While the NFT market faced significant hurdles in 2024, Getgems, an NFT marketplace built on The Open Network (TON), is optimistic about the future of NFTs, particularly within the Telegram ecosystem.
The company’s belief in Telegram’s potential for NFT adoption is rooted in the platform’s massive user base and its ability to offer seamless, utility-driven NFTs.
Why is Getgems Positive on Telegram NFTs?
Telegram, which reached 950 million monthly active users in September 2024, serves as a powerful foundation for Getgems’ vision. The messaging app’s widespread use presents an opportunity for NFTs to gain broader acceptance, beyond the speculative trading that has dominated the space in the past.
According to a Getgems spokesperson, “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.”
A Focus on Utility, Not Volume
Getgems’ approach to NFTs stands apart from traditional platforms, which often rely on hype and gambling-based models. Instead, Getgems emphasizes NFTs with practical utility.
The marketplace has turned its attention to Telegram Usernames and Anonymous Telegram Numbers, which represent digital identities and accounts, respectively. These NFTs hold tangible value within the Telegram ecosystem.
According to Getgems data, Telegram Usernames have generated 72 million Toncoin, while Anonymous Telegram Numbers have seen 24 million TON in volume.
With TON trading at around $5, this places the total value of these two NFT collections at approximately $480 million. Getgems argues that this success proves the demand and usability of Telegram-based NFTs.
NFT Market Struggles in 2024
The NFT market has had a turbulent year in 2024, with trading volumes and sales significantly declining. Annual trading volumes fell by 19% compared to 2023, while sales counts dropped by 18%.
This downward trend was particularly evident after a brief surge early in the year. In Q1 2024, trading volumes reached $5.3 billion, a 4% increase from Q1 2023. However, by Q3, volumes plummeted to $1.5 billion before rebounding to $2.6 billion in Q4.
Despite these challenges, Getgems remains confident that NFTs tied to Telegram will continue to grow, thanks to the platform’s ability to offer real value to users.
Unlike the speculative nature of many NFT projects, Telegram-based NFTs, such as usernames and anonymous numbers, provide actual utility for its vast user base.
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Telegram Gifts and the Future of NFTs
A key development for Telegram in 2024 was the introduction of Gifts, an animated image feature that allows users to send custom messages to their contacts.
On October 5, Telegram CEO Pavel Durov revealed that these Gifts would be convertible into NFTs, offering another layer of utility within the Telegram ecosystem. Since their launch, Telegram Gifts have gained significant popularity, with over 20 million Gifts acquired by users.
The integration of Gifts into the NFT space, along with the growing adoption of Telegram-based NFTs, signals a potential shift in how NFTs are perceived and used. Instead of being limited to speculative trading, NFTs may evolve into more practical, everyday tools for users.
Optimism Amidst Market Declines
Despite the broader challenges faced by the NFT industry in 2024, Getgems remains optimistic. By focusing on utility-driven NFTs within the Telegram ecosystem, Getgems aims to tap into a market that offers real value to users, positioning itself for future growth.
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