Third-party verifications and NFTs part of Telegram’s latest updates

2 Jan 2025

Image: © Ming /Stock.adobe.com

The messaging platform made more than $1bn in total revenue in 2024.

Yesterday (1 January) Telegram rolled out a new set of updates which include third-party verification services and the ability to turn in-app ‘gifts’ into NFTs that can be auctioned in the blockchain marketplace.

According to the messaging platform, which has previously been heavily criticised for its hands-off approach to content moderation and safety, third-party account verification will “help prevent scams and reduce misinformation”. This “sets a new safety standard” for social platforms, Telegram said in its announcement.

Moreover, following yesterday’s updates, users can now “upgrade” gifts on Telegram into “collectibles” which can be transferred to other users or be auctioned in NFT marketplaces. However, the upgrade will cost users a “small” amount of Telegram ‘stars’ – the in-app currency, which the platform said will go toward covering the blockchain fees.

According to a UN report published last October, Telegram has become an important tool for underground cryptocurrency exchanges and online gambling, adding that criminal groups are sprawling Telegram forums openly conducting illicit activities with little moderation.

Meanwhile, a recent German investigation found ‘rape chat groups’ on the platform hosting up to 70,000 members discussing how to rape and assault women. This investigation was revealed around the same time that Telegram claimed to have blocked more than 15.5m groups in 2024 that violated its terms and services.

However, despite the platform’s reputation, Telegram’s CEO Pavel Durov announced that the platform was able to reach profitability for the first time in 2024 due to its more than 12m premium subscription users, resulting in the platform’s total revenue for 2024 surpassing $1bn.

Just months earlier, Durov was arrested by French authorities over claims that he failed to take steps towards stopping criminal activity on the messaging app. Although out on €5m bail, the case against him is still pending and he is forbidden from leaving France until March 2025.

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Suhasini Srinivasaragavan is a sci-tech reporter for Silicon Republic

editorial@siliconrepublic.com