On October 5, Telegram launched a new feature called Gifts, allowing users to send animated messages and artwork to their contacts. Users can celebrate occasions by sending these customizable animations directly through the platform. Once received, these gifts can either be showcased on the recipient’s profile under a Gifts tab or converted into Stars, Telegram’s in-app currency introduced earlier on June 6. Furthermore, these Stars serve as a currency and help support digital content creators directly through the app.
Telegram Plans to Expand Gifts into Tradable NFTs
Telegram’s CEO, Pavel Durov, announced an exciting future update for Gifts, expanding their utility beyond the app. Soon, users will have the option to convert certain limited-edition gifts into non-fungible tokens (NFTs). This feature will utilize the TON blockchain, allowing users to auction and trade these digital collectibles outside of Telegram. Moreover, the ownership of these NFTs will be verifiable through blockchain technology, adding a layer of security and exclusivity.
The introduction of NFT capabilities coincides with similar updates in other areas of the Telegram ecosystem. For instance, the popular Telegram-based game, Hamster Kombat, will start incorporating NFTs as in-game assets by November. This integration showcases firm’s broader strategy to enhance interactive and monetary features, making the platform a more comprehensive space for digital exchange and gaming.
Market Trends Show Decline Amid Innovations
Despite these innovative strides, the NFT market itself has seen a downturn. This September, NFT sales plummeted to their lowest since January 2021, with a total sales volume of just $296 million. This figure marks an 81% decline from the peak seen in March. Additionally, transaction numbers have also fallen significantly, dropping 32% from August, with only 4.9 million transactions recorded.
This decrease highlights the volatile nature of the digital collectibles market, even as platforms like Telegram continue to develop and integrate NFT technology. Whether these new features on the messaging platform can revive the NFT marketplace remains to be seen. However, the ongoing commitment to expand digital services suggests a robust plan to keep users engaged, regardless of broader market challenges.
