Telegram CEO Pavel Durov recently teased users with a new feature called “Gifts,” which will allow users to exchange gifts in the form of non-fungible tokens (NFTs).
The Gifts feature enables users to send animated images accompanied by personalized messages to their contacts. These gifts can be displayed on the recipient’s profile or converted into Stars, Telegram’s special currency.
“Gifts are a great way to congratulate your loved ones on special moments. The recipient can choose to display them on their profile or sell them to earn Stars,” Durov wrote in a post on his personal Telegram channel on Sunday (October 6, 2024).
NFT Conversion Capability
Durov noted that some gifts will be available in limited quantities. Following the launch of the Gifts feature, he mentioned that two types of limited-edition gifts, including 500,000 lollipops and 100,000 cherry blossoms, sold out quickly.
Additionally, Durov announced that by the end of this year, Telegram will introduce the ability to convert these limited-edition gifts into NFTs based on The Open Network (TON) blockchain. This feature will allow users to auction and trade these NFTs outside the Telegram platform, with ownership securely documented on the blockchain.
This feature update comes amid a decline in interest in NFTs. Data from Cryptoslam shows that total NFT sales have been steadily dropping since early 2024, falling from $1.2 billion in January to just $303 million in September, reaching the lowest point since 2021. NFT transactions have also decreased by 34% month-on-month, from 7.3 million in August to 5 million in November.
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