Getgems bets on Telegram to boost NFT adoption in 2025
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.
Betting on Telegram’s 950 million users and focusing on utility
The Getgems team places its hope on Telegram and its large user base. In September, Telegram CEO Pavel Durov reported that the platform reached 950 million monthly active users. A Getgems spokesperson told 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, 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.”
Telegram Gifts reach the TON blockchain
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.
Telegram Gifts demonstration. Source: Pavel Durov
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. The team said the NFTs are designed to “be more accessible and appealing to a wider audience.”
Getgems said that even before the NFTs went onchain, their pre-mint trading volume reached $1 million and achieved a market capitalization of $10 million.
