The TapSwap Frenzy: A Boost For Crypto Awareness In Nigeria?

28 May 2024

As someone with a keen interest in web3, I witnessed for the first time how what started as a low-key trend on the internet spilled over into a major sensation that has now come to the knowledge of millions of people in Nigeria.

On the streets of Lagos and several other places in Nigeria, hordes of people fervently tapping on their phones’ screens are now a common sight. As of this writing, the word on the street is that there is a lot of free money to be made from participating in a tapping contest sponsored by TapSwap, a new cryptocurrency project on the Solana blockchain.

Most of the netizens that have taken an interest in TapSwap might have probably read stories about the payouts some lucky Nigerians received from mining Notcoin–a recently launched cryptocurrency–before joining the contest. There is also the trending story of a Nigerian who purchased a 300k NGN air-conditioner from his Notcoin “profits.’

The general consensus is that the payouts are real, and it is left for everyone to decide whether to jump on the bandwagon or stay out of it.

Hardly had the news of Notcoin payouts faded when TapSwap came on board offering rewards to participants tapping on a gold coin that has the letter T inscribed on it. All you had to do was get a referral from a participant, download a Telegram app, create an account, and start tapping on the gold coin that appeared on your screen.

For many Nigerians, this was the easy part. But as participants were required to download a phantom wallet, there was confusion in the air as to what it was and how to generate a Solana address from it.

It turned out that the vast majority of the Nigerian TapSwappers had not heard of a phantom wallet and coming across it for the first time was definitely going to inspire intense curiosity and lead many down the rabbit hole. For some, this might be a life-changing opportunity to take a plunge into web3 and cryptocurrency trading, starting from scratch. And for others, it might just appear to be another balderdash or even a scam.

With a few days remaining before the launch of TapSwap, millions of Nigerians are still tapping on their screens and anticipating making money from the airdrop. Local media have been monitoring the situation and the Nigerian financial regulators are waiting to see the outcome of the exercise. It has yet to be concluded whether this is another MMM, a popular pyramid scheme to which many Nigerians lost millions of invested funds.

As the tapping frenzy is approaching its climax, it is crucial to highlight its effect on the Nigerian populace, especially as there is an ongoing clampdown on Binance and other cryptocurrency exchanges in the country. It is worth noting that the Nigerian financial regulator, SEC, has recently increased the amount required to register a cryptocurrency company from 30 million Naira to 150 million Naira, with other stringent laid down rules in an effort to police the industry.

Many willing investors might view this new policy as anti-crypto, and it may compel them to opt for a liberal and less expensive destination. But will the TapSwap Frenzy that is currently putting Nigeria on the crypto map make any difference?

Crypto Awareness

Since the tapping sensation began in Nigeria, I have taken a keen interest in its trajectory, and like millions of other people, I am anxiously waiting for the outcome. I have heard rumors that the team behind the project is anonymous and that they would fall short of their promises. But my training as a lawyer requires me to gather my facts and treat them nicely before drawing a conclusion.

Nevertheless, it is not rocket science to predict that the successful outcome of the ongoing exercise will be a major win for the Nigerian crypto industry, restoring balance to the skewed reputation of cryptocurrency as well as leading thousands down the rabbit hole. Most especially, it will boost crypto awareness across the country and mark the starting point for mass participation in the crypto industry.

There are two key reasons one must consider to understand how a tapping sensation like TapSwap can lead to a major economic upturn in developing countries. The first reason is the digital revolution. As the promises of a digital and more connected world continue to hold true, Africa is no longer willing to be left behind. Crypto adoption is on the rise and one of Nigeria, Kenya, and South Africa are bound to lead this revolution.

Another factor to consider is the poverty of most developing countries. Bitcoin’s promises of financial inclusion and liberation are still a dream many people across the world hold on dearly to. Today, it is not unusual to read expert predictions of Bitcoin’s future price action on the internet. This sentiment is so strong and generally shared that events of the last few months have led many to renew their conviction about Bitcoin surging to $1 million in the near future.

However, the sentiment towards Bitcoin and cryptocurrency changing the status quo is not generally shared. There are billions of people across the world who are not part of the crypto industry, which is why the most crucial question in cryptocurrency is ‘Wen mass adoption?’

To understand the evolution of the crypto industry across the world, one must pay close attention to crucial events like the TapSwap frenzy in Nigeria.