Telegram CEO Pavel Durov recently unveiled an exciting new feature that allows users to convert limited-edition gifts into NFTs, giving the messaging platform a unique twist in the world of digital assets. This announcement comes at a time when the NFT market is facing a decline, with sales in September 2024 hitting a low of $296 million, down from previous months. Despite the downturn, Telegram is pushing forward with its NFT plans, aiming to offer users a fresh way to engage with their digital content.

How It Works: From Gifts to NFTs

On October 5, Telegram introduced “Gifts,” a new feature that lets users send virtual tokens like lollipops and cherry blossoms to celebrate important events with their friends. These gifts, which recipients can display on their profiles, are tied to Telegram’s in-app currency, Stars, allowing users to exchange or sell them for various digital services.

Some of these gifts are limited in supply, adding an element of rarity. Later this year, Telegram will roll out the option to convert these limited-edition gifts into NFTs based on the TON (Telegram Open Network) blockchain. Once converted, users can auction or trade these NFTs outside of Telegram, with all transactions securely recorded on the blockchain.

Limited-Edition Gifts Selling Fast

In his announcement, Durov highlighted the surprising speed at which the first batch of limited-edition gifts sold out. Within just a few hours of launch, all 500,000 virtual lollipops and 100,000 cherry blossoms were snapped up. The demand exceeded expectations, and Telegram is now working on updates to manage sold-out items more efficiently.

To gauge interest, Durov also created a poll asking whether more limited-edition gifts should be released. Over 33,000 users voted “yes,” signaling strong support for this new feature.

Why Telegram’s NFT Move Matters

While the broader NFT market may be cooling off, Telegram’s entry into the space offers a new use case for NFTs—one that blends social engagement with blockchain technology. By allowing users to convert digital gifts into NFTs, Telegram is creating a marketplace where digital memories and celebrations can hold real-world value.

This move also comes as other NFT platforms, such as OpenSea, face regulatory challenges from the U.S. Securities and Exchange Commission (SEC). With Telegram embracing blockchain-based gifts, the messaging platform could carve out a niche in the evolving NFT landscape.

As Telegram continues to experiment with NFTs, users can expect more limited-edition digital items and an evolving marketplace where digital gifts become assets that can be bought, sold, and traded. For now, the messaging app is focused on refining its new feature, ensuring a smooth experience for users eager to turn their virtual presents into blockchain-based collectibles.