The Gifts feature allows users to send personalized messages with animated images to congratulate friends. These animated images can appear on their profiles or be converted into an in-app currency called Stars.
According to Telegram, users can display gifts in the Gifts section of their profiles or convert them into Stars, an in-app currency. Launched on June 6, Stars allows Mini Apps on Telegram to accept payments for digital services and can be used to support content creators on the platform.
Telegram Enables NFT Conversions for Gifts
During the launch of the Gifts feature, CEO Pavel Durov revealed that some of the animated artworks will be able to be converted into NFTs. These limited-edition gifts are expected to be converted into NFTs on the TON blockchain later this year.
After conversion, the gifts will be available for auction and trading outside of Telegram, with ownership recorded on the blockchain. Additionally, the Telegram-based Web3 game Hamster Kombat will integrate NFTs as in-game assets in November 2024.
Telegram’s NFT support comes amid a decline in digital collectibles sales
While Telegram is moving toward supporting NFTs, the NFT market is currently experiencing a sharp decline in sales. In September, NFT revenue reached just $296 million, down 81% from its peak in March. The number of NFT transactions also dropped significantly, down 32% month-on-month, from 7.3 million transactions in August to 4.9 million in September.
