The open network ($TON), the layer 1 blockchain integrated with messaging platform Telegram saw its share of the non-fungible token cross-chain ($NFT) market increased by 130.4% in the first quarter of 2025, capturing 35.5% of the market. The data comes from a Q1 report published by blockchain analytics firm Messari, which highlights a stark contrast between the two $TON‘s growing $NFT footprint and declining numbers in other parts of the ecosystem.
$NFT Growth amid broader ecosystem contraction
According to Messari’s report, the sharp increase in numbers $TON‘s cross chain $NFT market share occurred during a period when the native token existed $TON saw the spot price fall by 26.5%. Sales of Telegram-related digital products are handled through Fragment, a $TON-based marketplace for collectibles and usernames reached $88.5 million in the quarter. This suggests that Telegram’s user base continues to drive demand for tokenized assets tied to the platform, even as broader crypto market sentiment weighed on token valuations.
However, other key figures painted a less optimistic picture. Total value locked (TVL) in $TON-based decentralized finance (DeFi) protocols fell 34.9% quarter-over-quarter in dollar terms, or 11.6% measured in $TON. USDT’s average daily transfer volume on the network was $77 million, down 32.5% from the previous quarter. The number of daily active addresses also fell by 8.8% to 90,790.
What drives the $NFT Market share growth?
The difference between $NFT activity and DeFi metrics suggest so $TON‘S $NFT The market growth is driven by Telegram’s unique ecosystem and not by general trends in the crypto market. Telegram’s integration of $TON-based wallets and $NFT The functionality allows users to buy, sell and trade digital collectibles directly within the messaging app. Fragment, which serves as a marketplace for Telegram usernames, virtual phone numbers and other digital assets, has become a central hub for this activity.
Messari’s report indicates that there is a cross-chain $NFT The market share calculation includes NFTs traded across various blockchain networks. $TONTelegram’s increasing share reflects growing interoperability and adoption among Telegram’s large user base, which exceeded 900 million monthly active users in early 2025.
Implications for $TON and Telegram users
For Telegram users and $TON Investors give the data a mixed outlook. The strong one $NFT market share indicates that the platform’s digital collectibles ecosystem is gaining momentum, potentially attracting more makers and collectors. However, the decline in DeFi TVL and stablecoin transfer volume indicates that the wider financial use of the network is still developing. The decline in daily active addresses may also indicate a narrowing of user engagement to a smaller, more active cohort to focus on $NFT trade.
For the broader crypto industry $TONThe company’s performance highlights the importance of real-world applications and user bases in driving blockchain adoption. Telegram’s integration of $TON gives it a distribution advantage that many other layer 1 networks lack, but supporting growth will require expansion beyond that $NFT selling in DeFi and other use cases.
Conclusion
$TONThe company’s performance in the first quarter of 2025 underlines the complexity of blockchain ecosystem growth. While the network captured a significantly larger share of the cross-chain $NFT market, this was accompanied by falling token prices, declining DeFi activity and fewer daily active users. Messari’s data suggests so $TON‘S $NFT Its success is closely tied to Telegram’s platform-specific utility, while broader financials continue to face headwinds. For now, the network’s trajectory depends on whether it can convert $NFT commitment to sustainable DeFi adoption and user retention.
Frequently asked questions
Question 1: What is $TON?
The open network ($TON) is a layer 1 blockchain originally developed by Telegram and now maintained by an independent community. It is integrated with Telegram’s messaging platform, allowing users to send crypto, trade NFTs and access decentralized applications.
Question 2: What does cross-chain mean? $NFT market share means?
Cross chain $NFT Market share refers to the percentage of $NFT trading activity that takes place across multiple blockchain networks. A higher share indicates that a blockchain is used to trade NFTs originating from or accessed through other chains, reflecting interoperability and adoption.
Question 3: Why did $TON‘s token price falls while $NFT market share increased?
Token prices are influenced by broader market conditions, investor sentiment and the dynamics between supply and demand. The growth within $NFT Market share is determined by Telegram’s user base and platform-specific utility, which may not directly correlate with short-term symbolic price movements.