- Telegram is expanding its blockchain capabilities by converting limited-edition Gifts into NFTs.
- The newly introduced Gifts feature allows users to send custom messages and convert them into Stars.
- Despite the broader NFT market slump, Telegram is confident in the future of NFTs and digital ownership.
According to recent statements from Telegram CEO Pavel Durov, the messaging service is gearing up to expand its blockchain capabilities with a new non-fungible token (NFT) feature. This is after the platform released its “Gifts” feature, which lets users send animated images within a custom message to their contact on October 5. These Gifts can be displayed on your user’s profile page or have them converted in the platform’s in-app currency, Star.
Source: Image by Telegram
Gifts introduces some new interactivity, on top of the social features that platform has. Introduced earlier this year in June, users who receive Gifts are now able to share them on their profile or convert them into Stars. Already, stars are also being used for initiating payments on Mini Apps within Telegram and supporting creators.
NFT Integration On Telegram
Together with Durov’s announcement that some limited-edition Gifts will soon be able to be converted into NFTs, this new feature stands out. On his official Telegram channel, he revealed this plan and explained that later this year, users will be able to turn some limited supply Gifts into NFTs on the TON blockchain.
This is further evidence of Telegram’s ongoing work to reach integrate blockchain into its ecosystem by providing uniques ways how user can interact and monetize digital content. Converted into NFTs, these Gifts are then tradeable outside of Telegram, creating a significant step toward fully integrating platfrorm into the Web3 space.
NFT Market Faces Challenges
NFTs are going through a rough period in the wider market, and issuing tokens onto the blockchain rather than creating them on the network using the system’s native token is not a bad option. The NFT market saw its lowest monthly sales volume since January 2021 in September 2023 with $296 million.
This has been an 81% fall from March 2023, when the market saw its most positive performance of the year. The market was also struggling with the number of transactions involving NFTs falling from August to September by 32%.
The new push from Telegram while the broader market tanked proves that it has faith in the future of NFTs. Furthermore, NFT technology is increasingly being adopted by the company’s digital ownership and decentralized economy.
