"Telegram Bets on NFTs Amidst Market Downturn, Getgems Sees Opportunity"

Despite a challenging year for non-fungible tokens (NFTs) in 2024, The Open Network (TON)-based marketplace Getgems remains optimistic about greater adoption through the instant messaging platform Telegram.

On Jan. 15, blockchain analytics platform DappRadar dubbed 2024 one of the worst-performing years for NFTs since 2020. The data platform reported that digital collectibles' trading volumes and sales counts dropped almost 20%. The downturn has impacted NFT platforms, with projects like MakersPlace shutting down. The NFT marketplace closed on Jan. 15, citing "ongoing market challenges."

Still, some developers and companies are betting on NFTs' long-term utility, including Getgems, which sees an opportunity through Telegram's user base and tools. The Getgems team places its hope on Telegram and its large user base, with a spokesperson telling Cointelegraph, "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 emphasized that Telegram is not releasing NFTs for volume or for gambling. The representative said the platform focuses on utility. For instance, Telegram Usernames provide ownership rights for digital identities, while Anonymous Telegram Numbers represent accounts. According to Getgems data, Usernames have generated a total volume of 72 million Toncoin (TON), while Anonymous Numbers accounted for 24 million TON. With TON trading at around $5, the two NFT collections have a combined volume of roughly $480 million. Getgems believes the demand and usability of Telegram-based NFTs "has already been proven."

On Oct. 5, 2024, Telegram revealed Gifts, which are animated images that can be used to congratulate contacts with custom messages. Along with its launch, the messaging platform also promised that Gifts would have a feature allowing users to convert them into NFTs. Since their release, Telegram Gifts have gained traction, with Durov stating users have acquired more than 20 million Gifts.

On Jan. 22, Telegram began integrating Gifts into the TON blockchain. The Getgems marketplace remains hopeful that Telegram's new onchain NFTs will gain greater adoption