NFT Conversion Feature Coming to Telegram’s New Gifts Initiative

Telegram's CEO recently hinted at a new feature allowing non-fungible token (NFT) conversions, coinciding with the launch of the platform’s new Gifts feature.

Gifts consist of animated images that users can display on their profiles or convert into the platform’s in-app currency, Stars.

On October 5, Telegram introduced Gifts, enabling users to send personalized messages and animated art to their contacts. Recipients can showcase these gifts on a dedicated Gifts tab on their profiles and choose to convert them into Stars, a currency launched by Telegram on June 6 to facilitate payments for digital services and support creators.

While discussing the Gifts feature, Pavel Durov revealed in a Telegram post that some of these animated artworks will soon be convertible into NFTs. He mentioned, “Some gifts are in limited supply. Later this year, we’ll introduce the ability to convert these limited-edition gifts into TON-based NFTs.” Once transformed into blockchain-based collectibles, these exclusive Gifts can be traded or auctioned outside of Telegram, with ownership tracked on the blockchain.

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In addition to Telegram’s plans, the popular Telegram-based Web3 game Hamster Kombat announced earlier its intention to integrate NFTs as in-game assets in November.

However, despite this enthusiasm for NFT support within Telegram, the broader NFT market is experiencing a downturn, having recorded its lowest sales volume since 2021. September saw NFT sales plummet to $296 million, marking an 81% decrease from the peak month of March this year. Moreover, NFT transactions dropped by 32% month-over-month, falling from 7.3 million in August to just 4.9 million in September.

Alexander Stefanov