In a bold move toward embracing blockchain technology, Telegram is gearing up to introduce a new non-fungible token (NFT) feature, signaling its ongoing efforts to integrate Web3 functionality. This announcement comes on the heels of Telegram’s recent release of its “Gifts” feature, which allows users to send custom animated messages within the platform. As Telegram’s ecosystem continues to evolve, the introduction of NFTs represents a significant shift in how users can interact with and monetize digital content on the platform.
Telegram’s Gifts And Star Currency
On October 5, Telegram launched “Gifts,” an interactive feature that lets users send personalized animated messages to their contacts. These Gifts can be showcased on users’ profiles or converted into the platform’s in-app currency, Stars. Initially introduced in June, the Stars currency has already seen various applications, such as enabling payments within Mini Apps and offering a way for users to support their favorite creators.
The latest addition to the Gifts feature—the ability to convert some limited-edition Gifts into NFTs—was confirmed by Telegram CEO Pavel Durov. In a post on his official Telegram channel, Durov revealed that these Gifts could soon be tokenized as NFTs on the Telegram Open Network (TON) blockchain. This development offers users a unique way to own and trade digital assets, pushing Telegram deeper into the Web3 ecosystem.
NFTs on the TON Blockchain
The integration of NFTs on the TON blockchain will allow Telegram users to turn limited-supply Gifts into unique digital tokens. This means these Gifts can be traded outside of the platform, effectively creating a marketplace for Telegram users to exchange digital assets beyond the app’s confines. It’s a clear indication of the messaging platform’s growing interest in blockchain technology, following its previous ventures into the space.
Telegram’s NFT push comes at a time when the platform is actively working to bridge the gap between social interaction and digital ownership. By enabling users to create, own, and trade NFTs, Telegram is positioning itself as a frontrunner in the decentralized economy, where content creation and monetization are at the forefront.
The NFT Market Struggles
Despite Telegram’s optimism, the broader NFT market is facing significant challenges. In September 2023, the NFT market recorded its lowest monthly sales volume since January 2021, with a total of $296 million. This marks an 81% drop from March 2023, which was the best-performing month of the year. Additionally, the number of transactions involving NFTs fell by 32% from August to September.
The ongoing market downturn has cast a shadow over the future of NFTs, with many questioning the long-term viability of the technology. However, Telegram’s decision to move forward with its NFT feature shows confidence in the broader potential of NFTs as a cornerstone of digital ownership. As Telegram integrates NFTs into its platform, it’s clear the company believes in the long-term growth of the technology, despite current market trends.
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Telegram’s NFT integration is more than just a feature—it’s a step toward fully embedding the platform into the Web3 space. As users gain more tools to engage with and monetize digital content, Telegram is laying the groundwork for a decentralized economy within its ecosystem. The ability to convert and trade Gifts as NFTs outside of the platform signals a new era of digital ownership and interaction on Telegram.
While the broader NFT market may be struggling, Telegram’s move into this space highlights its vision for the future of blockchain technology and digital assets. Whether this will mark a turning point for the NFT market remains to be seen, but Telegram’s commitment to blockchain integration could set a precedent for other social platforms looking to explore similar opportunities.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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