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Getgems Bets on Telegram for NFT Growth

Getgems Bets on Telegram for NFT Growth

Getgems bets on Telegram’s 950M users and TON blockchain to drive NFT adoption, focusing on utility-based digital collectibles despite a tough year for NFTs.

Even though 2024 was a challenging year for non-fungible tokens (NFTs), Getgems, a marketplace built on the Open Network (TON), is hopeful that the instant messaging app Telegram will help NFTs gain more traction.

DappRadar, a blockchain analytics tool, declared on January 15 that 2024 would be among the worst years for NFTs since 2020. According to the analytics platform, sales and trade volumes of digital collectibles fell by over 20%.

The downturn affected NFT platforms; MakersPlace and other initiatives ceased. On January 15, the NFT marketplace shut down, stating “continuing market challenges.”

However, some developers and businesses, like Getgems, are placing bets on the long-term usefulness of NFTs. Getgems sees an opportunity in Telegram’s user base and tools.

Getgems Bets on Telegram’s 950 million users while emphasizing its usefulness

Telegram and its substantial user base are the source of hope for the Getgems team. Telegram CEO Pavel Durov announced in September that there were 950 million monthly active users on the network. A representative for Getgems said:

“While NFTs might have had a big moment in the past, they have never had the capacity for a seamless connection with mass users like Telegram has.”

Getgems clarified that Telegram is not releasing NFTs for gambling or volume. According to the spokesman, the platform prioritizes usefulness. For example, anonymous Telegram numbers stand in for accounts, while Telegram usernames grant ownership rights for digital identities.

Getgems data indicates that usernames have created 72 million Toncoin.

TON$ 4.94, whereas 24 million TON were attributed to Anonymous Numbers. The combined volume of the two NFT collections, with TON trading at about $5, is over $480 million.

Getgems thinks Telegram-based NFTs’ utility and demand “have already been proven.”

The TON blockchain is reached with Telegram gifts.

Telegram unveiled Gifts, animated pictures that can be used to congratulate contacts with personalized messages, on October 5, 2024. The messaging app stated that Gifts would contain a function enabling users to convert them into NFTs at the time of introduction.

Telegram Gifts have become popular since their launch; according to Durov, users have amassed over 20 million Gifts.

Telegram Gifts demonstration. Source: Pavel Durov
Telegram Gifts demonstration. Source: Pavel Durov

Telegram started incorporating Gifts into the TON blockchain on January 22. The Getgems marketplace is still optimistic about the increased uptake of Telegram’s new onchain NFTs. The NFTs are intended to “be more accessible and appealing to a wider audience,” according to the researchers.

According to Getgems, the NFTs had a market capitalization of $10 million and a pre-mint trade volume of $1 million before they went onchain.

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