Telegram CEO Pavel Durov teased an upcoming non-fungible token (NFT) conversion feature amid the launch of the social platform’s Gifts, animated images that can be displayed on a profile or converted into the social platform’s in-app currency called Stars.
On Oct. 5, the instant messaging platform revealed Gifts, which can be used to congratulate Telegram contacts with custom messages and animated artwork.
Telegram allows users to send animated Gifts to their contacts. Source: Telegram
According to Telegram, users who receive gifts can display them on the Gifts tab on their profiles. They also have the option to convert the gift into Stars.
On June 6, the social networking platform launched the in-app currency, Stars. The feature allows Mini Apps on the platform to accept payments for digital services. Telegram also highlighted that Stars can be used to support creators.
Telegram to enable NFT conversion for Gifts
Amid the launch of Gifts, Durov said in his Telegram channel that the animated artwork will support NFT conversions soon. The executive noted that holders will have the ability to convert some Gifts into NFTs. He explained:
“Some gifts are in limited supply. Later this year, we’ll introduce the ability to convert these limited-edition gifts into TON-based NFTs.”
After being converted into blockchain-based digital collectibles, the limited-edition Gifts can be used outside of Telegram. “Users will then be able to auction and trade these tokenized gifts outside Telegram, with ownership recorded on the blockchain,” Durov added.
Apart from Telegram itself, the popular Telegram-based Web3 game Hamster Kombat also expressed earlier that it would add support for NFTs. On Sept. 25, the viral clicker game said it would integrate NFTs as in-game assets in November.
Related: Telegram users report massive outages on messenger app
Telegram’s support for NFTs comes amid a sales decline for collectibles
While the Telegram ecosystem seems keen on supporting NFTs, the broader market reached its lowest sales volume record since 2021.
In September, NFTs recorded a monthly sales volume of $296 million, its lowest record since January 2021. The figure represents an 81% drop from March, the space’s strongest month this year.
In addition to declining sales volumes, NFT transactions decreased by 32% month-on-month. Transactions involving digital collectibles went from 7.3 million in August to only 4.9 million in September.
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