As Web3 emerges as the talk of the town across the globe, Telegram has garnered significant attention with a phenomenal 400% spike in NFT transactions on TON. Notably, as per a recent report by Helika, NFT transactions on the network soared 400% during Q3 2024. This surge has sparked noteworthy discussions among market participants, with individuals speculating over the reason behind it.
Here’s a brief report on five reasons that may have caused the abovementioned transaction surge.
5 Reasons Why NFT Transactions Spiked 400% On Telegram
As per a recent report by Helika, a Web3 gaming analytics platform, Telegram games on the TON ecosystem have emerged as a new trend across the broader landscape. With games such as Notcoin, Catizen, and Hamster Kombat recently gaining traction, the social networking platform’s colossal 900 million user base has aided the significant surge in NFT transactions.
Helika reported that it registered a substantial growth in the TG gaming space, with some games reaching more than 100K users MoM. Although this number remains undermined by P2Es such as Hamster Kombat and Catizen, it underscores a monumental stride for the broader ecosystem. So, let’s delve deeper into the potential factors driving the phenomenal surge in NFT transactions on the network.
User Behavior Shift Indicates Growth
As per the data, the average session length for each user has risen from 2.8 minutes to 6.7 minutes on the network. This data indicates longer user engagement, underscoring network growth. For context, the surge in NFT transactions aligns with the shift in user behavior as these transactions encompass NFT sales, purchases, as well as uses in-game.
Rise Of Wallets On Telegram With Web3 Games
Simultaneously, the report revealed that games such as Catizen, Cat Gold Miner, GAMEE, and others recorded over 3 million active wallets in September. These newly created wallets were recorded as highly active wallets that engaged in NFT transactions. This could also be one of the potential factors driving the surge in NFT transactions on the network.
Catizen, X Empire, Gamee, & Others Magnetize Users
Meanwhile, TG games such as Catizen, Gamee, X Empire, and others revealed some attention-nabbing growth-related figures. Catizen completed its first airdrop, distributing 34% of its total allocation, birthing a substantial rise in user activity. Gamee experienced a whopping 300% surge in its volume and transactions MoM. Further, X Empire magnetized nearly 48 million users, with 483 billion in-game tokens mined, 570,000 NFT vouchers issued, and X Empire airdrop. Additionally, games like Rocky Rabbit, Banana, and Wonton added to the colossal surge in users on the network.
Role Of TGA (Telegram Gaming Accelerator)
Helika reported that in light of the partnership with Notcoin, the TGA has deeply impacted the TG ecosystem. Notably, the accelerator attracted applications from numerous hundred games across a diverse range of genres, encompassing stimulation, puzzles, platformers, and shooters. This diversity offered users and developers a way to gauge in on the network’s potential, driving further growth.
Telegram Games Offer Seamless User Experience
Lastly, the report rolled out key factors driving the recent user surge across the network. This included factors impacting user appeal, such as integrated user experience, social integration, blockchain features like no other, innovative gameplay opportunities, and potential for broader reach. Altogether, the mentioned factors appear to have fueled a phenomenal surge in NFT transactions across the network.
The post 5 Reasons Behind the 400% Spike in NFT Transactions on Telegram in Q3 2024 appeared first on CoinGape.
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