users could convert their earned in-game Notcoins to NOT tokens at 1000:1. This airdrop rewarded early adopters and active participants. Before the phase ended, it had 35 million users and over six million daily active users.
Notcoin has built a strong community through its social features. Users can form teams, invite friends, and compete on leaderboards, adding a competitive edge that drives engagement and viral growth. Notcoin has a total supply of approximately 103 billion NOT tokens, with the initial supply set at 102,719,221,714 tokens.
Unlike many other projects, Notcoin released 100% of its token supply on day one, ensuring fair and transparent distribution without a vesting schedule. The token’s price surged by over 60% in a single day, pushing it into the top 100 cryptocurrencies by market cap. It is listed on major exchanges like Binance and OKX, increasing its visibility and credibility.
How does Tapswap work?
TapSwap is a Solana-based cryptocurrency exchange platform, offering low fees, high throughput, and advanced features like staking and margin trading. It has gained popularity in Nigeria for its simplicity and fun mining process, conducted via Telegram just like Notcoin.
Just like Notcoin, to get started with Tapswap, users download Telegram, activate the Tapswap Telegram bot, and begin tapping their screens to earn points. The more points accrued, the higher their level and ranking in the leagues. Tap tokens, the native currency of TapSwap, have real value and can be exchanged on the Solana blockchain.
The Future of Blockchain in Nigeria
The future of cryptocurrency and blockchain in Nigeria looks promising. The success of projects like Notcoin and the recent launch of Tapswap indicate a growing need for innovative financial technologies. As more Nigerians become familiar with these technologies, the potential for broader adoption and integration into everyday financial practices increases.
With the Nigerian government’s recent establishment of the National Blockchain Adoption Strategy, there is a clear recognition of blockchain’s potential to drive economic growth and innovation. This strategy aims to create a regulatory framework that encourages safe and responsible blockchain adoption, potentially paving the way for more homegrown crypto ventures.