Telegram is no stranger to controversy, from the arrest of its CEO Pavel Durov in August to recent policy changes affecting global users. Now, the messaging platform is making headlines again by hinting at an upcoming NFT-focused feature, despite 96 percent of existing NFTs being considered dormant. While the launch timeline remains uncertain, the feature will be linked to Telegram’s new “Gifts” service, which allows users to send and receive animated images and personalized messages as celebratory stickers.
How gifts are related to NFTs
According to Durov, Telegram will soon implement the ability to convert limited edition gifts into NFTs. These digital collectibles will be based on the TON blockchain supported by Durov.
“Users will then be able to auction and trade these tokenized gifts outside of Telegram, with ownership recorded on the blockchain,” reads a post on Durov’s channel. Additionally, recipients of Gifts on Telegram will be allowed to display them on their profiles as well.
The rollout of the feature, expected “later this year,” could position Telegram as the first global messaging app to integrate NFTs into its core functionality. Competing platforms such as WhatsApp and Instagram have yet to introduce key features related to virtual assets, leaving their users exposed to the financial risks of Web3 volatility.
NFTs or non-fungible tokens are digital collectibles created on blockchain networks. These tokens can be based on a wide range of inspirations, including cartoon characters, music, art, animals and games. NFTs often come with an underlying monetary value, rewards and exclusive privileges for their holders.
It should be noted that 96 percent of NFTs currently have zero trading volume, low sales and no social media activity. A recent NFTEvening report says that the average lifetime of NFTs is now 1.14 years, which is 2.5 times shorter than the average lifetime of traditional crypto projects.
Telegram experiments with Web3
Earlier this year, Telegram launched an in-app store for games known as Mini Apps. Many popular games within Telegram Mini Apps feature digital assets such as cryptocurrency and NFT as integral components of their ecosystems.
In late September, Telegram’s Hamster Kombat game said it would introduce NFT mechanics to its gaming ecosystem by December 2024.
The messaging app, under Durov’s leadership, also recently served as the launch pad for ‘Dogs Coin’ — a memecoin that created a lot of buzz on social media in August this year. Between July and August this year, the dog ecosystem managed to gather over 3.19 million community members. As of Monday, October 7th – Dogs Coin is trading at $0.0007346 (roughly Rs.0.062), CoinGape showed.
“Telegram Mini Apps is an open platform for companies to create and implement applications and games that are adapted to cryptography. Supports integrated crypto and fiat payments (via Google Pay and Apple Pay). TON projects have exclusive access to Telegram ads and can launch an efficiency marketing campaign with Telegram ads to effectively gain more users,” the Ton blockchain website explains, indicating that Telegram is likely to continue its support for Web3 games, features and services.
In an official blog post, Telegram said animated images and custom messages as part of the Gifts feature can be turned into ‘Stars’. Telegram now states that Stars will serve as an in-app currency that can be used to purchase mini-app services and support creators.
