With Telegram, users will be able to turn limited-edition presents into non-fungible tokens (NFTs) and sell them at auction in a secondary market. This next feature, which will enable specific presents within the app to be converted into blockchain-based NFTs, was announced by Pavel Durov, the CEO of the platform.
Enhanced Features for Telegram Presents
Durov claims that this feature will work with particular Telegram gifts. After conversion, users will be able to sell these NFTs at auction off of the Telegram network, increasing their value and utility in the burgeoning digital asset market.
The NFT Integration of Telegram in a Falling Market
The integration of NFTs by Telegram coincides with a decline in the NFT market. With only $296 million in total sales and a dramatic decline in transactions from 7.3 million in August to 4.9 million in September, September had the lowest sales volume since January 2021. In spite of its waning appeal, Telegram’s creative strategy aims to involve users in this digital movement.
The Gifts Telegram Launch
Telegram launched its Gifts function on October 5th, enabling users to send gifts to friends and family on special occasions. These presents can be sold for Stars, Telegram’s in-app currency that can be used for in-app purchases, or they can be showcased on user profiles. There is a restricted quantity of the gifts, which raises their exclusivity and worth.
Features of NFT Conversion and Auction
According to Durov, Telegram users will have the ability to exchange limited-edition presents for NFTs based on the TONNE blockchain later this year. After being tokenised, the presents can be traded and auctioned off outside of Telegram, with the ownership being safely documented on the blockchain. Users now have the chance to interact with NFTs outside of the platform’s environment.
First Success with Limited-Edition Presents
Two limited-edition gifts, 500,000 lollipops and 100,000 cherry blossoms, sold out in a matter of hours following their introduction, according to a follow-up post by Durov on October 6. The Telegram team worked on an update to better manage sold-out items in response to this unanticipated demand.
Plans for Limited-Edition Gifts in the Future
Durov asked users in a poll after the quick sell-out if Telegram should continue to issue limited-edition gifts, and more than 33,000 of them supported the concept. Telegram’s NFT products may soon expand further as a result of these comments.
Keep Up with NFT Regulatory Issues
Although Telegram focusses on NFTs, there are obstacles facing the larger NFT business, including the potential of regulation from the U.S. Securities and Exchange Commission (SEC). Prominent platforms such as OpenSea are actively interacting with the SEC, advocating for the commission to reevaluate its position regarding NFTs.
