Telegram to Introduce NFT Conversion for Gifts Feature by End of Year

Telegram is set to launch a feature enabling users to convert its new animated “Gifts” into NFTs by the end of 2024. These limited-edition NFTs, recorded on the TON blockchain, can be auctioned and traded outside the platform.

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Telegram is gearing up for another step into the Web3 world with the announcement of a new feature that allows users to convert its animated “Gifts” into non-fungible tokens (NFTs). CEO Pavel Durov teased the upcoming development alongside the recent launch of the platform’s new gifting feature.

Telegram’s New “Gifts” Feature

On October 5, Telegram revealed its new “Gifts” feature, which allows users to send animated images along with custom congratulatory messages to their contacts. Once received, these Gifts can be displayed on the recipient’s profile under the dedicated “Gifts” tab. Additionally, the Gifts can be converted into Telegram’s in-app currency, Stars, which was introduced in June 2024.

Stars enable users to make payments within the platform, support content creators, and transact within Mini Apps.

NFT Conversion: A Future Update

Durov announced on his Telegram channel that the platform is set to introduce NFT conversion capabilities for these Gifts later in 2024. “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 said.

Once converted, these limited-edition Gifts can be traded or auctioned outside the Telegram ecosystem, with ownership tracked on the TON blockchain. This integration will provide users the opportunity to tokenize these Gifts, making them valuable digital collectibles.

Expanding NFT Ecosystem

Telegram’s entry into the NFT space aligns with the platform’s broader ambitions to integrate more blockchain-based features. In September 2024, the Telegram-based Web3 game Hamster Kombat also announced its plans to support NFTs as in-game assets. These moves show Telegram’s commitment to integrating blockchain technology deeper into its ecosystem.

NFT Market Slowdown

Telegram’s upcoming NFT feature arrives at a time when the broader NFT market is experiencing a significant slowdown. September saw NFT sales volumes plummet to $296 million—the lowest since January 2021—and a 32% drop in transaction volumes from the previous month. Despite this decline, Telegram’s move toward NFT integration suggests confidence in the long-term potential of digital collectibles.

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