- The popular messaging app has almost launched Telegram Username Auction Marketplace, a new marketplace that does not require nonfungible tokens (NFTs).
- According to the company’s Telegram channel, the marketplace’s development phase is approaching completion.
- Telegram’s founder Pavel Durov introduced the idea in late August this year when he envisioned a marketplace that would utilize “NFT-like smart contracts” to auction off highly sought-after usernames.
Telegram, the popular messaging service, has created Telegram Username Auction Marketplace, which does not use nonfungible tokens (NFTs). The social messaging platform announced plans to develop a marketplace for auctioning off unique identities for social networks, a concept initially discussed in August.
Birth of the Telegram Username Auction Marketplace
The company said on its Telegram channel that the marketplace’s development phase is nearing completion. The Open Network (TON), the marketplace’s native blockchain, serves as its foundation.
The concept was initially floated by firm founder Pavel Durov in late August this year when he proposed a marketplace that would employ “NFT-like smart contracts” to auction off highly sought-after usernames. The notion came from Durov following the “success” of domain name auctions by The Open Network (TON), a layer-1 blockchain created by the Telegram team.
Durov stated at the time that a new marketplace where username holders may transfer them to interested parties in safe transactions — with ownership secured on the blockchain using NFT-like smart contracts — might become a popular feature on Web3. He also mentioned that additional parts of the Telegram ecosystem, such as channels, stickers, or emojis, may become part of this marketplace in the future.
Telegram began its Web3 and crypto venture intending to develop a digital payments mechanism for Telegram. However, Telegram, like many other platforms from the initial coin offering (ICO) period, faced difficulty with US regulators for the unregistered sale of its Gram token.
After losing a legal battle against the US Securities and Exchange Commission in 2020, Durov pulled away from the project to focus on Telegram. Since then, open-source programmers have resurrected the project under the guise of The Open Network.