Getgems Optimistic About NFT Adoption Through Telegram

According to Cointelegraph, despite a challenging year for non-fungible tokens (NFTs) in 2024, the TON-based marketplace Getgems remains hopeful about increased adoption through the instant messaging platform Telegram. Blockchain analytics platform DappRadar labeled 2024 as one of the worst-performing years for NFTs since 2020, with trading volumes and sales counts dropping nearly 20%. This downturn has affected NFT platforms, leading to closures like that of MakersPlace on January 15, citing ongoing market challenges. Nevertheless, some developers and companies are focusing on the long-term utility of NFTs. Getgems sees potential through Telegram's extensive user base and tools. With Telegram CEO Pavel Durov reporting 950 million monthly active users in September, Getgems is optimistic about leveraging this audience. A spokesperson from Getgems highlighted that while NFTs have had significant moments in the past, they have never been seamlessly connected with mass users like Telegram can offer. The platform emphasizes utility over volume or gambling, with features like Telegram Usernames providing ownership rights for digital identities and Anonymous Telegram Numbers representing accounts. According to Getgems, Usernames have generated a total volume of 72 million Toncoin (TON), and Anonymous Numbers have accounted for 24 million TON, with TON trading at approximately $5. This results in a combined volume of roughly $480 million, demonstrating the demand and usability of Telegram-based NFTs. On October 5, 2024, Telegram introduced Gifts, animated images for congratulating contacts with custom messages, with a feature allowing users to convert them into NFTs. Since their release, Telegram Gifts have gained popularity, with over 20 million acquired by users, according to Durov. On January 22, Telegram began integrating Gifts into the TON blockchain. The Getgems marketplace remains optimistic that Telegram's new onchain NFTs will achieve greater adoption, aiming to make them more accessible and appealing to a broader audience. Even before the NFTs went onchain, their pre-mint trading volume reached $1 million, with a market capitalization of $10 million. Getgems believes that the demand and usability of Telegram-based NFTs have already been proven.