Can Telegram Revive NFTs? Getgems Bets Big on Mass Adoption

A Rough Year for NFTs – But There’s Hope

2024 hasn’t been kind to the NFT market. According to blockchain analytics platform DappRadar, last year was one of the worst for digital collectibles since 2020. Trading volumes and sales slumped by nearly 20%, leaving many NFT-focused projects struggling to stay afloat.

Some, like MakersPlace, couldn’t weather the storm and shut down completely. Yet, in the face of this downturn, some developers still believe in the long-term potential of NFTs—especially if they can figure out how to make them more accessible and useful.

Enter Getgems, an NFT marketplace built on The Open Network (TON). Getgems sees a golden opportunity to tap into Telegram’s massive user base and frictionless user experience to push NFT adoption forward.

Can 950 Million Telegram Users Boost NFTs?

Getgems is betting on sheer numbers. Telegram, the popular instant messaging platform, reached a staggering 950 million monthly active users by September 2024, as CEO Pavel Durov reported.

A Getgems spokesperson put it simply:

“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.”

That’s precisely where Getgems sees an edge. Instead of treating NFTs as speculative assets or quick-flip opportunities, the focus is on utility.

For instance, Telegram Usernames function as digital identity assets, allowing people to own unique online handles. Likewise, Anonymous Telegram Numbers provide decentralized accounts, offering privacy-conscious users more options in the Web3 space.

The numbers are already compelling. According to Getgems data, Telegram 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, those collections alone represent roughly $480 million in transactions.

To Getgems, the demand is clear—the utility-driven model for NFTs is gaining traction.

Telegram Gifts: A Game-Changer for Blockchain Adoption?

Beyond identity and privacy, Telegram is taking NFTs a step further with Gifts—animated digital assets that allow users to send celebratory messages to contacts.

First introduced on October 5, 2024, Telegram Gifts quickly took off. According to Durov, users have already acquired more than 20 million Gifts, demonstrating significant user interest.

Telegram Gifts in action. Source: Pavel Durov

Then, on January 22, Telegram announced it was integrating Gifts with the TON blockchain, allowing users to convert them into NFTs. This shift takes Telegram’s digital assets into the Web3 ecosystem, paving the way for mainstream adoption.

Getgems is particularly optimistic about this transition. The marketplace believes that making NFTs more accessible and interactive through Telegram could be a game-changer. Even before these Gifts were converted into on-chain assets, pre-mint trading volume had already reached $1 million, with a market cap of $10 million.

The Future of NFTs—Built on Message Apps?

Despite the NFT market’s struggles, Getgems and Telegram’s blockchain push suggest that digital collectibles are far from dead. The focus has shifted from speculative hype to real-world usability.

With Telegram giving its massive user base a simple, intuitive way to interact with NFTs, the barriers to entry could finally be coming down. Although it’s too early to declare a full revival, NFTs might just find new life—not in traditional marketplaces, but in the pockets of 950 million Telegram users.