Telegram CEO Pavel Durov teases upcoming NFT-related feature: details
Telegram is no stranger to controversy, from the arrest of its CEO, Pavel Durov, in August, to recent policy changes impacting global users. Now the messaging platform is making headlines again by hinting at an upcoming NFT-focused feature, despite 96 percent of existing NFTs being considered inactive. While the launch timeline remains uncertain, this feature will be tied to Telegram’s new “Gifts” service, which will allow users to send and receive animated images and personalized messages as festive stickers.
How are gifts related to NFTs?
According to Durov, Telegram will soon deploy the ability to convert limited edition gifts into NFTs. These digital collectibles will be based on the Durov-backed TON blockchain.
“Users will then be able to auction and trade these tokenized gifts outside of Telegram, with ownership recorded on the blockchain,” a spokesperson said. after read on Durov’s channel. In addition, recipients of gifts on Telegram are also allowed to display them on their profile.
The rollout of this feature, expected “later this year,” could position Telegram as the first global messaging app to integrate NFTs into its core functionality. Competing platforms such as WhatsApp and Instagram have yet to introduce key features related to virtual assets, exposing their users to the financial risks of Web3’s volatility.
NFTs, or non-fungible tokens, are digital collectibles created on blockchain networks. These tokens can be based on a wide range of inspirations, including cartoon characters, music, art, animals and games. Often, NFTs come with an underlying monetary value, rewards, and exclusive privileges for their holders.
It should be noted that 96 percent of NFTs currently have no trading volume, low sales, and no social media activity. A recent report from NFTEvening said that the average lifespan of an NFT is now 1.14 years, which is 2.5 times shorter than the average lifespan of traditional crypto projects.
Telegram’s experiments with Web3
Earlier this year, Telegram launched an in-app store for games known as Mini Apps. Many popular games within the Telegram Mini Apps include digital assets such as cryptocurrency and NFTs as integral components of their ecosystems.
At the end of September, the Telegram-hosted game became Hamster Kombat said that it will introduce NFT mechanics into its gaming ecosystem by December 2024.
The messaging app, led by Durov, also recently served as a launchpad for ‘Dogs Coin’ – a memecoin that made waves on social media in August this year. Between July and August this year, the Dogs ecosystem managed to amass over 3.19 million community members. As of Monday, October 7, Dogs Coin is trading at $0.0007346 (approximately Rs. 0.062), it showed CoinGape.
“Telegram Mini Apps is an open platform on which companies can build and deploy crypto-friendly apps and games. It supports integrated crypto and fiat payments (via Google Pay and Apple Pay). TON projects have exclusive access to Telegram ads and can initiate a performance marketing campaign with Telegram ads to effectively acquire more users,” the Ton blockchain website explains, indicating that Telegram will likely increase its support for Web3 games , functions and services will continue. .
With an official blog postTelegram said the animated images and custom messages that are part of the Gifts feature can be turned into ‘Stars’. Telegram now states that stars will serve as in-app currency that can be used to purchase mini-app services and support creators.
