Pavel Durov, Telegram CEO, hinted at a new feature that’d come up on the platform, a support for converting gifts (animated images shared on profiles) into NFTs by the end of the year. With no date specifically stated, it’s expected this new feature will launch “later this year.”
The Introducing of Gifts on Telegram
On Oct 5, Telegram officially introduced Gifts, allowing users to send animated artwork with custom messages to their contacts. These Gifts can be displayed on a recipient’s profile under the “Gifts” tab or turned into the social platform’s in-app currency, Stars.
The in-app currency, Stars, was launched earlier on June 6, allowing for Mini Apps on the platform to accept payments for digital services. Telegram also mentioned that the in-app currency can be used to support creators.
Enabling of NFT Conversion for Gifts
Read Also: Full List: Top TON Wallets and Telegram Mini-app Games that Can Pay Real Money
During the course of the launch of Gifts, Pavel Durov mentioned via his Telegram channel that soon Gifts will be convertible into NFTs and that these collectibles will be based on TON.
In his words, “Some gifts are in limited supply. Later this year, we’ll introduce the ability to convert these limited-edition gifts into TON-based NFTs.” After being converted into blockchain-based digital collectibles, the limited-edition Gifts can be used outside of Telegram. “Users will then be able to auction and trade these tokenized gifts outside Telegram, with ownership recorded on the blockchain,” Durov added.
Now, apart from Telegram’s NFT plans, the Telegram-based game “Hamster Kombat” will also integrate NFTs as in-game assets in November, expanding the platform’s support for blockchain technology.
What You Should Know
Despite Telegram’s enthusiasm for NFTs, the broader NFT market is facing a significant decline. In September, NFT sales volume dropped to $296M, the lowest since January 2021, representing an 81% decline from March 2023.
Along with falling sales volumes, the number of NFT transactions also decreased by 32% from August to September. Transactions involving NFTs fell from 7.3M in August to 4.9M in September, further highlighting the declining interest in the NFT market.
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