As a seasoned researcher who has been observing the evolving digital landscape for years, I am thrilled to see Telegram taking its first major step into the NFT space. With my background steeped in both technology and art, I find this move by Telegram particularly intriguing.
As an analyst, I’m excited to share that I am part of the team announcing a significant stride for Telegram in the Non-Fungible Token (NFT) realm. We are developing a new feature that enables users to transform their digital Gifts into blockchain-based assets. Our visionary CEO, Pavel Durov, has confirmed this NFT conversion option will debut by the end of 2024, marking an extension of Telegram’s exploration into Web3 technologies and the concept of digital ownership.
Durov revealed on his Telegram channel that he’s considering transforming a select number of special edition presents into Non-Fungible Tokens (NFTs) tied to the Ton blockchain.
On October 5, 2024, we rolled out the new “Gifts” function, enabling users to share animated digital artworks accompanied by custom messages to their contacts. These presents can be showcased on a user’s profile and traded for “Stars,” an internal currency introduced earlier this year that facilitates transactions with creators and various digital services within Telegram.
In an innovative move, Telegram enables select gifts to be transformed into Non-Fungible Tokens (NFTs). This means that some exclusive gifts on Telegram can be converted into NFTs, utilizing the TON blockchain as their power source.
After being broken down into individual units (tokenization), these digital assets can now be bought, sold, or bid upon beyond the boundaries of Telegram, with their ownership details safely stored on the TON blockchain. This connection paves the way for users to explore and interact more extensively with blockchain technology and the wider Web3 environment.
Despite the current market slump for Non-Fungible Tokens (NFTs), with sales dropping to $296 million in September 2024 – their lowest since January 2021, Telegram remains hopeful about the future. Additionally, Telegram’s ecosystem is growing beyond just NFTs, as it delves into other blockchain projects, such as integrating with games like “Hamster Kombat”, a Web3 game set to introduce NFTs as in-game assets starting from November.
In the pipeline, Telegram is set to introduce NFT conversions within its Gifts feature, expanding its reach into the Web3 domain. This upcoming NFT launch will pave the way for a fresh type of digital ownership, enabling users not only to exchange digital art but also to tokenize and trade it. This innovative fusion of social networking and blockchain technology offers a distinctive experience.
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2024-10-07 14:29