Okacha Muhammad sells charcoal in Jalingo, the Taraba State’s capital. Despite the business putting food on his table, he struggled to pay rent. “I was uncertain about getting accommodated elsewhere if I got evicted,” he said.

In January 2024, a friend introduced Muhammad to cryptocurrency mining. And he soon joined Telegram, where he would spend all day tapping his phone’s screen to earn Notcoin points. 

How it all started…

By engaging people through a mini app on Telegram, Notcoin brings together over 35 million users, according to Mukhtar Abaka, a cryptocurrency trader. “This number of people was a great feat for the project at that time. And it brings so much value in the crypto world, which saw Notcoin distribute a significant portion of its coins through airdrops to attract more users and investors,” Abaka told CryptoClock.

These users introduced to cryptocurrency mining within the Notcoin ecosystem were engaged with daily tasks, including following Telegram communities and tapping their phone screens to mine the Notcoin points. “My brother introduced me to this tapping trend, and after I joined, we were given tasks that came with rewards. It was stressful, but as long as I can get money, I don’t care,” said Hamza Abdulmumini, a cryptocurrency mining enthusiast.

Upon completing the mining phase, Notcoin converted the accumulated points into actual Notcoin tokens. The conversion ratio was based on the total points held by each user. For example, if a user had 10 million Notcoin points, they would receive 10,000 Notcoin tokens. Whereas those who had 100 million Notcoin points would get 10 million Notcoin tokens, Abaka explained.

By May 2024, users claimed their Notcoin tokens through linking their wallet addresses. These tokens could be traded on exchanges such as Binance and Bybit, with the common trading pair being Notcoin/USDT (Tether), a stablecoin pegged to the US dollar. Then, users could convert their earnings to their local currency in Naira via P2P trading on the exchanges.

Muhammad exchanged his Notcoins for a fortune of $623 (N934,500), based on the conversion rate of Binance at that time. With this amount, he bought an apartment on the outskirts of Jalingo.

“People were mocking me that I wasn’t focused on my charcoal business. They said that the tapping trend is driving me crazy but I didn’t bother about them. They later understood that my efforts paid off. I’m grateful that the money I got from Notcoin helped my life,” 33-year-old Muhammad stated.

Muhammad wasn’t alone in this quest of earning fortunes…

Abdulwahab Umar, a student at Modibbo Adama University Yola, had also ventured into the tapping trend in February. Notcoin’s earnings enabled him to cover his tuition fees, relieving his family of the financial burden.

Umar shared that before Notcoin’s launch, he worried about funding his education due to his family’s struggles. “With the money I made from Notcoin, I paid my school fees, and that means I no longer have to disturb my parents. I also sent a token to one of my siblings to settle some bills,” Umar told CryptoClock. 

Joseph Liam, another student from the University of Maiduguri, revealed that Notcoin earnings have covered his tuition together with his upkeep fees in school.

 The tapping frenzy…

The success of Notcoin has lured Nigerians to explore other cryptocurrencies like Hamster Kombat and Tapswap. As a result, the tapping frenzy has swept through various locations. Drivers and passengers at local motor parks can be seen tapping on their phone screens. Similarly, local shopkeepers, university students, housewives, and even children have joined the trend, all hoping for a financial miracle.

As the tapping craze surged across Nigeria, experts and social media influencers issued both warnings and encouragement. While some view it as an avenue to break free from poverty and reshape their futures, others maintain that it may lead to pitfalls. Desperation has driven young individuals, including students, to tap into this digital fortune. However, there’s a risk that excessive tapping could bring about missed classes and reduced productivity in their studies.

Hadiza Modu, a food seller from Maiduguri, Borno State, joined the ranks of women mining Tapswap after witnessing her customers’ earnings from Notcoin. Her humble food stall had supported her family for years, but the temptation of swift profits captured her interest. Added to a WhatsApp group, she would soon learn the process carried out through Telegram.

“My husband is still complaining about this thing [cryptocurrency mining]. He said he didn’t believe it. But I will always tease him to also start tapping because my customers have assured me that this thing [cryptocurrency mining] is real and can give us good money,” Modu said.

While the tapping frenzy had ignited hope, it also raised doubts about the potential of these digital coins to offer long-term financial security for Nigerians and their dependents.