NFT Trading on TON Surges by 400% in Q3 2024
Oct 25, 2024
2 min read
In a remarkable turn of events, NFT trading on the TON network has skyrocketed by 400% in the third quarter of 2024. This surge highlights the growing interest in digital assets and the potential of the Telegram Open Network to become a significant player in the NFT space.
Key Takeaways
NFT trading activity on the TON network increased from below 200,000 daily addresses in July to over 1 million by September.
The rise in trading coincides with the popularity of Web3 gaming on Telegram, attracting millions of active wallets.
Binance's recent delisting of several altcoins has impacted the market, leading to price drops for those tokens.
NFT Trading Activity on TON
According to Helika’s “Web3 Gaming Report Q3 2024,” the number of wallet addresses trading NFTs on the TON network has seen a dramatic increase. In July, daily NFT trading addresses were below 200,000, but by September, this number surged to over 1 million.
This growth is attributed to the increasing popularity of games on Telegram, with nine leading games attracting over 3 million active wallets in September alone. Notably, 57.7% of players are from Europe, while 20.6% hail from Asia.
The Rise of Web3 Gaming
The surge in NFT trading is closely linked to the rise of Web3 gaming on Telegram. The tap-to-earn game Hamster Kombat has recently announced a new roadmap, planning to integrate NFTs as in-game assets in its upcoming second season, set to launch in November.
This integration is expected to further enhance user engagement and drive NFT trading activity on the platform.
Binance's Delisting Impact
In a separate but related development, Binance has announced the delisting of trading pairs for several altcoins, including Rupiah Token (IDRT), Keep3rV1 (KP3R), Ooki Protocol (OOKI), and Unifi Protocol DAO (UNFI). Following this announcement, the prices of these tokens experienced significant declines.
The delisting reflects a broader trend, as Binance's share of the spot trading volume has dropped by 13% year-over-year, indicating a shift in market dynamics as other exchanges like Bybit and OKX gain traction.
The Future of NFTs on TON
As the NFT market continues to evolve, the TON network is positioning itself as a formidable player in the space. The combination of a robust user base on Telegram and the increasing interest in digital assets suggests that NFT trading on TON is likely to grow even further in the coming months.
With the integration of NFTs into popular games and the ongoing developments in the crypto market, TON could become a key player in the NFT ecosystem, attracting both developers and users alike.
Conclusion
The 400% increase in NFT trading on the TON network in Q3 2024 marks a significant milestone for the platform and the broader NFT market. As more users engage with digital assets and Web3 gaming, the potential for growth and innovation in this space remains vast. The future looks promising for NFT trading on TON, and it will be interesting to see how this trend develops in the coming quarters.
Sources
Week in Crypto: NFTs on TON, GOAT Meme Coin, and More, BeInCrypto.