NFTs (Non-Fungible Tokens) are trying to get back the hype and catch the attention of Web3 enthusiasts. Recent reports show that Telegram has become a surprising new hub for activity involving these digital collectibles.
Non-fungible tokens create blockchain-based digital certificates for one’s digital collectibles, including games, music, and art, giving the artwork a unique identity.
NFT Integration Advances Telegram Gaming Ecosystem
Helika’s “Q3 ‘24 Telegram Games Report” provided extensive insights into how NFT interactions are advancing on the messaging app. In July, the daily number of unique wallets transferring NFTs on Telegram was below 200,000 but had skyrocketed to over one million by September. This represents a growth of over five times in less than two months.
Against this backdrop, the report showed NFT activity on Telegram surged by a staggering 400% in the third quarter (Q3) of 2024. The rise in activity is largely attributed to Telegram’s ability to seamlessly integrate NFT transactions into its gaming ecosystem.
Based on the research, nine Telegram games attracted three million active wallets in September. Users were also transferring NFTs, and player interaction time increased. In early October, for example, the platform doubled its player interaction, partly ascribed to NFT usage.
Read More: 10 Best NFT Marketing Agencies To Promote Your Digital Art
Taken together, these developments reflect a broader trend of Web3 adoption on Telegram. This is as more users venture into decentralized assets, games, and digital ownership within the messaging app’s TON blockchain.
Meanwhile, the viral tap-to-earn game Hamster Kombat may take the spotlight again in Telegram’s expanding NFT ecosystem. The Web3 clicker game is planning to integrate NFTs as in-game assets in its upcoming second season, which is due to launch in November.
The game’s developers have also teased an intriguing new storyline. Players will be able to act as CEOs of their own companies, further gamifying the experience of owning and trading NFTs. This will go into effect as part of the clicker game’s roadmap for the remainder of 2024 and 2025.
Successes in these ventures would serve as prime examples of how Telegram’s games go beyond gameplay experiences. Rather, they integrate with Web3 mechanics, increasing their appeal among gaming enthusiasts and crypto investors.
Specifically, the addition of NFTs would add a layer of ownership and value to in-game items. This transforms traditional gaming models into Web3-powered economies where players can earn, trade, and collect valuable assets.
Read more: 7 Best NFT Marketplaces You Should Know in 2024
Meanwhile, it is impossible to ignore that the success rates of NFTs have also been put into question. As BeInCrypto reported, 96% of NFTs are considered dead, and holders of affected digital collectibles suffer losses. The challenges range from rug pulls to wash trading for fake demand.
The legal playing field around NFTs also remains unclear, making it risky for people thinking about entering the market. Hamster Kombat would have to navigate these hurdles to secure a competitive place within the NFT space.
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