The messaging platform Telegram announces it will introduce a new feature allowing users to convert animated Gifts to NFTs. In his Telegram channel, CEO Pavel Durov announced the upcoming feature ‘later this year.’
On October 5, when the new Telegram’s ‘Gifts’ feature was officially launched, the company announced that. This feature lets users send animated images and messages to contacts that can then appear on their profile under a Gifts tab, with Gifts that can be swapped to the platform’s in-app currency, Stars, in most cases.
Stars, introduced in June to be a key part of Telegram’s digital ecosystem, enable Mini Apps to accept payments for digital services. Users can also use the currency to support content creators. Additionally, the platform’s in-app economy gains additional utility with the ability to convert Stars into Gifts.
Telegram Expands Into NFTs Amid Web3 Growth And Market Volatility
According to Durov, some of these animated Gifts will soon be converted into NFTs, tokenized, and recorded on the blockchain. After conversion, the limited-edition digital collectibles can be auctioned or traded outside Telegram.
Some gifts are in limited supply. Later this year, we’ll introduce the ability to convert these limited-edition gifts into TON-based NFTs.
Durov explained that users would then be able to auction and trade these tokenized gifts outside of Telegram, with ownership recorded on the blockchain.
Backing NFTs is in line with Web3’s growth on the platform. For instance, the widely popular Telegram-based Web3 game Hamster Kombat told fans it’s planning to add NFTs as in-game assets by November, solidifying Telegram’s presence in the NFT and blockchain space.
Though Telegram pushed for NFT integration, the broader NFT market has remained volatile. According to September data, monthly NFT sales volumes fell to $296 million, the lowest since January 2021, an 81 percent decrease from peak volumes at $1.5 billion in March.
The second was that NFT transactions declined sharply from 7.3 million in August to 4.9 million in September, a 32% decline.
Telegrams progressed deeper into NFTs and how they will generally affect the market. Yet the variating market might open new avenues for its users and creators, thanks to the platform’s attempt to tokenize digital assets and support NFT technology.
