However, the verification process isn't that easy, and accounts need to go through a stringent application process for that. “People or organizations that want to be authenticated will need to first undergo verification and complete an application to become eligible to receive the verified mark,” revealed Telegram in their blog post.
The Bot API in the Telegram platform will manage these verification statuses by allowing organizations to revoke or assign verification with ease. Once these verified profiles get approved by third-party authorities, they will display the logo of the respective organization. This will ensure that users can identify authentic accounts easily and enhance the credibility of in-app interactions.
Users to monetize personalized gifts as NFTs?
Telegram is also in the foreground of the crypto boom, as it is used by projects that combine digital assets with social engagement. Hence, it was expected that Telegram would unveil features like NFT gifting. Users can now buy Telegram Stars directly on the app or by linking their TON wallets to the Fragment site.
Once crypto users receive their Telegram stars, it can be used to send personalized gifts with options like custom backgrounds and icons. These gifts can later be minted as NFTs.
Telegram said that users can trade these NFTs on different platforms, which showcases the interoperability nature of it.
However, to make these blockchain transactions happen, Telegram will levy a fee for upgrading gifts to NFT collectibles. With this upgrade, the platform not only made the user experience better by adding trade elements to it but reiterated its commitment to integrating crypto functionalities on the platform.
Apart from these features, the new Telegram upgrade has also introduced emoji reactions, improved search filters for private chats, channels and group discussions
How did the crypto market react to the Telegram update?
It should be noted that Telegram has been actively using crypto for its platform functionalities like for monetising creators and facilitating mini-applications and game payments. The NFT gifting and third-party verification features will further strengthen its role in the crypto ecosystem.
The impact of the update is already visible in the way the crypto market reacted to it. Within 24 hours of the update, Telegram’s native token Toncoin (TON) jumped 5% in value despite a 22% decline in the last 29 days. TON has a market cap of $14.3 billion and a trading volume of $165 million.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
