Telegram has introduced a new feature called “Telegram Stars,” which is an in-app token that allows users to purchase digital goods and services. According to Pavel Durov, the CEO of the company, developers can now accept payments for digital services through in-app purchases on Android and iOS using Telegram Stars. Developers can also exchange their Stars for Toncoin (TON), the cryptocurrency that powers Telegram’s “The Open Network” through Fragment, a platform commonly used for buying and selling Telegram usernames.
In addition to purchasing digital goods and services, Stars can also be used to promote apps on Telegram. Durov mentioned that Telegram will subsidize advertisements bought with Stars on Apple and Google, which typically take a 30% commission on digital product sales. This move is aimed at encouraging developers to create more digital products on Telegram.
Telegram has achieved significant success with Notcoin (NOT), one of its most popular apps, which gained 35 million users within the first five months of its launch. Notcoin is a “tap-to-earn” token where users earn NOT tokens by completing social challenges. Over 400 million users out of Telegram’s 900 million user base engage with Telegram bots and mini apps every month.
In April, Telegram partnered with stablecoin issuer Tether (USDT) to launch USDT on the TON blockchain to drive cryptocurrency adoption on the messaging platform. This partnership eliminates the need for users to acquire different types of crypto or tokens to use the platform.
Despite TON setting a new all-time high price of $7.65, its current price has dropped to $7.50 according to CoinGecko. The market cap of TON is currently $18.2 billion, $7 billion lower than its peak of $25.2 billion set on April 12th.
In other news, there is a documentary about the collapse of FTX available on Amazon Prime for $2,500, with assistance from a mother.