TON Blockchain’s NFT Market Soars with 536% Growth Over The Past Month

The Open Network (TON) blockchain has emerged as a powerhouse in the non-fungible token (NFT) market, with its ecosystem recording a staggering 536% increase in NFT market capitalization over the past month, according to data from CryptoDep. Fueled by the meteoric rise of Telegram’s Collectible Gifts and strategic promotion from Telegram’s founder, Pavel Durov, TON’s NFT trading volume has surged, briefly surpassing Ethereum and consistently outpacing other major chains like Solana and Base since mid-May. On June 9, TON’s daily NFT trading volume hit a record-breaking $9.2 million, a 45-fold increase from the $0.2 million recorded when the Telegram Collectible Gifts market launched earlier this year.

Explosive Growth in Trading Volume

Data from a Dune Analytics dashboard shared by @rdmcd highlights TON’s remarkable growth trajectory. Starting in May, TON’s NFT trading volume began to climb significantly, reaching a peak of $9.2 million on June 9, a new high for 2025. This figure represents a dramatic leap from the modest $0.2 million daily volume recorded in January.

Notably, on June 9, TON’s NFT trading volume surpassed Ethereum’s by a factor of three, a milestone attributed to heightened interest in Telegram’s Collectible Gifts. While TON has since settled as the second most active chain for NFT trading behind Ethereum, its consistent outperformance of chains like Solana and Base since mid-May underscores its growing dominance in the NFT space.

The surge in trading volume has been accompanied by significant price appreciation for TON’s leading NFT projects. Plush Pepe, the ecosystem’s top-performing NFT, has seen its floor price soar to $14,565 as of June 10, a 700% increase from three months prior. Other notable projects, including Durov’s Cap, Heart Locket, and Precious Peach, have each recorded over 100% growth in market capitalization in the past month, with the exception of Lush Bouquet.

Telegram’s Collectible Gifts: A Social-First NFT Model

The backbone of TON’s NFT success lies in Telegram’s innovative Collectible Gifts feature, introduced in January as an evolution of the platform’s existing “gifts” system. Unlike traditional NFTs, which often rely on speculative trading and community-driven hype, Telegram’s Collectible Gifts are official digital assets issued by Telegram itself, designed with a strong emphasis on social utility. These NFTs, built on the TON blockchain, can be purchased with Telegram’s in-app currency, “Stars,” and displayed on users’ profile covers, enabling seamless integration into Telegram’s vast social ecosystem of over 1 billion monthly active users.

A key differentiator is the accessibility of Telegram’s NFTs. Users do not need a cryptocurrency wallet or prior knowledge of blockchain technology to participate, lowering the barrier to entry and attracting a significant portion of Telegram’s non-crypto-native user base. Most TON’s NFT trading volume occurs off-chain, primarily through Telegram’s integrated marketplace, TONNEL, which operates as a Mini App within the Telegram platform. This off-chain dominance reflects the strong participation of Telegram’s existing user base, who engage with Collectible Gifts for their social and display value rather than purely speculative motives.

The issuance process for Collectible Gifts adds a unique twist to the traditional NFT minting model. New series are released periodically in a “surprise drop” format, purchased as “Blind Boxes” using Stars. These Blind Boxes remain non-tradeable until Telegram enables an upgrade feature, at which point holders can convert them into NFTs. A 21-day lockup period post-upgrade further restricts immediate trading, reducing short-term speculation and fostering longer-term engagement. This mechanism has created a dynamic pricing environment, with off-chain markets like TONNEL offering lower prices due to lockup constraints, while on-chain platforms like Getgems cater to traders seeking immediate liquidity.

Telegram Founder’s Promotion Amplifies Hype

Telegram’s founder, Pavel Durov, has played a pivotal role in driving TON’s NFT momentum. His recent post on X, where he highlighted the rising prices of Collectible Gifts and TON’s leadership in daily NFT trading volume, has significantly amplified market interest. Durov’s announcement that TON briefly overtook Ethereum in daily NFT trading volume sparked widespread discussion on X, with users celebrating the milestone and pointing to TON’s ecosystem as a breeding ground for high-potential projects.

Why TON’s NFTs Are Resonating

Several factors contribute to TON’s NFT boom. First, the seamless integration with Telegram’s social platform provides a built-in audience and a unique social display mechanism, setting TON’s NFTs apart from traditional projects reliant on external community building. Second, the official issuance by Telegram lends credibility and reduces the speculative volatility often associated with community-driven NFTs. Third, the low barrier to entry—requiring only a Telegram account and Stars—has democratized access, drawing in users who may not typically engage with blockchain technology.

However, challenges remain. The heavy reliance on off-chain trading raises questions about long-term liquidity and scalability, particularly as the ecosystem attracts more crypto-native users. Additionally, while the 21-day lockup period curbs short-term speculation, it may deter some traders accustomed to the fast-paced nature of traditional NFT markets. The recent uptick in on-chain activity suggests that TON is beginning to bridge this gap, but sustaining this momentum will require continued innovation and broader adoption.