- The advent of new in-app currency by Telegram signals a transformative phase in digital payments.
- The introduction is set to potentially revolutionize how users interact with mini apps on the platform.
- Pavel Durov, Telegram CEO, emphasizes this move as a significant milestone in the social media ecosystem.
Telegram unveils its in-app currency, Stars, allowing users to engage in seamless digital commerce within its mini app ecosystem.
The Launch of Stars: Telegram’s New In-App Currency
In a bold move to enhance user experience and streamline digital transactions, Telegram CEO, Pavel Durov, announced the launch of a new in-app currency named Stars. This currency can be bought via iOS and Android in-app purchases, or directly within Telegram, and will facilitate the purchase of digital goods and services across various Telegram mini apps. Durov aims to reach over 900 million potential users, providing them with fast and user-friendly payment options, thereby expanding the spectrum of online commerce.
Integration with Toncoin and Enhanced Developer Benefits
Developers on Telegram can look forward to the ability to withdraw their earnings in Toncoin (TON), the platform’s preferred cryptocurrency. Transactions will be conducted through Fragment, Telegram’s marketplace for in-app usernames and advertisements. Moreover, developers will be able to convert Toncoin into other established cryptocurrencies like USDT through the Telegram Wallet. This integration with Tether’s USDT is poised to enhance the attractiveness of Telegram as a commercial hub, providing developers with 70% of revenue from digital goods and services purchased in-app.
Strategic Ad Subsidies and Economic Impacts
Pavel Durov has unveiled plans to subsidize ads bought with Stars, aiming to encourage the adoption of this new currency. This strategic move is intended to mitigate the repetitive 30% commission Apple and Google collect on new Stars purchases. Such subsidies are expected to reinforce Telegram as the prime destination for launching new apps, as highlighted by the rapid growth of mini apps like Hamster Kombat, which is already stirring significant interest in the crypto gaming community.
Performance of Associated Cryptocurrencies
The buzz surrounding these initiatives has positively impacted the market performance of related cryptocurrencies. The in-app game Notcoin saw its indigenous token’s market cap surpass $2 billion, becoming the largest gaming token of 2024. This surge has been mirrored by Toncoin, which recently reached an all-time high price of $7.76 and now boasts a market capitalization close to $18 billion, positioning it as the 10th most valuable cryptocurrency globally.
Conclusion
Telegram’s introduction of Stars marks a significant stride in the evolution of in-app digital payments and commerce. By integrating with Toncoin and providing substantial incentives for developers, the platform aims to foster a thriving ecosystem for digital transactions. With key strategic moves such as ad subsidies in place, the potential for growth within Telegram’s mini app ecosystem appears boundless, setting new precedents in the domain of social media-based digital commerce.
