Telegram CEO Pavel Durov Announces Plans to Integrate NFT Feature on the TON Blockchain

According to recent statements from Telegram CEO Pavel Durov, the messaging service is gearing up to expand its blockchain capabilities with a new non-fungible token (NFT) feature.

Messaging service Telegram is set to expand its blockchain capabilities with a new non-fungible token (NFT) feature, according to recent statements from Telegram CEO Pavel Durov. This comes after the platform released its “Gifts” feature on October 5, which allows users to send animated images within a custom message to their contacts on the platform. These Gifts can then be displayed on the user's profile page or converted into the platform's in-app currency, Stars.

These Gifts, in addition to the social features that the platform already has, introduce a new level of interactivity. Users who receive Gifts, which were first introduced in June of this year, can now share them on their profiles or convert them into Stars. Stars are already used to pay for Mini Apps within Telegram and to support creators.

NFT Integration on Telegram

This new feature is highlighted by Durov's announcement that some limited-edition Gifts will soon be able to be converted into NFTs. He revealed this plan on his official Telegram channel, stating that later this year, users will be able to mint some limited supply Gifts as NFTs on the TON blockchain.

This further demonstrates Telegram's efforts to integrate blockchain into its ecosystem by offering unique ways for users to interact with and monetize digital content. These Gifts, when converted into NFTs, can then be traded outside of Telegram, marking a significant step toward fully integrating the platform into the Web3 space.

NFT Market Struggles

In the broader market, NFTs are facing a difficult period, and issuing tokens onto the blockchain rather than creating them on the network using the system's native token is not a bad option. In September 2023, the NFT market experienced its lowest monthly sales volume since January 2021, with $296 million.

This represents an 81% decrease from March 2023, when the market saw its strongest performance of the year. The market also saw a decrease in the number of transactions involving NFTs, which fell from August to September by 32%.

This new push from Telegram, despite the broader market downturn, highlights its belief in the future of NFTs and the adoption of the technology by the company's digital ownership and decentralized economy.