Pavel Durov spoke of implementing an NFT feature to Telegram Gifts, enabling users to take limited collections on-chain.
Global messaging platform Telegram will bring a feature to convert Gifts into non-fungible tokens (NFTs) “later this year,” according to its CEO Pavel Durov. Gifts is the platform’s latest feature, enabling users to, for lack of a better word, gift each other animated images and custom messages. These images have already come with the ability to be converted into Stars–an in-app currency Telegram released a few months ago.
Beyond turning them into Stars, recipients of Gifts can display the images on their profiles in the ‘Gifts’ tab. Gifts can be sent to congratulate other users, celebrate holidays, and more.
Telegram launched Stars on June 6 to facilitate digital payments within the app for the exchanges of goods and services. Its introduction also aims to create a reward mechanism for content creators on the platform.
With the launch of its latest feature, Gifts, Pavel mentioned that Gifts that would be issued in limited quantities can be turned into NFTs. The exclusivity of the items can thus be monetized via tokenization. These NFTs will live on the Telegram-created TON blockchain. “Users will then be able to auction and trade these tokenized gifts outside Telegram, with ownership recorded on the blockchain,” Pavel mentioned.
NFTs are taking center place in the Telegram and TON ecosystem, as Telegram-offered and TON-deployed play-to-earn (P2E) game Hamster Kombat also announced its plans to integrate NFTs. They will act as in-game assets to further drive monetization and will be launched in November.
The NFT Market Continues to Take a Hit
As NFTs are still being pushed in the Telegram ecosystem, the larger NFT market looks grim. NFT volumes have hit the biggest lows the once-raging blockchain niche has witnessed. This asset type was one of the biggest, if not the biggest, narratives of the previous bull run. Now, it is a shell of its former self.
The NFT market dropped to exhibit the lowest volumes this year in August, observing sales of only $374 million. September’s sales were even worse, amounting to just $296 million. Many attribute the declining sales to users turning their attention to memecoins, with the latter being one of this year’s hottest crypto narratives. Beyond that, the declining action can also indicate a market correction, as investors shift their focus to betting prudently instead of putting their money into assets like NFTs.
