Telegram to let Users Convert Digital Gifts into NFTs by 2024
The Gifts feature, introduced on October 5, 2024, allows users to send animated digital artworks with personalized messages to their contacts.
Telegram is taking its first major step into the NFT space with a new feature allowing users to convert digital Gifts into blockchain based assets. The platform’s CEO, Pavel Durov, confirmed that the NFT conversion option will launch by the end of 2024, further expanding Telegram’s foray into Web3 technologies and digital ownership.
Durov teased the plans of NFT conversion for limited edition gifts into Ton based NFTs on his Telegram channel.
Source: Telegram
The Gifts feature, introduced on October 5, 2024, allows users to send animated digital artworks with personalized messages to their contacts. These gifts can be displayed on a user’s profile and exchanged for Stars, an in-app currency launched earlier this year to support payments for creators and digital services on Telegram.
However, Telegram is pushing the envelope by allowing some limited-edition gifts to be converted into NFTs. Telegram users will soon have the opportunity to convert these gifts, particularly limited-edition ones, into NFTs powered by the TON blockchain.
Once tokenized, these digital collectibles can be traded or auctioned outside the Telegram platform, with ownership securely recorded on the TON blockchain. This integration opens up new opportunities for users to engage with blockchain and the broader Web3 ecosystem.
While Telegram’s adoption of NFTs comes at a time of significant market downturn, NFT sales volumes fell to $296 million in September 2024, their lowest since January 2021, the platform remains optimistic. Telegram’s ecosystem also continues to expand into other blockchain initiatives, including integrations within games like Hamster Kombat, a Web3 game that plans to introduce NFTs as in-game assets in November.
As Telegram prepares to launch NFT conversions for its Gifts feature, the messaging platform continues to build on its ambitions in the Web3 space. With the upcoming NFT rollout, Telegram is laying the groundwork for a new kind of digital ownership that allows users to not only share digital art but also tokenize and trade it, creating a unique blend of social interaction and blockchain technology.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Daily: Robinhood exec could lead SEC if Trump wins, 'Uptober' is back on track as bitcoin recovers and more
Robinhood Chief Legal Officer Dan Gallagher is emerging as a leading contender to head the SEC if Donald Trump wins the 2024 election, according to Politico.QCP Capital analysts claim “Uptober” is back on track as bitcoin recovers from last week’s volatility.Ethereum proposal EIP-7781 calls for reducing the blockchain’s slot time from 12 to 8 seconds to boost transaction throughput.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Bitcoin: Leading Analyst Unveils Key Factors to Ignite the Next Bull Cycle
Bitcoin Surges Above $64,000 – Are Bulls Taking Over?
JPMorgan analysts identify key catalysts shaping crypto's near-term outlook
JPMorgan analysts identified key catalysts likely to shape the cryptocurrency market in the coming months, including the seasonal “Uptober” trend, Federal Reserve interest rate cuts, and the Ethereum “Pectra” upgrade.However, they added that although historical trends and structural developments offer potential, the market remains sensitive to macroeconomic factors, awaiting a clearer catalyst for sustained growth.
Trending news
MoreCrypto prices
More
