Telegram username auction marketplace 'almost' ready to launch

The favored messaging app Telegram has developed a brand new market that doesn’t contain nonfungible tokens (NFTs). The social messaging platform mentioned that it’s all set to launch its market for auctioning distinctive usernames for social platforms, an concept first floated in August.

In an official announcement on its Telegram channel, the agency mentioned that the event section of {the marketplace} is close to its finish. {The marketplace} relies on its native blockchain referred to as The Open Community (TON).

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The concept was first teased by the corporate founder Pavel Durov in late August this 12 months when he proposed a market that might make the most of “NFT-like good contracts” to public sale highly-sought after usernames. Durov made the suggestion after the “success” of area title auctions by The Open Community (TON), a layer-1 blockchain initially designed by the Telegram group.

Durov mentioned on the time {that a} new market, the place username holders might switch them to events in protected offers — with possession secured on the blockchain by way of NFT-like good contracts — might change into a sought-after service in Web3. He added that different components of the Telegram ecosystem, together with channels, stickers or emojis, might later additionally change into a part of this market.

Telegram didn’t reply to Cointelegraph’s requests for feedback on the time of publishing.

Associated: ‘Distinctive phenomenon’: All 5B toncoins mined on PoS TON blockchain

Telegram began its Web3 and crypto endeavor with hopes of launching a digital funds platform for Telegram. Nevertheless, like many different platforms from the preliminary coin providing (ICO) period, Telegram additionally bumped into hassle with the USA regulators for the unregistered sale of its Gram token.

After shedding a courtroom battle in opposition to the U.S. Securities and Alternate Fee in 2020, Durov stepped away from the mission to deal with Telegram. Since then, open-source builders have revived the mission underneath the banner of The Open Community.