Blum CEO: 50% of Telegram Tap-to-Earn Gamers Are Crypto Novices

2 min read | September 03, 2024 06:29 PM AEST | By Team Kalkine Media

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Blum CEO: 50% of Telegram Tap-to-Earn Gamers Are Crypto Novices — Image source: shutterstock

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Gleb Kostarev, founder and CEO of Blum, has highlighted the significant impact of Telegram-based tap-to-earn games on the mass adoption of cryptocurrency. According to Kostarev, a former vice president and regional head at Binance, approximately half of the 50 million registered users on Blum’s Telegram Mini App are new to the cryptocurrency space.

In a recent interview at Korea Blockchain Week, Kostarev reported that 50% of users surveyed had no prior engagement with Web3 technologies. This statistic underscores the potential of Telegram as a gateway for bringing new users into the cryptocurrency ecosystem. Tap-to-earn games, which require players to perform simple tasks such as repeatedly tapping on their phone screens to accumulate in-game tokens, are emerging as a popular trend in the crypto sector.

Popular games like Tapswap, Catizen, and Hamster Kombat, which utilize the Telegram-linked blockchain, The Open Network (TON), are introducing users to cryptocurrency. However, Kostarev emphasized the importance of educating these new users about Web3 technologies to ensure they understand how to navigate the crypto space and avoid potential scams.

Kostarev also addressed the role of Telegram in advancing decentralized finance (DeFi) adoption. He pointed out that traditional mobile app platforms, such as Apple's App Store and Google’s Play Store, have restrictive policies that hinder the integration of DeFi apps and non-fungible tokens (NFTs). For example, Apple’s in-app payment system, which does not support cryptocurrencies or NFTs, imposes a 30% fee on transactions, creating barriers for DeFi projects.

Telegram’s platform, according to Kostarev, offers a valuable alternative by providing easier access to DeFi applications through mobile devices, thereby bypassing the limitations imposed by major app stores. Despite recent legal challenges faced by Telegram’s founder, Pavel Durov, who was arrested in France for allegedly permitting criminal activities on the app, Kostarev remains optimistic about Telegram's role in facilitating broader access to DeFi and cryptocurrency technologies.

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