Telegram Gifts: Infra for Internet Social Assets

Article 1 of 4 in the TVM Ventures Telegram Gifts Investment Series

Since its inception in 2025, TVM Ventures has closely monitored the rise of social-native digital assets, sparked by Telegram’s blockchain integration announced in early 2024. While traditional NFT markets plummeted by 95% from their 2021 highs, we identified a new paradigm: digital assets deriving value from utility within mainstream social platforms.

This essay presents our investment case for why Telegram Gifts represent the foundational infrastructure for Internet Social Assets—a new category that captures value from social interaction and utility rather than speculation alone.

To fully articulate the underlying framework, we're publishing our thesis as a five-article series:

"Telegram Gifts Thesis: Infrastructure for Internet Social Assets" (this article)
"Plush Pepe: The Foundation Asset of Social-Native Digital Ownership"
“From Memecoin to Structured IP: How Telegram Revolutionizes Creator Monetization”
"The Unassailable Position: Why Telegram Gifts Can't Be Replicated"

The Infrastructure Opportunity: Bridging Social and Financial

Social connection drives all human economic activity, yet digital assets remain isolated from the platforms where billions conduct their daily digital lives. Telegram Gifts solve this fundamental distribution problem by embedding digital ownership directly into mainstream social infrastructure—creating the first scalable framework for Internet Social Assets.

Unlike speculative NFTs that exist solely for trading, or utility tokens that merely transfer value, Telegram Gifts capture and monetize the social interactions that define modern digital life. This creates an entirely new asset class that derives fundamental value from human connection rather than market speculation.

At TVM Ventures, we believe this represents a permanent structural advantage that cannot be replicated by crypto-native platforms or easily copied by competing social networks. And most importantly, this infrastructure enables feedback value to achieve a positive cycle, further providing massive future on-chain transactions and opportunities for the TON Blockchain.

Three Pillars of Infrastructure Superiority

Core Concept: We believe growth can be driven by a few key modules: leveraging the Network Effect to reach 1 billion monthly active users, combining the dual-layer currency system of Telegram Stars and Toncoin, and embedding these natively within Telegram’s experience to further enhance the value of these “Social Items.”

These are not merely NFTs; we call them the Telegram Gifts Standards (TGS). Backed by Telegram’s platform as a verifiable system, Telegram acts like an oracle that establishes trust without requiring on-chain proof—ensuring that “this person holds XYZ digital assets.”

This leads to our third point—the Verification Infrastructure. We believe TGS can become a game-changer, surpassing the reach and impact of the 2021 NFT Summer.

⭐ Pillar 1: Unprecedented Scale Infrastructure (1 Billion Users)

The mathematics of distribution are simple but profound. Traditional NFT platforms like OpenSea peaked at 1.4 million monthly active users. Telegram operates at 1 billion daily active users—a 714x larger addressable market.

This isn't just about numbers. It's about fundamentally different user behavior:

Engagement Depth: 8+ hours daily vs. destination-based visits
Geographic Distribution: 200+ countries vs. concentrated markets
Demographic Diversity: Mainstream users vs. crypto natives
Social Context: Natural gift-giving behavior vs. forced trading
Payment Ready: 500M+ users already familiar with digital transactions

Every Gift launched on Telegram has immediate access to more users than the entire global crypto market combined.

Validation Data:

Current Adoption: 1.23M Gift owners (up from 800K in March 2025)
Growth Trajectory: 2,000-4,000 new wallets daily with sustained momentum
Penetration Opportunity: Only 0.12% of Telegram's user base currently active

Data Source: Dune.com / giftstat.com

⭐ Pillar 2: Dual Payment Architecture - The UX Breakthrough

Telegram's dual payment architecture represents a groundbreaking solution to cryptocurrency's most persistent challenge: user experience. The system allows initial Gifts purchases through Telegram Stars via integrated app store flows, with recipients able to upgrade to NFT ownership on TON Blockchain later.

‍96b4d26b22e610c8bd (1).mp4

‍Layer 1 - Telegram Stars (Mainstream Gateway):

Integration: Native Apple Pay and Google Pay support
User Experience: One-click purchases with zero friction
Accessibility: No wallets, private keys, or gas fees required
Compliance: Operates within existing app store policies
Conversion Rate: 15x higher than traditional crypto onboarding

Layer 2 - TON Blockchain (Advanced/Institutional):

True Ownership: Direct blockchain custody for decentralization-focused users
DeFi Integration: Smart contract compatibility for lending, staking, derivatives
Cross-Platform Portability: Assets transferable beyond Telegram ecosystem
Institutional Access: Professional custody solutions and compliance frameworks

💡Background: Why Telegram Stars?Apple's App Store policies mandate using in-app purchases for digital goods, imposing a 30% commission and restricting cryptocurrency transactions. To integrate blockchain while maintaining mainstream accessibility, Telegram introduced Telegram Stars in June 2024 as an in-app currency for digital purchases. Stars enable users to buy Telegram Gifts, mini-apps, and creator content while complying with platform policies.

The dual payment architecture’s strength lies in its optionality: it caters to users at different levels of technical sophistication. Casual users can remain entirely within the Stars ecosystem, enjoying a familiar, app-store-compliant experience without ever touching blockchain technology. Meanwhile, advanced users can bridge their Stars-based purchases to the TON Blockchain, unlocking the benefits of decentralization, such as true ownership, DeFi opportunities, and portability.

This flexibility addresses a critical UX problem in crypto: the steep learning curve and technical barriers that deter mainstream adoption. Crypto-native platforms like OpenSea or Ethereum-based marketplaces require users to manage wallets, pay gas fees, and understand blockchain concepts, limiting their reach to a niche audience (e.g., OpenSea’s peak of 1.4 million monthly active users). In contrast, Telegram’s 1 billion users can engage with digital assets effortlessly, with the option to dive deeper into blockchain when ready.

⭐ Pillar 3: Verification Infrastructure (TGS Authority)

Telegram's verification system(aka. Telegram Gifts Standard) eliminates the fraud and counterfeit issues that plague traditional NFT markets through systematic platform-level trust:

Only verified creators can issue Gifts, creating trust at the platform level rather than requiring users to evaluate each project individually. This fundamental difference cannot be overstated—it transforms digital assets from caveat emptor speculation to consumer-protected products.

The verification infrastructure establishes a critical layer of credibility that traditional NFT marketplaces simply cannot match, where users must independently research creators, verify authenticity, and assess legitimacy with minimal platform safeguards.

By contrast, Telegram's systematic approach to creator verification creates an environment where users can confidently engage with digital assets knowing that the platform itself has validated the issuer's identity and standing, dramatically reducing the risk of scams, impersonation, and fraudulent offerings that have plagued the broader NFT ecosystem.

Market Opportunity: The $88 Billion Infrastructure Play

Most analyses of digital asset markets focus on crypto market caps and speculative trading volumes, fundamentally misunderstanding the opportunity. The correct comparable is the global IP licensing and merchandising market—a $294 billion industry built on the monetization of intellectual property and brand assets through consumer products and experiences.

Telegram Gifts represent the digital evolution of this established market, creating programmable, social-native merchandise that captures value from both ownership and utility. Unlike speculative crypto assets that derive value from trading activity, Telegram Gifts tap into proven consumer spending patterns while dramatically expanding accessibility and functionality.

Total Addressable Market (TAM): $294B ├── Physical Merchandise: $206B (70%) │ ├── Apparel & Accessories: $85B │ ├── Toys & Games: $47B │ ├── Home & Lifestyle: $38B │ └── Collectibles: $36B | └── Digital Rights: $88B (30%) ├── Gaming Items & Skins: $31B ├── Virtual Goods & Avatars: $25B ├── Digital Collectibles: $15B └── IP Licensing Digital: $17B

Conservative Market Sizing Framework

Total Addressable Market (TAM): $294B

Validated by Disney ($60B+ IP revenue), Nintendo ($15B+ licensing), major brand digital strategies; Global IP licensing and merchandising market growing at 5% more CAGR
Includes character licensing, brand partnerships, digital merchandise, content monetization

Serviceable Addressable Market (SAM): $88B

Includes social platforms, gaming environments, virtual worlds, messaging apps
Creator economy and Fortune 500 digital merchandise exploration

Serviceable Obtainable Market (SOM): $17.6B

Realistic 20% capture of digital IP market over 5-year horizon
5% of Telegram's user base as active participants (50M users)

https://dune.com/Howard_Peng/telegram-gifts

Current Position:

Telegram Gifts Ecosystem: $150M total market cap
Market Penetration: 0.17% of digital IP market
Growth Opportunity: The realistic opportunity is likely 10-20x larger than traditional IP markets due to programmable social interactions and global permissionless access

This framework assumes only existing digital IP spend capture, not accounting for:

New social interaction monetization models
Geographic expansion into underserved markets
Creation of entirely new IP categories
Network effects accelerating adoption

Based on data analysis from various tracks and fields above, we can reasonably estimate that the realistic opportunity is likely 3-5x larger than our conservative estimates.

While numerous market sizing estimates exist for IP and digital markets, we have deliberately used simple examples and straightforward data for our calculations. The core insight transcends precise numerical projections: We believe Telegram Gifts will become the definitive infrastructure for IP-related digital content involving blockchain technology, distributed through Telegram's unparalleled network.

This positioning represents more than market opportunity—it's infrastructure dominance.

When creators, brands, and institutions need to distribute blockchain-based digital goods to mainstream audiences, Telegram Gifts provide the only proven, scalable solution. The platform's 1 billion users, seamless payment integration, and verification infrastructure create an insurmountable first-mover advantage in the convergence of IP, blockchain, and social distribution.

The Network Effects Revolution: From Speculation to Social Utility

The Paradigm Shift

Based on our analysis of traditional digital asset failures versus Telegram's emerging success, we've identified a fundamental structural difference:

Traditional Digital Asset Model (2021 NFTs):

Creation → Marketplace Listing → Speculation → Price Discovery → Collapse (Value derived entirely from trading activity)

Telegram Gifts Infrastructure Model:

IP Creation → Platform Verification → Social Distribution → Daily Utility → Network Effects → Sustained Value → Ecosystem Growth (Value derived from usage and social interaction)

This structural difference means Telegram Gifts can grow beyond crypto-native users, and capture value from actual usage rather than pure speculation—expanding both possibilities and ceiling potential.

Four-Layer Network Effect Architecture

1. User Network Effects

More Users → More Gift Recipients → More Social Proof → More Users

Each new user increases utility for existing participants
Social proof drives viral adoption through friend networks
Gift-giving behavior naturally expands user base

2. Creator Network Effects

More Creators → More Content Variety → More User Engagement → More Creators

Larger audience attracts higher-quality creators
Content diversity increases platform engagement
Success stories inspire additional creator participation

3. Developer Network Effects

Larger Ecosystem → More Tools/Apps → Better Experience → Larger Ecosystem

Scale attracts developer investment in tooling for Gifts
Better infrastructure improves user experience
Ecosystem growth creates more development opportunities

4. Liquidity Network Effects

More Trading → Tighter Spreads → Better Pricing → More Trading

Volume attracts professional market makers
Improved liquidity reduces transaction costs
Better pricing increases participant confidence

Current Flywheel Metrics:

Trading Volume: $500K-1.3M daily range sustained for 60+ days
Market Maker Activity: 15+ professional firms providing liquidity
Order Book Depth: $50K+ available within 5% of floor prices

These network effects create exponential rather than linear growth potential, compounding value as the ecosystem scales.

Platform Commitment: Addressing Platform Dependency Risk

The primary institutional concern with social platform investments is platform dependency risk. Based on Telegram's unprecedented platform evolution in 2025, including four major Bot API releases and the achievement of 1 billion users, we assess institutional-grade commitment to the creator economy and digital goods ecosystem.

Understanding Telegram's strategic commitment is crucial for addressing platform dependency risk. Our analysis draws from concrete evidence across Telegram's most transformative year to date, demonstrating predictable continuation of investment and ecosystem growth. The following analysis is based on developments and updates related to Telegram API and Telegram BOT API.

Telegram Gifts Marketplace(inside the Telegram)

play video

https://telegram.org/blog/gift-marketplace-and-more

In May, 2025 — Telegram released one of the biggest Product updates related to Gifts — the native Marketplace for Gifts embedded within Telegram. This is undoubtedly huge. First, anything in Blockchain or Crypto is inherently related to transactions. This is indisputable.

On the other hand, this means that "core modules revolving around Telegram Gifts as the main theme" is basically a done deal. Notably, besides being able to List Gifts here with Telegram Stars, users can also list with TON in the latest version updates (Aug 2025).

Data-Driven Development Trajectory Analysis

Development Resource Evidence (First Half 2025):

4 Major Bot API Releases in 6 months (historically 1-2 per year)
75%+ of Bot API updates directly enhanced creator monetization through Telegram Stars and Gifts
Exclusive TON integration with 5-year partnership formalized (January 2025)
February 2025 migration deadline: All blockchain Mini Apps required to migrate to TON

Financial Integration Depth:

$450K daily revenue from in-app purchases (January 2025)
New organic revenue stream: Gifts representing pure, incremental income for Telegram
Revenue dependency makes abandonment economically irrational

Executive-Level Strategic Validation:

1 billion users milestone announced by Pavel Durov with creator economy vision
Founder conviction: Pavel Durov's $19K+ personal Gift purchases
Strategic commitment: Exclusive TON blockchain partnership (5-year agreement)

Predictive Assessment: Sustained Focus on Creator Economy

From analyzing the development patterns over the past seven months, we estimate a 90% likelihood that Telegram's upcoming updates in the next six months will prioritize Telegram Stars, Gifts, and creator economy tools.

Reasoning for High Confidence:

Steady Development Trend: Allocation of 75%+ resources to creator monetization underscores a core strategic focus, beyond mere experimentation
Revenue Dependency: Creator economy now represents core revenue stream, making strategic abandonment economically irrational
Competitive Market Demands: Positioning against rivals like WhatsApp Business and Discord necessitates ongoing enhancements to creator capabilities
TON Integration Timeline: In February 2025, the deeper migration was announced, creating technical lock-in and requiring continued development support.

Lingering 10% Risk Elements:

Potential regulatory scrutiny on crypto and creator functionalities
Unexpected shifts due to competition or strategy changes

Historical Precedent: Telegram has never deprecated a major revenue-generating feature set. The platform consistently expands rather than reduces functionality, particularly for monetization tools.

Investment Implication: Platform dependency concerns are minimal given measurable commitment evidence and predictable development trajectory. The next 6 months will likely see continued API enhancements, creator tool expansion, and Gifts ecosystem development.

Investment Framework: Our Definitive Infrastructure-First Approach

ℹ️ Why Infrastructure Investment Delivers Superior Returns

Core Infrastructure Investment Advantages:

Utility-Anchored Value: Directly generates value through essential social functionality, not speculative trading
Platform Growth Benefits: Consistently appreciates with ecosystem expansion and increasing user adoption
Regulatory Clarity: Digital merchandise positioning substantially reduces classification uncertainty
Network Effect Multipliers: Value accelerates as user and creator networks strengthen

Strategic Value Capture Mechanisms:The investment opportunity decisively spans multiple layers:

Platform Level: Significant TON ecosystem growth driven by Gift infrastructure
Foundation Assets: Premium blue-chip collections that secure disproportionate value
Application Layer: Essential tools and services built on robust Gift infrastructure
Creator Economy: Effective direct monetization of valuable IP and social capital

Our Proven Infrastructure Investment Principles

At TVM Ventures, we rigorously evaluate infrastructure opportunities through three critical lenses:

Does it effectively solve a fundamental distribution problem?
✅ 714x larger addressable market than crypto-native platforms
Telegram Gifts leverage a 1 billion-user platform, embedding digital ownership in daily social interactions. Unlike crypto-native platforms (e.g., OpenSea’s 1.4M users), Telegram’s scale, 8+ hour engagement, and 500M+ payment-ready users drive 1.23M Gift owners (0.12% penetration) with 2,000-4,000 new wallets daily, unlocking mainstream distribution.
Does it establish sustainable competitive advantages?
✅ Three-pillar moat
Telegram’s scale, dual payment system (Stars for seamless UX, TON for DeFi), and TGS structure create unmatched advantages. Stars enable frictionless purchases (15x higher conversions), while TON offers true ownership. TGS ensures platform-level trust, fraud protection, and IP compliance, requiring years to replicate.
Does it genuinely expand the total market rather than simply redistribute existing value?
✅ Creates powerful new monetization models for social interaction
Telegram Gifts tap a $294B IP licensing TAM ($88B digital), creating Internet Social Assets that monetize social utility. Network effects—user growth, creator diversity, developer tools, and liquidity—drive $150M ecosystem value and 380x flagship returns, potentially 3-5x larger than conservative estimates.

Telegram Gifts definitively satisfy all three criteria with unmistakable evidence, positioning them as a transformative infrastructure play. We (TVM Ventures) believe that Telegram Gifts and upcoming Social Assets(like Stickers, Channels, and domain dame) on TON Blockchain will play an important role as modules in the broader digital economy.

We are open to exploring possibilities there and firmly believe in the direction we are optimistic about to build with the Telegram team.

Conclusion: The Infrastructure Moment

We are witnessing the emergence of Internet Social Assets—a new asset class that derives value from social utility rather than speculation.

The investment opportunity is not in betting on individual collections succeeding. It's in recognizing that the infrastructure enabling social-native digital ownership will capture enormous value as billions of users transition from pure consumption to ownership participation.

With 1 billion users, dual payment architecture, and platform verification, Telegram has built infrastructure that cannot be replicated by crypto-native platforms or easily copied by competitors. This creates a narrow window for early infrastructure investment before mainstream adoption.

Telegram Gifts provide the foundational infrastructure for this transformation—this isn't just another NFT marketplace. These are digital social assets that harness the world's largest messaging network, creating a unique value layer that powers the TON Blockchain through genuine social interaction and utility rather than speculation.

The real question isn't if social platforms will embrace digital ownership—it's which one will dominate this lucrative frontier. With a billion users and rock-solid infrastructure, Telegram stands at the forefront of this tech revolution, pioneering Blockchain integration and empowering user ownership. The network effect is in full swing.

Key Investment Takeaways

Infrastructure Foundation: First scalable framework for social-native digital assets
Unassailable Scale: 714x larger addressable market than crypto-native platforms
Technical Innovation: Dual payment system solving crypto's UX problem
Market Opportunity: 10-20x larger than traditional IP markets, or up to establish $88B digital IP market
Platform Commitment: 80% confidence in continued strategic focus and investment

The infrastructure is built. The network effects are compounding. The mainstream adoption wave is beginning.

Next in Series: "Plush Pepe: The Foundation Asset of Social-Native Digital Ownership" - Understanding why certain assets become blue-chip infrastructure within emerging ecosystems.

About TVM Ventures: We identify and invest in foundational infrastructure for emerging digital economies. Our thesis-driven approach focuses on permanent structural advantages rather than temporary market inefficiencies.

Contact: For institutional discussions, reach out to tolk@tvm.ventures.

DISCLOSURE

TVM Ventures and its affiliated entities maintain active positions in TON Blockchain, Telegram Gifts ecosystem assets (including Plush Pepe), and related investments discussed in this analysis. This publication reflects our investment thesis and strategic positioning, and we may modify our holdings without notice. Digital assets are highly volatile and speculative investments—conduct independent research and consult qualified advisors before making investment decisions.

Market data, metrics, and ecosystem statistics referenced in this analysis are subject to rapid change in the digital asset space. Readers should verify current information through the reference links provided and conduct independent due diligence before making any investment decisions based on this analysis.

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