Telegram Introduces Stars as a New InApp Currency for Digital Transactions
Telegram, a messaging app known for its focus on privacy, has recently unveiled a new feature called “Telegram Stars,” which represents a major step forward in the platform’s digital economy.
Accessible on both iOS and Android devices, Telegram Stars allows users to buy digital products and services within the app’s mini-apps using regular currency.
In a blog post released today, the company stated, “With quick, user-friendly transactions for digital services and products, the bot and mini app platform will open up new opportunities for businesses to connect with over 900 million potential customers on Telegram.”
Telegram Stars: A Revolution in Digital Commerce
One of the key advantages of Telegram Stars is the benefits it offers to developers. By exchanging their Stars for TON, the native token of The Open Network, through the Fragment exchange, app developers can seamlessly transition between in-app currency and the wider cryptocurrency market.
Furthermore, developers can enjoy a generous 70% share of revenue from in-app purchases. Moreover, Telegram will subsidize advertisements bought with Telegram Stars, effectively reducing the standard 30% commission charged by tech giants like Apple and Alphabet to close to zero for developers who reinvest in promoting their apps.
This approach aims to position Telegram as a more economically viable option for developers compared to traditional mobile app stores.
Driving Cryptocurrency Adoption
Telegram’s commitment to integrating cryptocurrency solutions is evident through its collaboration with Tether (USDT), which was announced in April. This partnership aims to boost cryptocurrency adoption through the messaging platform, with Tether being launched on the TON blockchain as part of this initiative.
Recent ventures within the Telegram ecosystem have also gained significant traction. For example, the mini app Hamster Kombat, which plans to distribute a TON-based token to players, has quickly become a popular gaming sensation in the crypto community. Similarly, Notcoin (NOT), another in-app Telegram game, witnessed its associated cryptocurrency surpass a $2 billion market capitalization earlier this week, making it the largest gaming token released in 2024 so far.
The launch of Telegram Stars coincides with a surge in market activity surrounding TON, The Open Network’s native token. TON recently reached a new all-time high price of $7.65, signaling a growing interest and investment in Telegram’s cryptocurrency initiatives.
As Telegram continues to expand its partnerships and technological capabilities, Telegram Stars is poised to play a pivotal role in shaping the future of digital commerce within the messaging app.
