Telegram Launches Gifts Feature with NFT and Blockchain Support

• Telegram users will soon be able to convert limited-edition gifts into NFTs via the TON blockchain for trading outside the app.
• Telegram’s new “Gifts” feature allows users to display or sell virtual presents, enhancing its in-app digital economy.

Telegram has added a new feature called “Gifts,” which lets users send animated images as virtual gifts. Apart from mere signs of gratitude, these presents can be shown on profiles of recipients or sold for Stars, an in-app money on Telegram.

This feature distinguishes itself because of its possibility for creating digital assets. Pavel Durov, CEO of Telegram, recently revealed that users would be able to trade or auction limited-edition presents outside the app by converting limited-edition gifts into NFTs on the TON blockchain later this year. This action reveals Telegram’s ongoing attempt to include blockchain technology into its ecosystem.

Telegram’s Gifts Feature Offers Collectible Assets with NFT Conversion Coming Soon 

Starting on October 5, the Gifts feature has attracted instant interest because of its collectability and potential for monetizing. Stars inside the app earlier this year, which may be utilized for digital services and to help authors, gives Telegram’s expanding in-app economy still another layer, according to CNF.

Giving gifts to friends is now possible for Telegram users, who also benefit from having those presents become tradable assets, therefore matching the platform with present trends in digital asset trading.

Though it is not yet active, the NFT conversion tool will open later this year, allowing customers to create blockchain-recorded NFTs from their limited-edition presents.

Source: Telegram

A secondary market created by the ability to auction and trade these NFTs outside of Telegram lets users engage with their gifts in a more dynamic manner. This function increases value and rarity since some presents will be more sought for depending on their limited availability.

With sales down to their lowest since 2021, the NFT market itself has been in a downturn. Innovations like Telegram’s NFT integration might revitalize the industry even with this slump. Telegram is positioned as a leader in social media platforms using blockchain technology by combining digital valuables with the TON blockchain.

On the other hand, CNF has revealed that Toncoin, the native cryptocurrency of the TON blockchain, is encouraging crypto aficionados to participate in its Earn Quest Notcoin program via The Open League Quest, therefore providing an opportunity to earn a share of $40,000 in NOT coins. Combining incentives with entertainment, this campaign seeks to involve the crypto community even more.

Meanwhile, TON is trading at roughly $5.35 at the time of writing, a 2.53% rise over the last 24 hours. Its daily trading volume also jumped by more than 20%, coming to $177.43 million.