South Korea Delays Crypto Tax Implementation Until 2028 Amid Market Uncertainty
July 15, 2024
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Since 2021, the issue of cryptocurrency taxation in South Korea…
Telegram User Base Nears 1 Billion, Boosted by Crypto Gaming and TON
Telegram, the versatile messaging app, is experiencing a surge in popularity, rapidly approaching one billion monthly active users. This growth is largely fueled by the burgeoning sector of crypto gaming on the platform.
Rapid User Growth and Crypto Gaming Integration
Pavel Durov, the founder and CEO of Telegram, recently announced that the platform’s user count has soared to 950 million monthly active users, a significant jump from 900 million just a few months earlier. This milestone positions Telegram on the cusp of reaching a billion users, thanks in part to the integration of crypto gaming which has captivated a global audience.
The Rise of The Open Network (TON)
The Open Network (TON), originally initiated by Telegram before its 2020 regulatory halt, has found new life under a community of developers. TON’s resurgence is closely tied to the crypto gaming wave sweeping through Telegram, starting with games like Notcoin. This simple tap-to-earn game has transitioned from virtual currency rewards to actual crypto tokens, notably converting in-game earnings into NOT tokens on the TON network. Following this, major exchanges such as Binance and OKX supported the NOT token, leading to a market cap surge to $17 billion.
Gaming Phenomena and Government Attention
Following Notcoin, Hamster Kombat emerged as a viral sensation with its engaging tap-to-earn mechanics and endearing characters, amassing 100 million users by June. The game’s popularity even caught the attention of the Iranian government, concerned about its impact on national focus during the presidential election period.
Ecosystem Expansion and Integration
The success of these games has catalyzed the launch of numerous others on Telegram, including Yescoin, TapSwap, Catizen, PixelTap, W-Coin, and Musk Empire. Some of these games have started inter-game collaborations, offering cross-benefits to players of different games, further enriching the gaming ecosystem on Telegram.
Token Launches and Network Reintegration
Promisingly, like Notcoin, Hamster Kombat is set to launch its own token on TON, while PixelTap’s token has already debuted on Ethereum with plans to expand to TON. Despite distancing itself from TON in 2020 due to regulatory scrutiny, Telegram has since reintegrated the network in various capacities, including ad revenue sharing with Telegram channel owners.
As Telegram continues to integrate Web3 technologies and support innovative gaming projects, it solidifies its position not just as a messaging platform but as a burgeoning hub for blockchain innovation and community-driven projects.
