According to recentstatementsfrom Telegram CEO Pavel Durov, the messaging service is gearing up to expand its blockchain capabilities with a new non-fungible token (NFT) feature. This is after the platform released its âGiftsâ feature, which lets users send animated images within a custom message to their contact on October 5. These Gifts can be displayed on your userâs profile page or have them converted in the platformâs in-app currency, Star.
Gifts introduces some new interactivity, on top of the social features that platform has. Introduced earlier this year in June, users who receive Gifts are now able to share them on their profile or convert them into Stars. Already, stars are also being used for initiating payments on Mini Apps within Telegram and supporting creators.
Together with Durovâsannouncementthat some limited-edition Gifts will soon be able to be converted into NFTs, this new feature stands out. On his official Telegram channel, he revealed this plan and explained that later this year, users will be able to turn some limited supply Gifts into NFTs on theTON blockchain.
This is further evidence of Telegramâs ongoing work to reach integrate blockchain into its ecosystem by providing uniques ways how user can interact and monetize digital content. Converted into NFTs, these Gifts are then tradeable outside ofTelegram, creating a significant step toward fully integrating platfrorm into the Web3 space.
NFTs are going through a rough period in the wider market, and issuing tokens onto the blockchain rather than creating them on the network using the systemâs native token is not a bad option. The NFT market saw itslowest monthly sales volume since January 2021 in September 2023 with $296 million.
This has been an 81% fall from March 2023, when the market saw its most positive performance of the year. The market was also struggling with the number of transactions involving NFTs falling from August to September by 32%.
The new push from Telegram while the broader market tanked proves that it has faith in the future of NFTs. Furthermore, NFT technology is increasingly being adopted by the companyâs digital ownership and decentralized economy.
https://www.tronweekly.com/telegram-prepares-to-introduce-nft-conversion/