Crypto News – Telegram’s Tap-to-Earn Revolution: A Gateway for New Crypto Users

Crypto News – Half of Telegram’s Tap-to-Earn Gamers Are Crypto Newbies, Says Ex-Binance Exec

Crypto News – Telegram’s tap-to-earn games are emerging as a significant force in crypto adoption, with around 50% of players on the app being entirely new to the world of cryptocurrency. Gleb Kostarev, former Vice President and Regional Head at Binance, highlighted these findings during Korea Blockchain Week, emphasizing Telegram’s role in potentially accelerating mass adoption of Web3 technologies.

Majority of Users New to Crypto

Kostarev shared insights from Blum, his new Telegram Mini App that combines tap-to-earn gaming with crypto exchange functionality. According to Kostarev, out of Blum’s 50 million registered users, half are first-time crypto participants. “Based on our data and our surveys in the community, 50% said that they hadn’t interacted with Web3 before,” he explained.

He expressed optimism about converting Telegram’s broad user base into Web3 enthusiasts. “Those users are real, and they can go to exchanges, they can register, they can become Web3 users,” Kostarev stated. He believes that Telegram could be a catalyst for mass adoption that has been long anticipated in the crypto industry.

Tap-to-Earn Games: The Latest Crypto Trend

Tap-to-earn games, which involve players performing simple tasks such as repeatedly tapping on their phone screens to earn in-game tokens, are currently a hot trend in the crypto space. Popular games like Tapswap, Catizen, and Hamster Kombat leverage The Open Network (TON), a blockchain linked to Telegram. This integration exposes players to crypto, often without their prior knowledge.

Kostarev identified education as a crucial challenge in this transition. “Education is key here because it’s not enough just to bring a mass user base to crypto; it’s also about what they will do there and how to prevent them from being scammed,” he emphasized.

Telegram’s Potential to Revolutionize DeFi Access

Kostarev is also optimistic about Telegram’s potential to expand access to decentralized finance (DeFi) applications. He argues that Apple and Google’s restrictive policies on mobile app platforms have stifled DeFi growth. “As many as 80% of centralized exchange users access the platform via mobile phone, which is the issue for DeFi adoption,” Kostarev noted.

Apple’s App Store and Google’s Play Store have faced criticism for their handling of DeFi and non-fungible tokens (NFTs), with Apple in particular imposing restrictions that limit the use of cryptocurrencies and NFTs. These policies include a 30% fee on transactions, which has been a point of contention.

In March, the U.S. Justice Department filed an antitrust lawsuit against Apple, accusing the company of stifling competition and innovation through its App Store policies.

Telegram Under Scrutiny

Despite these advancements, Telegram is not without its controversies. In August, Telegram founder Pavel Durov was arrested and charged in France for allegedly allowing criminal activities on the platform. This legal issue adds a layer of complexity to Telegram’s role in the crypto and DeFi sectors.

Conclusion

Telegram’s tap-to-earn games and its potential role in facilitating DeFi access underscore its significant impact on the crypto landscape. As new users flock to these platforms, the challenge will be to ensure they are well-educated and protected from potential scams. With ongoing scrutiny and regulatory challenges, Telegram’s future in the crypto world remains a topic of keen interest and debate.

FAQ: Telegram’s Impact on Crypto Adoption