Telegram CEO Pavel Durov Teases Upcoming NFT-Related Feature: Everything to Know

Telegram recently introduced "Stars," an in-app currency that users can spend on mini-app services and to support creators.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 7 October 2024 16:27 IST

Telegram CEO Pavel Durov Teases Upcoming NFT-Related Feature: Everything to Know

Photo Credit: Reuters

Telegram's Mini Apps marketplace brings Web3 games to users

Highlights

Telegram has been taking several pro-Web3 steps in recent months
Telegram’s Mini Apps marketplace is hosting games with crypto, NFT elemen
The messaging app is likely to continue its experiments with Web3

Telegram has been no stranger to controversy, from the arrest of its CEO, Pavel Durov, in August, to recent policy changes affecting global users. Now, the messaging platform is making headlines again by hinting at an upcoming NFT-focused feature, despite 96 percent of existing NFTs being considered inactive. While the launch timeline remains uncertain, this feature will be tied to Telegram's new "Gifts" service, which allows users to send and receive animated images and personalized messages as celebratory stickers.

How are Gifts Related to NFTs

As per Durov, Telegram will soon deploy the ability to convert limited edition Gifts into NFTs. These digital collectibles will be based on Durov-backed TON blockchain.

“Users will then be able to auction and trade these tokenised gifts outside Telegram, with ownership recorded on the blockchain,” a post on Durov's channel read. In addition, receivers of Gifts on Telegram will be allowed to display them on their profiles as well.

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he rollout of this feature, expected "later this year," could position Telegram as the first global messaging app to integrate NFTs into its core functionality. Competing platforms like WhatsApp and Instagram have yet to introduce key features related to virtual assets, leaving their users exposed to the financial risks of Web3's volatility.

NFTs, or non-fungible tokens, are digital collectibles created on blockchain networks. These tokens can be based on a wide range of inspirations, including cartoon characters, music, art, animals, and games. Often, NFTs come with underlying monetary value, rewards, and exclusive privileges for their holders.

It is to be noted that 96 percent of NFTs currently have zero trading volume, low sales, and no activity on social media. A recent report by NFTEvening said that the average lifespan of an NFT is now 1.14 years, which is 2.5 times shorter than the average lifespan of traditional crypto projects.

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Telegram's Experiments with Web3

Earlier this year, Telegram launched an in-app store for games known as Mini Apps. Many popular games within the Telegram Mini Apps feature digital assets such as cryptocurrency and NFTs as integral components of their ecosystems.

In late September, Telegram-hosted game Hamster Kombat said that it will be introducing NFT mechanics into its game ecosystem by December 2024.

The messaging app, under Durov's leadership, also recently served as a launchpad for ‘Dogs Coin' -- a memecoin that generated quite the buzz on social media in August this year. Between July and August this year, the Dogs ecosysem had managed to amass over 3.19 million community members. As of Monday, October 7 – Dogs Coin is trading at $0.0007346 (roughly Rs. 0.062), showed CoinGape.

“Telegram Mini Apps is an open platform for businesses to build and deploy crypto-friendly apps and games. It supports integrated crypto and fiat payments (via Google Pay and Apple Pay). TON projects have exclusive access to Telegram ads and can kickstart a performance marketing campaign with Telegram Ads to effectively acquire more users,” the website of the Ton blockchain explains, indicating that Telegram is likely to continue its support for Web3 games, features, and services.

In an official blog post, Telegram said that the animated images and customised messages part of the Gifts feature can be converted into ‘Stars'. Telegram now states that Stars will serve as in-app currency that can be used to buy mini apps services and support creators.

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Further reading: Cryptocurrency, NFTs, Telegram, Apps, Web3, Crypto

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More