As Notcoin and Hamster Kombat continue to amass millions of users, experts have questioned the long-term viability of crypto click games.
Web3 clicker games are the latest phenomenon to emerge in the world of cryptocurrency, but their purported ability to make quick returns call into question their sustainability.
These simple but addictive games, also known as crypto idle games, have witnessed tremendous financial growth in the past month alone, attracting tens of millions of users while causing a huge buzz across the globe.
Notcoin, a play-to-earn (P2E) game integrated into the Telegram messaging app, has been at the forefront of this revolution with an impressive 40-plus million players. In addition, the value of the game's native Notcoin (NOT) token has grown by a staggering 240% since May 26, with its market cap soaring to $2.75 billion at its peak.
Notcoin price chart. Source: CoinGecko
In the first three weeks of May, the game added 5 million new players and increased its user base by 14%. This rapid expansion is attributed to the hype surrounding the game's mission plan, which allows players to passively earn NOT tokens.
Notcoin isn't the only game that has caught the public's attention.
Hamster Kombat is another Telegram-based clicker game that has achieved many extraordinary milestones in a short period of time. In just 77 days of launch, the program has amassed more than 142 million users, outpacing the initial growth rate of popular social media platforms such as WhatsApp, Instagram, and TikTok. The game's YouTube channel has also attracted over 21 million subscribers, further highlighting its broad appeal.
From the outside, these games seem to be actively capitalizing on the growing desire for easily accessible, potentially lucrative cryptocurrency opportunities.
Additionally, by integrating with popular messaging platforms like Telegram, they have lowered the barrier to entry for millions of users who might otherwise be intimidated by the complexities of the crypto industry.
The charm of digital hamsters and cryptocurrency
At its core, games like Catizen, Yescoin, Tapswap, Notcoin, and Hamster Kombat (among many others) offer a simple premise: earn digital currency with a tap on the screen.
These games resonate with users by combining the addictive mechanics of idle games with the lure of cryptocurrency income.
Inal Kardan, head of gaming at the TON Foundation, said that adding 35 million users in just 5 months shows him and his team that "unique gaming opportunities can be created using social media communication tools" while attracting the same users into the crypto space at the same time.
Chris Zhu, co-founder and CEO of Sonic, a Solana-based gaming chain, agrees, telling us:
"Clicker games offer a low barrier to entry for retail users, with most transactions taking place off-chain, leveraging existing traffic pools like Telegram, which allows them to attract initial users at a very low cost and with minimal friction."
Yat Siu, co-founder of blockchain gaming venture capital firm Animoca Brands, sees the merits of this customer accumulation approach, stating, "The Notcoin approach has better value for end users and is more in line with the growth incentive advertising business model than the adversarial nature of Web2 advertising." ”
Critics, on the other hand, have expressed concern about the long-term viability of these games. For example, Can Picak, co-founder and CEO of Web3 game studio Eldarune, told us:
"The mechanics of these clicker games are similar to Ponzi schemes, with early participants benefiting the most."
In addition, focusing on a billion players through projects like Hamster Combat raises questions about its true value proposition and potential for market saturation. This feels more like a mass marketing ploy than true cryptocurrency adoption. I have concerns about sustainability," he said.
The sustainability of the Clicker game is in question
As the hype around these games continues to heat up, so do questions about their sustainability and safety. Their rapid growth and soaring token valuations have led some experts to compare them to previous crypto bubbles.
Luke Paglia, COO of Web3 game My Pet Hooligan, told us, "These 'games' can be perfectly set up with simple mechanics that allow bots to 'click' or take the required action to do the required farming." to make money. ”
"There is also a significant risk that the economy will quickly fall into hyperinflation, resulting in many users holding thousands of worthless tokens."
In addition, he noted that while the simplicity of these games is undoubtedly a key factor in improving their accessibility, it can also be their Achilles' heel.
If the token doesn't have deeper game mechanics or real-world utility, interest can quickly wane, causing the token value to collapse.
Yaniv Baruch, COO of Playnance, a Polygon-based Web3 gaming platform, told us: "The long-term health of P2E gaming depends on a well-designed and balanced token economy. Unbalanced gameplay or over-inflation of tokens can lead to crashes, highlighting the need for sustainable models. ”
Zhu agrees that there are some long-term issues that need to be addressed: "If there is still only a clicker mechanism and no clear token burn mechanism, it will be a matter of long-term performance." There needs to be content in addition to clicks," he said.
Regarding user retention, Baruch believes that developers need to find ways to increase the depth of these products to retain players beyond the "initial click frenzy" that is currently witnessed.
Go beyond clicks
With the rise of the idle gaming craze, game developers and blockchain enthusiasts alike are looking to the future.
Paglia believes that if the founders of these projects can develop a well-thought-out economic structure for them, then they can indeed have long-term viability. That being said, he admits that:
"Mainstream adoption through the click-and-click game model seems unlikely. Traditionally, players play games because it's fun to play, not because they can make money. ”
The developers of Notcoin seem to be aware of the need for this development and therefore announce plans to introduce new features.
The project recently launched the "Explore" program, which allows users to earn coins and other bonuses by completing various tasks for various Web3 projects. Similarly, Hamster Kombat is also looking to expand its product range and launch the HMSTR token on the TON blockchain.
The explosive growth of crypto idle games represents a fascinating chapter in the ongoing story of cryptocurrency adoption. Thanks to the huge user base of platforms like Telegram, these games have undoubtedly succeeded in bringing blockchain technology and digital assets to a wider audience.
However, the long-term impact and sustainability of this trend remains to be seen. While the simplicity of these games drove their initial success, it was also perhaps their biggest weakness.
For now, users who are attracted to the lure of easy cryptocurrency income should approach this space with caution, remembering the old adage: if it seems too good to be true, then it probably is.
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