Telegram's TON sees cross-chain NFT market share jump 130% in Q1

The Open Network (TON), Telegram's native layer-1 blockchain, captured a 35.5% share of the cross-chain NFT market in the first quarter, a 130.4% increase from the previous quarter, according to blockchain analytics firm Messari. In its Q1 report on The Open Network, Messari noted that during the same period, the spot price of TON fell 26.5%. Sales of Telegram products settled through Fragment, a TON-based digital asset marketplace, reached $88.5 million. Other metrics showed a decline. Total value locked in TON-based DeFi protocols fell 34.9% quarter-over-quarter, or 11.6% when measured in TON. The average daily transfer volume of USDT was $77 million, down 32.5%, and the number of daily active addresses decreased by 8.8% to 90,790.