The Rise of Tap-to-Earn Crypto Games in 2024: Simplifying Blockchain Rewards for the Masses
In Brief
Tap-to-earn games gained popularity in 2024, so we want to provide you with a comprehensive overview of this new gaming genre.
Tap-to-earn crypto games are all over the web right now. You’ve probably already seen the memes and sketches about the new hamster game. These deceptively simple games offer an engaging and accessible way to step into crypto in a specific way – tapping the screen to earn cryptocurrency rewards.
What are Tap-to-Earn Crypto Games?
Tap-to-earn cryptocurrency games are under the larger umbrella of play-to-earn (P2E) games, in which users may participate and do activities inside the game to earn cryptocurrencies or other digital assets. However, the emphasis on simplicity and ease of access is what distinguishes tap-to-earn games.
In contrast to conventional P2E games, which can have intricate mechanics and a challenging learning curve, tap-to-earn games are based on the simple idea that players may win prizes by continuously tapping or clicking on the screen of their device. A large number of people find resonance with this idea. It makes it easier for people who are interested in blockchain and cryptocurrency but are unsure where to begin or lack the time to devote themselves entirely to learning to get started.
Key Players Driving the Tap-to-Earn Craze
While the tap-to-earn phenomenon is still in its relative infancy, several notable games have emerged. Each of them offers a unique experience and interaction:
TapSwap (TAPS)
TapSwap, one of the first and most well-known tap-to-earn games, has a sizable fan base on the Telegram messaging app. Players gain TAPS coins by pressing a digital symbol within the Telegram bot interface. Other features like daily bonuses, referral programs, and upgradeable assets increase the earning possibilities.
Hamster Kombat (HMSTR)
Hamster Kombat adds a layer of gamification to the tap-to-earn premise. By tapping on the hamster to level up and unlock new features, players may run a virtual cryptocurrency exchange represented by an avatar of a hamster. Eventually, they can convert their in-game currencies into actual HMSTR tokens.
Notcoin (NOT)
One of the first in the tap-to-earn market, Notcoin saw enormous success on Telegram. The potential of this new gaming genre is demonstrated by the fact that, like TapSwap, users earn NOT tokens by hitting a button inside the Telegram bot interface.
Although tapping actions are the main mechanism, developers have included a number of elements to improve gameplay and encourage user interaction. In order to produce distinctive and tradeable in-game assets, non-fungible tokens (NFTs) are integrated, along with daily quests, leaderboards, referral systems, and other features.
The Reaction of the Community and Regulators
What do Reddit Users Think?
User RudbeckiaIS highlights the security advantage of Hamster Kombat, noting that since it runs as a Telegram-native application or mini-app, the chances of it being used to mine crypto behind the user’s back are minimal.
Additionally, RudbeckiaIS challenges the veracity of Hamster Kombat’s assertion that it has 60 million unique users and draws attention to the fact that there is still no release date even though everything is allegedly being negotiated. They surmise that the Hamster Kombat crew may be keeping a close eye on Notcoin and adjusting their tactics accordingly.
Although there aren’t many dangers associated with investing in Hamster Kombat, users notanotherloginname think that there won’t be many opportunities for profit either. They contend that Hamster Kombat will find it difficult to repeat that success once the frenzy over Notcoin fades.
notanotherloginname cautions users, particularly those who are unfamiliar with the world of cryptocurrency. They caution that it is simple to fall for scammers and advise paying attention to reviews that point to possible fraud.
Iranian Authorities are Furious
Due to the popularity of the game, there is a fierce online debate taking place on forums all across the nation.
According to economist Amir Hossein of Tehran, people are heading to this game because they no longer have confidence in the conventional economy. The promise of fast money through an online game starts to appear enticing after you’ve watched your savings evaporate in the stock market and your purchasing power be devastated by inflation, he continued.
Iran’s authorities have cautioned people from falling for the game’s false promises. Many Iranians, however, continue to dismiss these warnings, citing the government’s complicity in the nation’s economic problems.
The popularity of the game is growing despite the hazards. The remote possibility of becoming wealthy via “Hamster” is more realistic to many Iranians than obtaining a respectable job or securing a secure future in the present economic climate. “I know it’s probably a scam, but what do I have to lose?” stated one gamer. It at least offers me cause for optimism.”
Uzbek Hamster Kombat Players Risk Penalties for Converting In-Game Currency to Fiat
If Uzbek gamers of Hamster Kombat use cryptocurrency exchanges to transfer in-game cash to fiat money, they might face sanctions. The local media reports that there might be serious repercussions from such activities, citing official warnings.
It is against the law to purchase, sell, or trade cryptocurrencies illegally in Uzbekistan. Those who violate the law risk administrative detention for a maximum of 15 days or penalties of 20 to 30 BRV.
In Uzbekistan, at least 12 people have been charged with breaking cryptocurrency laws in the last month, based on court case documents that local media has examined. Administrative arrests or penalties were imposed on all violators. The accused traded on the unlicensed Binance cryptocurrency exchange most of the time.
The Appeal of Tap-to-Earn Gaming for the Rookies
There are several variables that contribute to the popularity and potential of tap-to-earn games in the cryptocurrency community, which have led to their fast ascent.
A distinctive and convenient way to get started with Web3 technologies and cryptocurrency gaming is through tap-to-earn games. They are intended to be played on readily accessible gadgets such as tablets and smartphones.
The possibility of earning passive cash is one of the alluring features of such kind of games. Many gamers find it appealing to get passive money by doing basic tapping motions, even if the earning potential may differ.
Source: KuCoin
For beginners, tap-to-earn games may also be an easy way to learn about Web3 technologies and cryptocurrencies. Beginning with the fundamentals, people go to more serious activities and eventually develop an interest in trading.
Beyond the possibility of profit, tap-to-earn games are successful in producing gamified and captivating experiences. Players are encouraged to compete amiably and build a feeling of community with features like leaderboards, challenges, and social interactions.
What Lies Behind Tap-to-Earn Games on Telegram in Reality?
The answer lies in the strategic collection and future monetization of user data. Tap-to-earn games attract a large audience due to their simplicity and the promise of easy rewards. Most of these users are young individuals, often teenagers or people in their early twenties. This demographic is particularly appealing to developers and marketers for several reasons.
Firstly, young consumers are a great target for rapidly growing a sizable user base since they are more inclined to interact with mobile and online games. The possibility of earning crypto with little work attracts many people, and it can be particularly tempting in areas where employment opportunities are few or the economy is unstable.
Second, even though members of this audience might not be able to afford anything right now, they could be future customers. Developers will collect valuable data on their preferences, behaviors, and spending patterns by engaging them early. As this group becomes more affluent and able to spend money, this data will be useful in helping them design future goods and services.
Gaming Challenges and Considerations
Even if a lot of people are interested in the tap-to-earn trend, it’s important to approach these games critically and be aware of any potential issues or concerns.
For instance, the novelty aspect and the promise of simple incentives may have contributed to the first spike in popularity and user acceptance. It is tough to hold the number of newcomers and prevent them from leaving unsatisfied without benefits.
Tokenomics, token distribution systems, supply and demand dynamics, and the actual value of the incentives players receive should all be well-researched and understood by players. Players may get disappointed if their expectations are unrealistic or if token economies are not sustainable.
Regulators may become more interested in investigating such unlicensed games. Taxes, consumer protection, and adherence to current rules and regulations are all potential issues. In Uzbekistan, for instance, one student was arrested due to his participation in the Humster Combat game.
Tap-to-earn games are not exempt from the possibility of fraud and dishonest people, just like any other budding industry. Gamers should emphasize security, proceed with prudence, and thoroughly investigate the authenticity of initiatives.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
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Victoria is a writer on a variety of technology topics including Web3.0, AI and cryptocurrencies. Her extensive experience allows her to write insightful articles for the wider audience.
