On October 5th, Telegram introduced a new feature called “Gifts” that allows users to send each other animated images of appreciation. Now, the CEO of the company has announced that users will be able to turn those images into non-fungible tokens, moving the platform further into the world of Web3.
According to reports, the Gifts-turned-to-NFTs will be stored on the TON blockchain, a L1 blockchain that the co-founder of Telegram created. Users will be able to take the NFTs off the Telegram platform and trade and auction them like any other non-fungible token. Although the announcement didn’t give a specific date for the launch of the new feature, Pavel Durov, the CEO of Telegram, said it would be available by the end of this year.
In the meantime, users can convert their Gifts into “Stars,” which is the Telegram in-app currency. Some of the Gifts will be limited edition, which will give the later NFTs a component of rarity, possibly making them more valuable. It is a step in the direction of a full-fledged crypto economy. The TON blockchain already has a native coin, which is No. 11 in all coins by market capitalization.
Telegram has become home to a new wave of crypto games, including Hamster Kombat, which reached over 100 million users who were searching for a slice of an airdrop. These games, which some call tap-to-earn, have entranced the crypto community and received backing from some high-profile names, including Animoca Brands’ Yat Sui.
This new move may introduce NFTs to a larger audience as well. According to company reports, Telegram has 950 million monthly active users, and according to Durov, 2.5 million people sign-up for the app each day. In a somewhat tepid NFT market, this could be a good thing.
Telegram Goes Web3
Although the Gifts-to-NFTs feature is exciting news for Telegram enthusiasts, perhaps it should come as no surprise: Telegram has been bullish on Web3 tech for some time. It started exploring the idea of creating a blockchain for its platform in 2017-2018 and has since begun to develop an ecosystem, one that marries crypto with the popular messaging platform.
And that meshing has started to heat up even more the last couple of years. Here are some of the stories we’ve covered about it and Web3, from mini-apps to partnerships:
- TON Ventures invested in Gamee for Telegram mini-apps
- Pixelverse added a Pudgy Penguin character to its Telegram game
- Telegram announced a new self-custodial crypto wallet
- The Telegram co-founder proposed using NFT contracts to sell usernames
- X Empire, a game on Telegram, allowed pre-market trading of airdrop through NFTs
As these stories show, Telegram and its related companies have been busy in Web3. The ecosystem on the platform has been gaining strength and making waves, sparking innovation and bringing more users into the fold. Along with that has come enthusiasm, and in this bull market, that’s a good thing.