After the wave of "TON Mini Games" subsided, the TON ecosystem gradually faded from the market's main attention. Unexpectedly, the TON ecosystem once again became the market's focus, due to another concept that had long fallen out of favor - Non-Fungible Token.
On January 1st, Telegram released its first update of the year. In this New Year's update, the "gifts" previously received on Telegram were officially upgraded to "collectibles". These collectibles are Non-Fungible Tokens, possessing the traditional characteristics of randomness and rarity, and can be transferred to other Telegram users or traded on Non-Fungible Token markets.
In terms of transaction volume, Telegram "gifts" officially gained momentum around mid-May and experienced explosive growth in recent days. The increasing number of related discussion tweets on Twitter also indirectly reflects the recent breakout effect of Telegram "gifts".
Comparing Non-Fungible Token transaction volumes across different chains, from mid-May, TON began to firmly suppress Solana, steadily ranking second in Non-Fungible Token transaction volumes.
On June 9th, Telegram founder Pavel Durov personally promoted Telegram "gifts" via tweet, mentioning several Telegram "gift" series that have significantly risen in the past month, and stated that the TON chain thus achieved a single-day Non-Fungible Token trading volume that exceeded Ethereum.
In the Non-Fungible Token trading market competition, the currently largest TON Non-Fungible Token trading market TONNEL has exceeded OpenSea's daily trading volume in the past two days. Other TON Non-Fungible Token markets like Portals and Getgems have trading volumes comparable to Blur and Magic Eden in the past two days. Considering that TON Non-Fungible Token markets are only on the TON chain while OpenSea supports multiple chains, it can be said that TON is truly outstanding in the Non-Fungible Token market.
Looking at the trading data from the on-chain market Getgems, currently there is only one absolute leader among Telegram "gifts" - Plush Pepes, maintaining a floor price of 5100 TON (approximately $16,800) and ranking first in weekly trading volume among all Telegram "gift" series, truly embodying "the more expensive, the more sought after".
The TON Non-Fungible Token market is actually the Telegram "gifts" market. So how did this develop? How is it different from the Non-Fungible Tokens we're familiar with? And how do Non-Fungible Token whales like @BitCloutCat view this?
(The translation continues in the same manner for the rest of the text)Views of a Non-Fungible Token Whale
Laser Cat @BitCloutCat accepted an interview from BlockBeats. He stated that he first noticed Telegram "Gifts" in March, when the Plush Pepe (currently the highest floor price in Telegram "Gifts") was priced around 1000 USDT, but missed out because he didn't notice that "Gifts" could already be worn with social attributes.
After the heat rose, he conducted a deeper research - with social scenes and the ability to show off, isn't this just like "QQ Show"? Using "Stars" and Q Coins for primary market IPO purchases is also quite similar. Moreover, this time, even celebrities inside and outside the circle, including Snoop Dogg's official Telegram account, Telegram founder, and Pudgy Penguins founder Luca Netz, have used it, indicating a potentially broad audience.
Due to the cooling-off period, there will be some price differences between on-chain and off-chain trading markets. On-chain trading allows immediate buying and selling but is more expensive, while off-chain trading allows usage but locks the item for a certain period before trading can resume.
According to Laser Cat's observation, the main players seem to be Russians and some Non-Fungible Token players, with many discussion groups being in Russian. Although some discussions have emerged in the Chinese-speaking community, they are still not numerous, so it's hard to determine whether it's early or late stage. However, he believes that if done well, it has great potential to break through and directly attract Web2 users, as "Gifts" can be directly sent to friends within Telegram without the recipient initially needing a crypto wallet. Currently in the secondary market, series with relatively low total supply and attractive appearance are generally appreciating. If the creator ecosystem can be opened up later, the heat might be even higher.
Conclusion
This Telegram "Gifts" and the recent MapleStory chain game have both brought Non-Fungible Tokens back to market attention through practical applications. Nearly 4 years have passed since the hot Non-Fungible Token summer, and the term is no longer a speculative headline but has quietly undertaken more practical applications, demonstrating its role on larger platforms. We hope that Non-Fungible Token applications like Telegram "Gifts" will become more numerous, injecting more vitality into the market.
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