The popular tap-to-earn app, Tapswap, has announced the postponement of its token allocation to the third quarter of this year, without specifying the exact date of the launch.
This decision was announced on Monday, July 1, 2024, via its official X account.
“We’ve got some bad and really good news for you at the same time: our team has decided to move the date for the Shares-to-Token exchange event. You might wonder, what’s good about that? Just FUD? Not exactly. The whole point is that you’ll actually benefit from this,” the management wrote in a series of threads to its over 6 million X followers.
Since its launch on February 15, 2024, Tapswap has captured the attention of millions of users, particularly in Nigeria, where tapping on the app’s central icon to mine coins has become a daily ritual for many. The app’s simplistic yet engaging mechanism has led to a significant user base, with over 50 million users actively participating in the tap-to-earn ecosystem.
Viral videos have shown Nigerians, both young and old, constantly tapping their screens as they hope to earn coins that will become available when the token is launched. The ease of tapping and the mouth-watering reward of getting a token have made Tapswap a frenzy among Nigerians, many of whom are seeking various means to earn an income amidst the soaring high cost of living.
Recall that on June 20, Neusroom reported that Tapswap failed to disclose whether the firm would continue to launch its token on July 1, as earlier communicated.
Although the firm claimed that the postponement was due to its working to launch the token on one of the world’s tier 1 exchanges, the new communication also failed to give a specific date of the launch, sparking reactions among users.
“The Tapswap team is actually in active talks with tier 1 exchanges! And they are thrilled with you – our community! Isn’t this what we’ve been tirelessly working towards together?” the firm asked users. “This success comes with some ‘inconveniences.’ This level of attention requires much more detailed work on tokenomics and the right launch strategy. And that means extra time.”
What Tapswap Users Are Saying
The postponement has elicited reactions among young Nigerians who have been tapping and mining coins in the hope that the token would be launched.
Kelvin, a cryptocurrency enthusiast based in Abuja who has been promoting the token told Neusroom that the postponement offers an extended opportunity for more people to join.
“The reward might not be as much as people expect, but they’ll definitely launch,” he told Neusroom in a phone conversation. “What I’ll advise anyone is to amass millions of the coins,” adding that “people should keep tapping.”
Adedayo, another Tapswap user, said the postponement was necessary to be fair to everyone.
When asked if he thinks Tapswap is a scam, he said, “Although there are lots of speculations about them being a scam, I wouldn’t say so,” adding emphatically that he would continue to tap.
Adedeji, a Tapswap user based in Lagos, said that while the postponement might dampen the morale of people, he doesn’t feel it’s a scam.
“Currently, even before the postponement was announced, I had reduced the way I tap. But I don’t feel it’s a scam.”
Why Tapswap Needs More Time
Tony, who’s been in the crypto space for years, explains that it takes time to build a strong cryptocurrency project.
“For example, Pi Network, another token looking to launch, has moved to a new stage but has not been launched, even though we know that you can still sell your Pi,” Tony said. “When one comes into the airdrop space with the mindset that it is a get-rich-quick scheme, you are going to fail.”
The Pi Network, which started in 2019, also created a buzz among Nigerians. While various speculations have been made regarding the date the token would be launched, it is yet to be launched. However, Nigerians are currently selling and buying Pi, as they would other listed cryptocurrencies.
Tony believes that Tapswap needs more time to build their platform, adding that it is too early to regard them as a scam.
“We cannot start judging them as a scam or not. It is still very early to judge them. If we do so, we are taking it from our own greedy mentality that we are taking it to be a get-rich-quick platform.”
Despite the recent crackdown on cryptocurrency exchanges operating in Nigeria, young Nigerians continue to adopt crypto, majorly as it offers the promise of being a means of income amid the country’s battered economy. Reports show that Nigeria is the second country with the highest adoption of cryptocurrency in the world.