- If no one bids more than the minimal amount, the starting price will drop each day.
- The Open Network (TON), a blockchain, was used to establish the marketplace.
On Thursday, the popular messaging app Telegram introduced a marketplace for user names on the service. The Open Network (TON), whose token is known as Toncoin (TON), is essentially the natural successor of Telegram’s original independent blockchain plans. These plans were rejected by federal authorities two years ago.
Telegram stated:
“This will enable Telegram handles, comprising both usernames and channels, to be bought and sold using Toncoin.”
Tokenization on the TON Blockchain
Fragment.com, a “detached website” created just for the auction, is where interested parties may go to sign up. Here, customers may look for and buy three- to four-character domain names, list their current handles for auction, and “bind pre-bought handles to off-chain accounts.”
Starting off, Telegram will auction off handles with four or five characters for a minimum of 126 Toncoin ($200). At the moment, “bank,” “casino,” and “auto” are all being auctioned off with starting prices of 30,000 TON. If no one bids more than the minimal amount, the starting price will drop each day.
Andrew Rogozov, founding member of the TON Foundation stated:
“For the first time, social media users will be able to transparently prove that they own their handles thanks to their tokenization on the TON blockchain.”
The Open Network (TON), a blockchain, was used to establish the marketplace. TON previously held an auction for wallet and domain names in the month of August. Total sales came to over $3 million. CEO Pavel Durov was motivated to launch this new initiative by the success of Telegram and wanted to add a pinch of Web3 to Telegram.
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