Telegram Aims to Revolutionize NFTs with Upcoming Feature

In a move that could shake up the digital collectibles landscape, Telegram, the popular messaging platform, is planning to introduce a new feature that allows users to convert limited edition Gifts into NFTs (non-fungible tokens). This feature, tied to Telegram’s new "Gifts" service, will enable users to send and receive animated images and personalized messages as celebratory stickers. According to Pavel Durov, Telegram’s CEO, the platform will soon deploy the ability to convert these Gifts into NFTs, which will be based on the Durov-backed TON blockchain.

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. This move comes as a surprise, given that 96 percent of existing NFTs are considered inactive, with low trading volume and no activity on social media. However, Telegram’s decision to enter the NFT space may pay off, as the platform is likely to attract users who are interested in exploring the potential of digital collectibles.

The feature will allow users to auction and trade these tokenized Gifts outside of Telegram, with ownership recorded on the blockchain. Receivers of Gifts on Telegram will also be able to display them on their profiles. This could lead to a new era of digital collectibles, where users can buy, sell, and trade unique digital items.

Telegram’s foray into NFTs is not a new development. The platform has been experimenting with Web3 technologies, including the launch of an in-app store for games known as Mini Apps. Many popular games within the Telegram Mini Apps feature digital assets such as cryptocurrency and NFTs as integral components of their ecosystems.

In addition, Telegram has recently served as a launchpad for ‘Dogs Coin’, a memecoin that generated significant buzz on social media in August. The platform has also been exploring other Web3 projects, including the introduction of NFT mechanics into its game ecosystem by December 2024.

The move by Telegram to integrate NFTs into its platform is likely to be a significant development in the world of digital collectibles. With its large user base and existing infrastructure, Telegram is well-positioned to become a major player in the NFT space. As the platform continues to experiment with Web3 technologies, it will be interesting to see how users respond to this new feature and whether it will lead to a surge in NFT adoption.