Fact: New accounts in the Gifts ecosystem are still not showing significant growth (whether in deposits on Portals or Tonnel).

My arguments:
1/ The July 4 Collection release did not bring any incremental new users. The reason is obvious—it was instantly swept up, leaving no chance for new users to participate. Essentially, it’s a zero-sum game among existing players.

2/ This means it’s a negative-sum game—since the only remaining unbanned bots control the majority of new gift allocations.

There’s no wealth effect, no network effect to drive awareness, no incentive for organic promotion, and thus no new capital inflow.

My action:
1/ I believe Plush Pepe(@plushpepe)—the market leader will remain the most value-preserving asset. Other mid-to-low-tier assets will continue to decline.

The current gift market lacks new users—it’s purely existing players competing for scraps.

2/ For these existing players, high-net-worth individuals and Plush Pepe (the top-tier asset) serve as status symbols.

https://dune.com/Howard_Peng/telegram-gifts

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❤ I buy/sell Gifts on Portals

🎁 Gift101 on Telegram Part 2: Upgrade your Telegram Gift with SnoopDogg's creations!

- Discuss the reasons behind the change in upgrade costs. 🎁
- Explain the significance of the Series Number. 🐸
- Highlight the importance of these attributes when converting to NFTs on
TON! 😈

🎁 Check my Gifts on @backer ❤️

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Gift101 on Telegram Part 1: How to use Marketplace to buy/sell Gifts

About Part of Plush Pepe (@PlushPepeCom) Investment Thesis — One:

With more IPs joining @Telegram for Stickers and Gifts—such as @SnoopDogg, who recently came on board as a third-party IP—more people and elite groups will be able to launch Gifts on @TON_Blockchain.

In this context, owning a Plush Pepe is a natural choice for them, regardless of the price.

Price isn't a concern for the "Porsche" entity.

#PlushPepe

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❤ I buy Gifts on Portals

🎁 According to the latest rumor, Telegram is implementing facial recognition for age verification.

🐸 My thoughts: This is likely due to the overwhelming presence of scalping and bots in the Initial Gift Offering (IGO). I believe this implementation is beneficial. We need to raise awareness about Gifts among more people, rather than allowing only a few developers to make quick profits.

This means: if you just bought $TON three years ago (like me), your ROI will be much lower than the market beta (aka $BTC or $ETH).

Of course, this is all in hindsight; if you started buying +888 NFT phone numbers two and a half years ago, your ROI would be approximately $40 -> $2,600.

It's 65x in 2.5 years.

This is also why I am very optimistic about the gift market -- because it is a new independent ecosystem that relies on @telegram's social attributes.

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❤ I buy Gifts on Portals