Telegram To Roll Out NFT Username Marketplace
The popular messaging app is launching a marketplace where users can buy, sell and trade usernames as non-fungible tokens (NFT). Telegram has partnered with The Open Network (TON) to develop the blockchain-powered auction marketplace.
Popular messaging app Telegram has announced that it will be launching a NFT marketplace for usernames. The platform developed in collaboration with The Open Network (TON), will be deployed on the TON blockchain.
The idea for an auction marketplace where users could buy and sell usernames as NFTs was first touted by Telegram founder Pavel Durov back in August. In June, The Open Network conducted an auction for human readable NFT domain names and wallet addresses. Durov was inspired by the success of this auction and wanted to develop a similar feature on Telegram.
“Imagine how successful Telegram with its 700 million users could be if we put reserved @usernames, groups and channel links for auction,” said the founder in a personal group.
TON is a Layer-1 blockchain developed by the Telegram team in 2018. Telegram Open Network, as it was known back then, was supposed to be the digital payments protocol for Telegram. However, the project ran into trouble with the U.S Securities and Exchanges Commission (SEC) regarding its sale of $1.3 billion worth of GRAM tokens, which the financial regulator claimed was unregistered security.
After failing to prove his case in court, Durov stepped away from TON in 2020. The project was revived by its developers who renamed it as The Open Network, distancing itself from Telegram. Despite the controversies behind it, Durov continued to support the project and even promised that if his messaging platform were to release NFTs, it would be on the TON blockchain.
Users will be able to purchase the NFT usernames using Toncoin (TON), the native token of TON. Telegram has said it will be adding other products part of its ecosystem like stickers, emojis and channels to the NFT marketplace after launch. At the time of writing, TON is trading at $1.39, up 8% since the announcement.
